IGP Prepares for Next Phase of 432-Acre Development in Puerto Rico

SAN JUAN-Interstate General Properties, the locally based subsidiary of Maryland-based American Community Properties Trust has closed on a construction loan for the next section of condominiums in Parque Escorial, its 432-acre master planned community here that eventually will comprise 2,700 residential condominium units, 700,000 sf of retail space and 200,000 sf of office space. Approximately 2,300 residential units have been delivered or are under construction.The $26 million loan from FirstBank will finance the construction of Torres del Escorial, a four-tower complex that will contain 160 condominium units. IGP president Carlos Rodriguez says the development will house some of the highest quality condominiums in Parque Escorial. Each tower will have 10 penthouse condominiums offering spectacular views of San Juan, and each building will have a total of forty units. Amenities will include a swimming pool, playgrounds, and other recreation areas. IGP projects delivery of the first units from Torres del Escorial in early 2005. Also this week, IGP announced the sale of a commercial land parcel at Parque Escorial to Jalexis Inc. Jalexis, which has completed other developments at Parque Escorial, plans to develop a 30,000-sf commercial space for use by locally-owned restaurants. The sale price was $2.75 million.In March, Parque Escorial was awarded the Project of Excellence award by El Nuevo Dia, a San Juan journal devoted to the local construction industry. In 2000 the Puerto Rico Homebuilders Association honored Parque Escorial as its Master Planned Community of the Year.