The president of Paulson & Co., John Paulson and Gov. Ricardo Rosselló announced today the opening of the Ocean Drive Beachfront Residences; as well as the development of the Atlantic Drive Estates Beachfront & Golf Course Homesites, with an investment of about $ 170 million.
"The properties with a tourist-residential model goes to show that the Island is ready to develop innovative projects that are part of the new Puerto Rico, with vibrant communities that attract both residents and visitors. We continue to see various opportunities in the process of reconstruction after hurricane Maria to connect Puerto Rico with the Americas and make the island an ideal destination," said the chief executive.
Rosselló added that "we thank Paulson & Co. and its president for demonstrating their commitment to the economic development of Puerto Rico and for believing in the great potential the island has for investment."
Ocean Drive Beachfront Residences has 30 residences in three towers of five levels, located in front of the sea and steps from the St. Regis Resort and the Beach Club.
The residences of 3 to 4 rooms and penthouse with generous spaces have spacious rooms and terraces, and private elevator. In addition, ground floor units and penthouses have a private pool.
The firm SB Architects is responsible for the design of these residences facing the sea, while the interior was designed by Hirsh, Bedner Associates.
All its cabinetry is designed to measure. The kitchens are open and have quartz pads and integrated electrical appliances from Wolf and Sub-Zero. The bathrooms have a floor bathtub, double showers, all concealed in marble.
The Executive Director of the Puerto Rico Tourism Company, Carla Campos, said that "Paulson & Co. is redoubling its commitment to the tourist development of Puerto Rico with this residential expansion of Bahia Beach Resort, which is added to a hotel St. Regis completely renovated and with the highest luxury awards."
"We are committed to continue directing the latent growth experienced by tourism in our economy and supporting the private sector with a public policy of openness to do business," Campos pointed out.
On the other hand, Atlantic Drive Estates Beachfront & Golf Course Homesites, located west of St. Regis Resort, has 32 lots overlooking the golf course, the lake and the sea. The buyer of these lots can build a custom home and taste, according to the architectural guidelines of the project.
The lots of houses on the beach vary in size from .94 acres to about 2 acres; and golf and lake from 0.5 acres to 1.12 acres.
Both developments have the services and amenities offered by St. Regis Resort. This includes concierge, restaurants and catering, cleaning and laundry.
The president of Paulson & Co. recalled that "last December we reopened our hotel The St. Regis Bahia Beach Resort, first hotel awarded five stars and five diamonds in Puerto Rico with an investment of over $ 60 million in its remodeling, creating over 300 direct jobs ".
Paulson added that "today, we are inaugurating the first phase of the development of Ocean Drive Beachfront Residences, a project of three residential towers with ten units each; At the same time we started the work of Atlantic Drive Estates Beachfront & Golf Course Homesites. These residential developments represent an approximate investment of 170 million dollars ".
Paulson & Co., founded by John Paulson in 1994, is an American investment management firm with more than $ 19 billion in assets.
Paulson has one of the largest portfolios of residential and commercial properties in Puerto Rico, including The St. Regis Bay Beach Resort, Harbor Lakes in Palmas del Mar, Serafina Beach Hotel, La Concha A Renaissance Hotel and The Condado Vanderbilt Hotel; as well as the class A office buildings, 270 Plaza and American International Plaza in Hato Rey.