Summary

Each of the projects listed below are in Opportunity Zones; as can be seen we are very active in Puerto Rico, where 91% of the Census Tracts are designated as OZs. You can click on the name of a project for a brief description, which in turn has a link to an executive summary. Complete financing request packages are available upon request.


Hotel Isla de Roque ($18.9M)

The Hotel Isla de Roque is planned as a 5-story building with 80 rooms, in addition to 10 – 2,678 sf villas, a restaurant and 8 kiosks for local fisherman, entrepreneurs and artisans designed to form a “Fisherman’s Village” featuring local products, common bathrooms and a section to sit by the sea and enjoy the area. Adjacent to the restaurant is a reception building with facilities to receive tourists and guests who then will be transferred to the hotel on the island.

The 21,657 sf first floor of the 80-room, 5 level hotel will have reception, offices, Business Center, restaurant, terraces, service areas for breakfast and cafeteria, classroom activities, equipment storage, bathrooms, piano bar and common areas. The 2nd and 3rd levels each have 27 guest rooms, with 26 rooms on the 4th level. Each floor has an area of 13,963 sf. The 5th level will provide common areas including a swimming pool, seating area, pool bar and bar for the "jacuzzi" area. An area for music and a projection screen outdoor seating for evening activities is also planned, as well as a track for running and a tennis court and a 4,000 sf conference room that can be divided into two locations for different activities such as meetings, weddings, and other functions. All of this area totals 20,060 square feet for activities.

All guests and tourists will have access to all the facilities through an internal transportation system. The beach to the south of the hotel will be restored for guests to enjoy, and an existing wharf will be restored to provide easy access by boat, and a heliport will be added.

For an executive summary of the Hotel Isla de Roque project click here.


Santana Shopping Plaza & Homes ($14.3 M)

Santana Shopping Center will be located with frontage on PR Highway 2, which is the primary thoroughfare in the area, with the homes behind it as depicted in the layout to the right.

The project lies in two Census Tracts which are both NMTC Severely Distressed: #72013300302 (majority of site) - 31.6 % poverty and 28.5% unemployment rate; #72013302000 - 43.2% poverty and 10.2% unemployment rate. Santana Shopping Plaza will bring sorely needed fresh food and commercial and community goods and services in a heavily residential area where the closest shopping center is 9 miles away. Santana Homes is being built to ease the severe shortage of affordable housing that was exacerbated by Hurricane Maria. The site is owned by the project sponsor, architectural plans are building permit ready, and lease commitments are in place with a 45,000 s.f. Kash and Karry Supermarket, a Church's Chicken and a California BBQ store. The municipality of Arecibo has committed to purchase the first 50 Santana Homes.

For an executive summary of the Santana Shopping Plaza & Homes project click here.


Hilton Garden Inn - Hato Rey ($36.9 M)

The project site is located between Luis Muñoz Rivera and Ponce de Leon Avenue, at the intersection with Franklin D. Roosevelt Avenue, across from the Roosevelt Tren Urbano Station, in the center of the dynamic Hato Rey banking and business district.

The location provides convenient access to the transportation network within the San Juan metropolitan area, with four bus stops bordering the subject site, and close proximity to San Juan’s Luis Muñoz Marín International Airport which is a 10 minute drive. There are also a variety of attractions nearby, with an 8 minute drive to the historic city of Old San Juan and its cruise ship docks, a 7 minute drive to the Puerto Rico Convention Center in Isla Grande, and it’s conveniently located 5 minutes from Plaza Las Américas shopping center, 4 minute drive to the José Miguel Argelot Coliseum, and only 5 minutes to San Juan’s two primary tourist districts, Condado and Isla Verde. Hato Rey is San Juan’s main banking and business district, also known as “The Golden Mile” for its many international banks, investment banking firms, law firms, and other international companies located there.

The project is NMTC Severely Distressed with 23.2 % poverty and a 9.2% unemployment rate. It is in a HUB Zone and qualifies as a FEMA disaster location.

Expanding tourism has been identified by the Puerto Rican government as a top priority for stimulating economic growth. This facility will not only produce high quality jobs but also a valuable lodging option in an area without another significant hotel.

For an executive summary of the Hilton Garden Inn - Hato Rey project click here.


Vieques Esperanza Hotel ($29.7 M)

The Vieques Esperanza Hotel site is located on a bluff overlooking the Caribbean Sea on the southwestern side of the island of Vieques. The project will consist of 94 units with approximately 50 standard guestrooms and 44 one-bedroom villas. The location offers the best beach experience/scene of any hotel on Vieques due to the length of the beach and relatively calm, clean waters of the southern coast. The Hotel will offer a full complement of resort amenities, services, and recreational activities, providing little reason to leave the grounds. However, the site is close to many restaurants and bars in Esperanza, as well as retail shops.

The REVPAR feasibility study, which is included as an appendix, states “rates the subject site as a good location for a full-service resort. With continued conversations regarding the upgrades to both the airport and ferry service, the island is poised for additional tourism growth in the future. Affiliating the proposed hotel with Kimpton Hotels should serve to bring new exposure to the destination and continue to introduce new audiences to the island. The subject site is proximate to existing and prospective demand genera tors, particularly the beaches, bioluminescent bays, local restaurants, and the spectacular oceanfront views offered within a tranquil pristine environment, making it an ideal setting for short-term visitors, seasonal guests, small social and corporate groups, and Puerto Rican residents looking for a quick getaway.”

