Trump to build $250 million condominium in Condado
Posted: Thursday, March 13, 2008 - 05:29 PM
By José L. Carmona of Caribbean Business

The revitalization of San Juan’s Condado tourism sector is about to receive a significant boost from a world-renowned real estate magnate.

The Trump Organization, headed by real-estate mogul Donald Trump, will co-develop a $250 million upscale condominium in Condado with a yet unnamed local developer with international market experience.

The project was confirmed by Global Equities Realty President and local Trump Organization representative Ángel Ocasio.

The proposed project, a 17-story upscale condominium, will feature 270 executive residences of approximately 1,300 square feet each, with unit prices starting at $800,000.

“The concept will be similar to a condo-hotel, but the main attraction of Trump Condado is that it will be targeted mainly to traveling, nonlocal residents who will be able to use the units as a second residence. More than half the units will be sold in Europe and the Boston and New York markets. Puerto Ricans living in the mainland U.S. will also be targeted so they can also own a property with the Trump name in the coveted Condado area,” said Ocasio.

Ocasio could not reveal the exact location of the project or the name of the local developer involved, however acknowledged the condominium will be located on one of two remaining oceanfront sites left along Condado’s Ashford Avenue.

The first phase of the project, which would consist of digging a hole five stories deep to accommodate the structure’s massive foundation and underground parking facilities, would begin construction this summer and take 18 to 22 months to complete due to its complexity. The entire project will take 36 to 42 months to be completed.

The upscale project, commented Ocasio, will be state-of-the-art, featuring an impact-resistant glass facade. The units’ interiors will be designed by either Fendi or Armani, as final negotiations on that matter are still ongoing, he noted. A well-known Miami-based architectural firm is working on the structure’s design.

Recently, Condado’s Ashford Avenue has been experiencing a renaissance of sorts with the construction and/or renovation of tourism-related projects like La Concha Renaissance, Condado Vanderbilt and the Condado Plaza hotels, as well as several luxury apartment and condo-hotel projects currently under development.

Ocasio said the Trump project will serve to rebrand Condado and help place this tourism area and Puerto Rico on the world map.

The project would be the second Trump real-estate endeavor of the Trump Organization on the island. As CARIBBEAN BUSINESS previewed (CB, Aug. 28, 2007) and then corroborated (CB, Jan. 31), Empresas Díaz and the Trump Organization officially announced last month their partnership to develop the luxurious Trump International Golf Club Puerto Rico, now known as Coco Beach, with an approximate investment of $600 million (CB, Feb. 21).

Trump is also allegedly after some prime land in the former Roosevelt Roads Naval Base in Ceiba to develop a mixed-use project.