2,000 Caribbean Acres On Block, $40M Price Tag
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PUERTO RICO-Colliers International’s Patrick Remolacio, managing director in the Irvine, CA office, tells GlobeSt.com that the U.S. Department of the Navy will be offering for sale to the public in two separate parcels, an approximate 2,036 acres of land and the existing building within the site boundaries of the former naval station, Roosevelt Roads, adjacent to the communities of Ceiba and Naguabo on the eastern coast of Puerto Rico. The public sale will be conducted through an online auction scheduled for Dec. 1.
“Collectively, $40-million for 2,000 of land perched on gorgeous lush green acreage with existing infrastructure that was put in by the Navy that is still highly functional, is really cheap,” Remolacio tells GlobeSt.com’s Natalie Dolce. He points out that even if there isn’t a market for it today, there certainly will be a market for it in the near future.
“As the market recovers, everyone will become more bullish on development,” Remolacio continues. “The Carribean has never been short on interest for travelers and destination resorts and this is a platform and this is a location—the likes of which has not been available since 1943 when the Navy took the property.”
The reason Remolacio refers to the parcels as “a once in a lifetime opportunity,” is because there is no similarly featured real estate opportunity available anywhere on the eastern seaboard of the North American continent or in the greater Caribbean region. The Roosey Roads sale offering also includes more than 800 existing residential homes and a variety of commercial building structures and many other amenities.
Both of the two public sale parcels have their own potential future uses and reuses. The first parcel, called “Bundy,” is the larger of the two public sale parcels, covering approximately 1,539 acres. Parcel II, called “Capehart,” consists of approximately 497 acres of land and includes hundreds of existing residential homes and other building improvements.
In operation for nearly 60 years, Naval Station Roosevelt Roads was one of the largest Naval facilities in the world, encompassing more than 100 miles of paved roads and more than 30 tenant commands. Its 1,300 buildings were home to more than 7,000 personnel, servicing the Navy’s air command.
In late September 2003, the US Congress deemed the property to be surplus and directed the Secretary of the Navy to close the Property in accordance with BRAC related dispositions. The closure directive was signed into law with the Fiscal Year 2004 Defense Appropriations Act and Roosevelt Roads officially ceased military operations on March 31, 2004.
Today, the final disposal plans for the remainder of the approximate 8,650-acre former Naval Station Roosevelt Roads is being carried out by the Department of Navy Base Realignment and Closure Program Management Office Southeast on behalf of the US Government.
This isn’t the first Navy base assignment for Colliers. From 2003 through 2005, the firm provided all requisite marketing services in connection with the $649.5-million sale of the 3,719-acre former Marine Corps Air Station El Toro “Heritage Fields.” Also, from 2004 to 2005, it provided the marketing efforts for an $88-million online auction sale of the 42 acre former San Pedro Navy Housing community branded “Ponte Vista”.
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