The Local Redevelopment Authority for Roosevelt Roads and Clark Realty Capital sign Exclusive Negotiating Agreement for Roosevelt Roads

SAN JUAN, Puerto Rico, Feb. 6, 2015 /PRNewswire/ -- Malu Blazquez Arsuaga, Executive Director of the Local Redevelopment Authority (LRA) for Roosevelt Roads, today announced that the Authority signed an Exclusive Negotiating Agreement with Clark Realty Capital. The company was selected by the LRA Board of Directors on December 22, 2014 to lead the redevelopment of approximately 3,000 acres of land and facilities at Roosevelt Roads.  "The signing of this agreement represents another step forward for the proposed redevelopment of Roosevelt Roads, and marks the beginning of negotiations leading to the eventual signing of the" Master Developer" contract, scheduled for June 30, 2015," said the Executive Director. "The agreement signed with Clark formalizes the exclusivity granted by the Authority to Clark to negotiate the "Master Developer" contract and confidentiality to both the negotiating process and exchange of information between the parties concerning the project," said Blazquez Arsuaga.

Over the coming months, Clark will undertake several market, environmental and infrastructure studies, among others.  In addition, it will negotiate the financial terms and conditions with the Authority and the schedule to follow for the various stages of the development.  For its part, the Authority will ensure that Clark meets the content of their proposal.  The conceptual, technical and financial attributes of Clark's proposal contributed to their selection as "Master Developer."

Meanwhile Alberto Baco Bague, Secretary, Department of Economic Development and Commerce (DDEC) emphasized that the signing of the Agreement with Clark "is another example of the confidence that many companies are placing in Puerto Rico as an attractive destination for doing business on the Island.  Clark is investing its capital because of the competitive advantages that Puerto Rico has to offer and the unique assets found at Roosevelt Roads," said Baco Bague.

The Secretary also noted that he and the LRA's Executive Director have just visited areas of Washington, DC and Virginia where we "could validate the quality and diversity of the projects that Clark has undertaken and the added value that the company has provided to the communities where it has led major developments.  Clark has the experience and community commitment to lead this project," said Baco Bague.  "We confirmed that Clark, from Arlington, Virginia, is a company that is identified with the residents where it manages development projects and that they have the vision to be a constructive member of the community," said Blazquez Arsuaga.

Among the places visited by both officials were the following: Fort Belvoir base, which includes a family housing project in Virginia and, which won gold certification under the LEED standards granted by the Green Building Council in the US; Flats at Atlas, residential project that helped revitalize a depressed area of North East, DC; The Wharf, a mega mixed-use project dedicated to pedestrian traffic and water, residential buildings, a marina and parks; and the Nationals Park baseball park in Washington, DC, among other projects.

"It is an honor for the Clark Group of Companies to work in collaboration with the Government and people of Puerto Rico in the redevelopment of Roosevelt Roads. Our fundamental principles are improving the quality of life of people living in communities impacted by the closure of the base and create a center of economic development for Puerto Rico. Our vision for creating a "Start-up City" is based on job creation, provide educational opportunities and create a community that benefits families of different income levels. We have over 100 years as a company building projects that have transformed cities; with the collaboration of everyone in Puerto Rico we hope to do the same here," said Xavier Arguello, Clark Realty Capital executive in charge of the project at Roosevelt Roads.

The proposed development by Clark for Roosevelt Roads is one of mixed uses including hotel developments, shopping centers, residential, light industrial area, port area for cruise ships, marine and regional terminal speedboats, schools, office buildings, shops, restaurants, entertainment areas, among other uses. The estimated investment by Clark Realty Capital over the life of the project -- 30 years -- is approximately $3,200 million. In addition, the Company expects to generate approximately 30,000 permanent jobs and 3,600 construction jobs throughout the project's lifetime.  Their plan is to offer 70% participation to companies in Puerto Rico as a percentage of total dollars invested in construction projects.

Clark Realty Capital is recognized in the United States for its history in redevelopment projects at former Department of Defense bases, for its commitment to urban improvement and revitalization of communities where they carry out their projects. In the coming months, the Local Redevelopment Authority for Roosevelt Roads and Clark will be negotiating the development contract and formalizing development plans and schedules. However, both entities have already identified some early efforts and projects that could begin once a formal agreement is signed. It is expected that they begin demolition work in certain areas, establish a resource center for the community and a training center for workers in the area, and start the development of an eco-tourism project.

"The signing of this Exclusive Negotiating Agreement is another example of the commitment of this administration to economic development and job creation for the eastern region and Puerto Rico. The Roosevelt Roads project continues to advance steadily and we are confident that the collaboration we have established today with Clark will yield positive results for the Island and communities surrounding the property in the next year and a half, and in years to come," concluded Baco Bague.

Contacts:
Keyla Rodriguez: 787-505-5517 [email protected]
Freddy de Jesus: 787-379-2452 [email protected]

SOURCE Puerto Rico Department of Economic Development and Commerce