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Paseo Caribe, the world-class tourism development belonging to the
Caribe Hilton hotel, adjacent to the historic San Gerónimo Fort in
Puerta de Tierra, recently completed the first 18 villas of its 168-unit
Condado Lagoon Villas condo-hotel. Another 50 villas will be ready by
August. The Condado Lagoon Villas is scheduled to be complete by
September.
Paseo Caribe also includes two luxury condominiums, Caribe Plaza and
Laguna Plaza, and a 146,000-square-foot entertainment center with stores,
movie theaters, and restaurants, and a boardwalk facing Condado Lagoon.
“The fact it is close to the soon-to-be-opened Puerto Rico Convention
Center makes Paseo Caribe a very attractive option for large groups,”
said Rosy Ward, Caribe Hilton marketing & communications manager.
Condado Lagoon Villas will be the first condo-hotel project in the San
Juan metro area. Villa owners will be able to use their property a
maximum 90 days a year, with the Caribe Hilton managing the villas as
hotel accommodations during the rest of the year. Under the mandatory
10-year rental contract, villa owners will receive a part of the income
earned from the rental of the unit.
Local government also is offering tax incentives to condo-hotel
apartment or villa owners. Among the incentives is a maximum 10% tax
credit on the cost of the unit. Owners can use the tax credit during the
first two years of ownership to cover their taxes or sell the property
at 90% to 95% of their value in a coveted market. Villa owners will have
full access to Caribe Hilton facilities and membership in the Caribe
Hilton members club.
Each Condado Lagoon villa has three balconies facing the ocean and the
Condado Lagoon, along with three separate entrances. The price for a
complete villa with two bedrooms, three baths, and a full kitchen is
$900,000. The complete 1,560-square-foot villa includes a master bedroom,
marble bathroom with a shower and Jacuzzi, a full kitchen, dining room,
and studio apartment complete with a bedroom, one full bathroom, and
kitchenette.
A 1,069-square-foot villa, with a master bedroom, two baths, living room,
kitchen, and two balconies sells for $600,000. The studio can be divided
from the villa into a separate, smaller 461-square-foot unit and be sold
for $300,000. Each villa has a parking space, except for the studios.
Once the Paseo Caribe development project is complete, Caribe Hilton
Hotel will become the largest resort in San Juan, with a total 812 rooms.
The Condado Lagoon Villas developer is Lema Developers & Associates
S.A., whose president is Arturo Madero. FirstBank is providing the more
than $150 million predevelopment and construction financing for Paseo
Caribe and also will offer permanent financing to Condado Lagoon villa
buyers.
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