The project is NMTC Severely Distressed (40.4% poverty) and Non-Metro. Expanding tourism has been identified by the Puerto Rican government as a top priority for stimulating economic growth. This is particularly true on Vieques, which possesses world class beaches but suffers from a severe lack of destination resorts. This project will nearly double the number of hotel rooms on Vieques. This Project is an approved Development by Puerto Rico Planning Board with final building permits. The project has also received a $9M Puerto Rico Act 74 Tourism Tax Credit, which is 30% of the construction cost. This project is key to helping the island recover from Hurricane Maria.

For an executive summary of the Vieques Esperanza Resort project click here.


Santurce Arts District Redevelopment Project ($18.9 M)

The Santurce Arts District Renovation Project consists of the following components:

  • Renovation of 24 blighted buildings and 2 parking lots
  • Delivery of 200,000 sf of newly renovated commercial space in 46 separate units.
  • 184 residential units, including:
    • 52 affordable housing units with rent capped at 30% of a tenant’s income.
    • 132 transient occupancy units for business and tourism travelers and short-term stays to be marketed on platforms such as Airbnb.com and HomeAway.com.
  • 20 of 26 properties are already owned by the project sponsors.

The majority of the affected buildings are on Cerra St., which is the historical heart of the Santurce Arts District. It is considered the most important street of this urban center, since from its origin in the late nineteenth century, it became the perpendicular axis of Ponce Avenue de Leon and it provided access to Highway #2, which was the only connection between San Juan and Bayamon and the other towns on the island. In addition to serving as the communication center of the city, Cerra Street is considered one of the most important routes for the urban and commercial development of San Juan, sheltering countless local, industrial, and artistic commerce as w ell as headquarters for union workers. One of the most fascinating aspects of the history of Cerra Street is its critical role in the legacy of Puerto Rican popular culture and a mecca for the record industry in the Caribbean. It is said that it was on Cerra Street that the salsa surge began in Puerto Rico, when Discos Viera began distributing the Fania recordings, brought directly from New York.

The Santurce Arts District had its heyday from the late 19th Century until the 1970s when decades of decline set in, leaving the area pervasively blighted until investment was attracted by an incentive program known as Law 212 that was enacted in 2002, which provided a 75% tax credit for projects located in urban centers. Since then investment has come into the area primarily along Avenida Ponce de Leon, which is the main thoroughfare through the area. This project reaches deeper into the community off of Ponce de Leon that has continued to be neglected and is still blighted.

Currently, Cerra Street is composed mostly of mixed-use buildings, where in the first level there are commercial establishments that provide services to the community, such as pharmacies, coffee shops, bakeries, beauty salons, galleries, workshops, etc. From the second level upwards, properties are generally used as apartments aimed at low-income families; mostly elderly people who have lived in the area for many years. Many of its buildings were designed by renowned local architects of the time.

24 of the 26 project sites are located in the NMTC Severely Distressed census tracts with an average poverty rate of 48.1% and an average unemployment rate of 14.1%. Expanding tourism has been identified by the Puerto Rican government as a top priority for stimulating economic growth. The Santurce Arts District is one of San Juan’s most exciting areas that until the 1970s was the island’s center of culture and wealth. Since then several decades of decline have left it pervasively blighted, until construction of new arts facilities turned the tide; this project will dramatically accelerate Santurce’s return to being a source of pride.

For an executive summary of the Santurce Arts District Redevelopment project click here.


Fire Blocks District ($65.5 M)

Centrally located Downtown between the CBD, Waterfront, Oregon, and Theater Districts, the Fire Blocks is situated as the natural hub of those spokes in the wheel framing the core of downtown. 2 full city blocks bounded by 4th street and 2nd street on the north and south, and by Jefferson and St Clair on the east and west, the District is centered on the main downtown thoroughfare of 3rd street. Owing its name to the historic 1913 flood, and subsequent fire that brought the original wood buildings to the ground, the district was reborn in a rebuilding project that saw the creation of larger, concrete and steel, Georgian, Federalist, and Art deco builds. Today the District is once again rising from the ashes. Taking all these building and the surrounding areas and adaptively re-using them to create a new community encompassing all areas of a global urban neighborhood -- well-appointed residential apartments and condos, boutique hotels, Chef driven Restaurants and Bars, world class green spaces and high-volume retailers. With over 150,000 sq. ft. of activated street level amenities, 200,000 sq. ft. of residential and hotel, and 100,000 sf. ft. of new office space -- in addition to the booming downtown development plan and thriving work force -- The Fire Blocks District are positioned to become the heart of downtown Dayton and the link between the ideas of truly being in a space where the new growth of city dwellers can eat, sleep, work and play.

The project owner and developer is Windsor Companies. Established by Alexius (Alex) Dorsey, Windsor is a professional commercial and residential construction company that has been in operation since 1999. With his passion and obsession for quality workmanship, Windsor’s success is driven by its numerous field and office personnel who have a wide variety of skills. Over the years, the company has expanded its presence by engineering, constructing, and managing various types of commercial and residential projects from single family home renovations to historic and urban redevelopment projects to a 75-acre equitation facility.

The entire site is in Census Tract 39113001501, which has a 37% poverty rate and 11.1% unemployment rate. Highlights include 400,000 sf of finished space, 120 new residential units, 200+ new residents, 500+ new jobs, $100M new investment, 36 new businesses including restaurants, retail, and grocery with 3+acres rooftop green space and parks over 2 square blocks on 10 acres. The project is estimated to annually generate at least $2.5M in state sales tax, $1M in county hotel and sales tax, and $1M in income tax for the City of Dayton. The Fire Blocks District will be an amenity for downtown Dayton, as its direct proximity to other areas of development will significantly enhance marketability to would be developers and business owners. Windsor Companies, Inc. owns all the buildings that comprise the project. Commitments are in hand for state and federal Historic Tax Credits.

For an executive summary of the Fire Blocks District project click here.


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