There has been such strong
demand for apartments at
Capitolio Plaza, the condominium
complex going up across from Pier 6
in Old San Juan’s bay area, that the
first two towers are sold out and
sales of the third tower will commence
early next year.
Demand is equally strong for commercial
space with all but four commercial
spaces available in the first
two towers already reserved by
interested buyers, ranging from service
companies to professionals,
including a plastic surgeon.
Sales officials at Mora Housing
S.E., the developer of the project,
and Christiansen & Portela, the commercial
and industrial realty company,
point to the project’s location
as one of its strongest selling points.
“The localization is tremendous,
and the project is tremendous,” said
Deborah Cancio, sales supervisor
at Mora Housing S.E., citing these
factors as leading contributors to
the briskness with which the market
lapped up the 162 apartments
in the first two towers. In fact,
“there was too much demand,” she
said breezily.
At prices ranging from $500,000
to $1 million for the penthouses, the
apartments deliver space (from
1,650 square feet to 3,600 square
feet for the penthouses) and access
to a full range of amenities that
include tennis and basketball courts,
gymnasium, swimming pool, valet
parking, and concierge. Apartments
are outfitted with inteli-home features,
integrating electronic systems
and appliances with no unsightly
wires visible, and the buildings are
equipped with their own power plant
and water cisterns.
With the exception of a few
statesiders, buyers are mostly local
residents who in the majority of the
cases have bought into the project as
an investment, according to Cancio.
These are second homes that owners
may decide to rent out or resell, taking
advantage of higher homeprices,
she said.
Meanwhile, Ryan Christiansen, a
broker for Christiansen & Portela,
said his company has reservations
for all but four commercial spaces,
two of which are in the first tower
and the other two in an oval area
set between towers one and two. All
eight commercial spaces in the second
tower are reserved; the third
tower will contain an additional 12
commercial spaces. Christiansen
said a reservation consists of a
deposit of 5% of the sale price and a
letter of intent to buy; he said all parties
with reservations have indicated
their intention to sign option contracts,
which is the next step in the
purchase process.
The price tag for commercial
space at Capitolio Plaza is $250
per square foot. When asked how
it compared with other areas,
Christiansen replied that it was competitive,
noting “I have seen higher
prices.” He said demand for the
space has been very strong and
among the factors he cited for the
interest, in addition to location, is the
availability of parking in a separate,
adjoining structure that also is part
of the complex. It will hold 649
parking spots.
Delivery of the first tower, which
holds 96 apartments, begins mid-
September, according to Cancio.
The second tower, which is still
under construction, has 66 apartments.
Delivery is slated for March
2006. The third tower, with 76 apartments,
yet hasn’t begun construction
and probably won’t be completed
until the end of 2007.