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History Of The Sell Of Paseo Caribe In Puerto Rico

885 words - 4 pages

Paseo Caribe was an incredible investment for any developer who wished to expand real estate opporunties to influence job growth, private investment and a transition to methods of sustainable construction in Puerto Rico. Arturo Madero saw this property as a brilliant opportunity to take advantage of each of these aspects and make an influence in the Condado real estate demographic. Although Madero actions were in goodwill, by trying to promote a more globalized aura for Condado, many activist groups, agencies and high powered goveremnt officlas were in opposition to Madero’s development. This main source of opposition stemmed from the “irregularity” in Madero’s legally accepted ...view middle of the document...

23 and had the intent to sell the property to Hilton, clearly violating the implications of the land solely be used for tourisitic amenities.
After Hilton obtained title, the company immediately sold it to Arturo Madero in 2000. No reference to any regulations which would need to be amended. Madero bought the land with a pure intention to enhance the profitability of that part of Puerto rico, “the project was expected to generate more than 2,000 jobs during its construction and approximately 2,200 direct and indirect jobs upon his opening” (4). Although his actions seemed to be aligned with helping the economy of Puerto rico, he clearly was not aware of the events which would transpire after obtaining the permits necessary for development. Wihtout proper consultation of the last zoning regulation, the planning board completely omitted/neglected this aspect of the parcel and went ahead and “authorized the rgulations and permits administration, know as APRE, to issue the permits for the development” (3). This opened the doors for many activists groups in opposition of the development and they ceased on the opporuntiy to halt construction because of the illgeimate use of the land.
The Insitute of Puerto rico culture (ICP) was a main contributor to designating whether or not PAseo Caribe constituted as either publc or private land. Due to the fact the San Jeronimo Fort was near by there was much discussion between the ICP & activitists to clarify the actually use of the domain of the development of Paseo Caribe. The ICP and activist argueud that ti would violate not only regulation no. 23 but would also “present a threat to the preservation of San Jernomio fort and would...

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