The Executive Director of the Real Estate Appraisal and Disposal Committee (CEDBI, Spanish acronym), Sylvette Vélez Conde, announced the award of the auction in a sealed envelope in favor of Saint John’s School to develop a educational institution in the structure known as the old school Madame Luchetti, located in San Juan.
Saint John’s School will develop a Kindergarten to Grade 2 school on the property with an investment of approximately $ 8.5 million. The economic offer presented by this promoter was $ 2 million, exceeding fair market value by $ 930,000.
In addition to preserving the V-type structure designated as a historic site, the Saint John’s school will promote teacher training activities, aligned with the original purpose for which the structure was built. In addition, a new structure will incorporate durable and resilient elements that will serve as a hub for the benefit of the entire community in the event of natural disasters. They also seek to establish collaborative agreements and programs with other local institutions to promote social impact projects that integrate the community.
The selection of Saint John’s School is the result of a tender process that began on June 30, 2021, with the publication of a sealed envelope tender, which was issued by the Tax Agency and Financial Advisory Authority (AAFAF by its acronym).
“The tendering process was competitive, rigorous and transparent, within the legal framework of the Single Regulation and Law No. 26-2017, as amended, known as the ‘Fiscal Plan Compliance Act’. Additionally, by selecting the winning proposal, the property is guaranteed to be used for the original educational purposes for which it was donated by the Luchetti family. The deed granted will include specific provisions to guarantee the development of the property and safeguard the property as a historic site, allowing its preservation, ”said Vélez.
The Executive Director of the Office of Management and Budget and member of CEDBI, Juan Carlos Blanco, said that the approved transaction is the result of a rigorous process in which it has been possible to maximize the return on assets, as required by law, while its historical value as an educational center is respected.
“The economic development of a country rests on a quality educational base, which promotes a capable and competent society. The preservation of the structure of the famous Madame Luchetti school, which not only preserves the original purpose of the structure and adds value to the community, but the accepted proposal includes the incorporation of sustainable and resilient elements that the community can benefit from. When we unite community well-being with youth development, we have a winning formula for continuing to improve our society, ”said the Secretary of Economic Development, said Manuel Cidre.
In addition, Vélez reported that the bidders who submitted proposals for the former Madame Luchetti school, in the order they were received, are as follows:
- Condado Palm, LLC
- Saint-Jean school
- Ramon Cao Alvira
- Museo de Arte Contemporáneo de Puerto Rico, Inc. (Museum of Contemporary Art)
The evaluation of the proposals was carried out in accordance with the parameters and evaluation criteria, established in the invitation to the closed auction and in accordance with the provisions of the Single Regulation for the evaluation and alienation of immovable property of the power. Executive of the Government of Puerto Rico, Regulation No. 9133 of December 9, 2019. It is the responsibility of the Ministry of Transport and Public Works (DTOP, Spanish acronym), owner of the property, to complete the transaction with Saint John’s School, which should be formalized before the end of this year.
Resolution 2021-145, adopted by CEDBI on September 27, 2021, and the regulations will be available on the AAFAF website at www.aafaf.pr.gov.
The property, which is owned by DTOP, cannot be demolished as it is a historic structure in accordance with the property’s designation as a historic site, in accordance with Resolution No. 2021-18-01-JP-SH adopted by the Planning Council on September 8, 2021, to be established in writing.