Page 5 - PalmasDelMar_Development

PALMAS

DEL MAR

Flexible Entitlements to Facilitate Future Excess Sewer, Water and Power Capacity to further enhance the long term value of the com-
Development of Over 5,000 Additional Units Palmas del Mar is well positioned to handle further munity. The development of a five-star luxury resort

Entitlements are in place for approximately 1,500 development with over three million gallons of water hotel and spa; the already built and operating 162-slip
housing units, 700 hotel rooms and 240,000 capacity committed to the community, along with yacht club in the outer harbor; the development
square feet of commercial space in the Resort Core, ample power provided by a 33 MVA substation of additional on and off-site retail; and the recent
Central Palmas and Palmas Plantation sections of and a sewage treatment facility that is readily announcement that a 300-bed state-of-the-art
the development. The Guayanez parcel, the pro- expandable. The current sewage treatment plant hospital will be built just outside the gates of the
posed site for a luxury resort hotel, has 416 develop- has treatment and permit capacity for 1.2 million community at the corner of State Roads 906 and 923.
able acres, and is presently entitled for 1,946 hous- gallons per day. Recently, the PDM Utility Corpora-
ing units. The Buena Vista parcel contains 339 acres tion received the Operational Excellence Award for
of developable land. This site is presently entitled for its region from the U.S. Environmental Protection
2,686 residential units. As major new development Agency. In total, it is estimated that it would take
becomes more difficult in Puerto Rico, these entitle- over $400 million in today’s dollars to replicate the
ments become increasingly more valuable. Further- network of roads, water, sewer, electric, telephone,
more, the Company’s ability to transfer the density high speed internet and cable television services,
from parcel to parcel further increases their value. and amenities now in place at Palmas.
The Palmas Master Plan provides extensive flex-
ibility to develop maximum density or single-family Proven History of Success Across all Price Points
beachfront homes. Sales of new homes at Palmas del Mar are in the price
range of $250,000 to $4 million. There are numerous
Significant Infrastructure Already in Place custom homes built and under construction that
Off-site infrastructure improvements constructed exceed $3 million in value. In addition to the active
by the Puerto Rican Government have substantially resale market, the development has averaged more
reduced the commuting time between Palmas and than 100 new home sales each year since 2000.
San Juan, enabling residents to commute daily
to the City. The completion of State Road 906, Highly Regarded On-Site K-12 School
a four-lane road that connects to the highway The Palmas Academy, a private co-educational
network providing direct access to metro San Juan, English language institution, recently completed a
has enabled Palmas del Mar to become increasingly $9.5 million improvement and expansion program.
attractive as a primary residential community for This academy facilitates the educational needs of
professionals and executives. An extensive on-site its residents, further enabling Palmas del Mar to
road network provides access to existing projects be home to primary residential users.
and future development parcels. The existing on-site
infrastructure will further minimize the risk and cost Significant Enhancers of Land Value Underway
for future development. Both current ownership and third parties are actively
pursuing a number of development opportunities

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