Construction is under way on a new mixed-income development that will bring much-needed affordable housing to the business district and economic hub of San Juan, Puerto Rico.
Developed by McCormack Baron Salazar, Las Gladiolas will include 140 units in 17 buildings. It replaces a public housing project of the same name that was built in 1969 and was comprised of four high-rise buildings with 676 units before being demolished in 2011.
The newly constructed development will include 56 public housing, 55 low-income housing tax credit (LIHTC), and 29 market-rate units in townhouse and garden-style buildings. Amenities will include a community center, a fitness facility, a computer room, a swimming pool, a playground, a garden area, and barbecue grills. It also will feature 4,500 square feet of commercial space.
The estimated $33.5 million development was awarded $25.7 million in federal LIHTCs from the Puerto Rico Housing Finance Authority. Alden Capital Partners facilitated the investment of nearly $24 million in LIHTC equity through its proprietary tax credit investment fund, Alden Capital Partners Tax Credit Fund 19, with Citi Community Capital, which is also the construction lender.
“Alden Capital Partners is proud to partner with Citi in providing equity for 140 units of quality affordable and market-rate housing in Puerto Rico,” said Dana Mayo, executive vice president of Alden Capital Partners, in a statement. “The new units and facilities will feature state-of-the-art appliances and amenities, significantly improving the community’s standard of living for years to come.”
Additional partners in the development, which is slated for completion in March 2018, include F&R Construction Group as the general contractor and Álvarez-Díaz & Villalón as the architect. McCormack Baron Salazar’s affiliate, McCormack Baron Management, will be the property manager.