ABOUT THE ROOSEVELT ROADS REDEVELOPMENT PROJECT
Welcome to the Roosevelt Roads Redevelopment project website, an information center about this extraordinary project that will enhance economic and social growth in the eastern region of the Island and Puerto Rico.
The Local Redevelopment Authority (LRA) initiated a Request for Qualifications (RFQ) process for Master Developer on June 30, 2014. Statements of Qualifications were received on August 14, 2014, and after careful review and evaluation, the LRA Board of Directors pre-qualified four out of the eight respondents, and invited four entities to participate in the Request for Proposal (RFP) selection process for Master Developer published on August 29, 2014.
The four entities that were pre-selected were Clark Realty Capital, Roosevelt Roads Redevelopment, Ariel Investment and OHorizons. As part of the RFP process, the LRA required detailed proposals of their financial capabilities and experience to initiate the development of Roosevelt Roads, and specific plans and timetables as to how and when they would be developing each of the nine zones of the master plan. Prior to the November 21, 2014 submittal deadline, LRA Executive Director and staff held additional property visits and meetings with Prequalified Respondents during September and November as part of the RFP process for Master Developer. The purpose of these meetings was to further host meetings and visits to the property by these potential developers at Roosevelt Roads and to answer questions regarding its infrastructure, master plan specifications, environmental remediation schedules and progress, among other development related topics. Roosevelt Roads Redevelopment was the only entity which did not submit a proposal by the November 21, 2014 deadline. On December 8, 2014 the LRA held a one day session of presentations with the three proponents. Subsequently, the LRA staff, LRA Board Selection Committee and all Board members conducted a thorough review and analysis of all proposal contents and presentations.
On December 22, 2014 the LRA Board of Directors selected Clark Realty Capital as Master Developer for the redevelopment of 3,000 acres at Roosevelt Roads after a comprehensive review of the three proposals received on November 21, 2014 from entities participating in the Request for Proposal (RFP) process for Master Developer: Clark Realty Capital, Ariel Investment and OHorizons, respectively from the United States, Latin America and Puerto Rico.
The LRA signed an Exclusive Negotiating Agreement with Clark Realty Capital on February 2, 2015. The next negotiating milestone during the coming months will be the signing of a Master Developer Contract on or about June 30, 2015.
If you want more information about the project, go to Developer-Investor, click here. If you are interested in aspects about the RFQ-RFP Master Developer process, click here.