The iconic 22-story World Plaza building in Hato Rey is up for sale, with an initial asking price of $28 million, this media outlet confirmed.
The property belongs to the Infrastructure Financing Authority, a government entity that picked up the asset from the Federal Deposit Insurance Co. in 2014, four years after former owner Westernbank was shut down.
Formerly known as the Banco de Ponce building, the half-moon shaped structure anchors the Golden Mile banking district in Hato Rey. In all, the building comprises some 364,000 square-feet of space, and is about 85 percent occupied, according to the property listing on Christiansen Commercial Real Estate’s website.
Many of those tenants are government agencies, including the Courts Administration, the Infrastructure Financing Authority, and the Puerto Rico Planning Board, among others.
“Initially designed to enhance the image of one of the most important banks in Puerto Rico, the identifiable curved structure stands taller than any other building in the central business district,” according to the property description.
News Is My Business learned that the property was recently listed, and there are no formal sales offerings yet. The firm is not proactively marketing the property as it is still drafting a “non-disclosure agreement” for potential buyers to sign before going through the qualification process.
The property built in 1974 features a multi-level parking garage for 1,371 vehicles, and an outdoor retail plaza, among other amenities. It is strategically located in close proximity to the Plaza Las Américas shopping center, the Coliseo de Puerto Rico and one of the Urban Train station stops.
This is the latest property that the Puerto Rico government has put on the block in the past year, when it sold the former Sagrado Corazón parking lot in Santurce, a housing community in Bayamón, and the former “Sears property” in Hato Rey, as this media outlet reported exclusively.
The World Plaza Building’s price responds to a property appraisal done in January of this year, a source who spoke on the condition of anonymity said. To move the property, the listing includes a number of economic incentives from the federal and local government available to the buyers, including:
- New Market Tax Credits (NMTC);
- Community Development Block Grant Programs (CDGB);
- Designated Opportunity Zone Funds;
- EB-5 – Immigration Investor Program;
- Act 20 – Export Services;
- Act 22 – Individual Investors;
- Act 73 – Economic Incentives for the Development of Puerto Rico; and,
- Act 273 – International Financial Center Regulatory Act.