Announcements
PRIDCO Completes the First of 33 Demolitions of Properties with Structural Issues
December 12, 2024
Naguabo, Puerto Rico – December 12, 2024 – The Puerto Rico Industrial Development Company (PRIDCO) has completed the demolition of a property located in the municipality of Naguabo. This demolition marks the beginning of an ambitious project aimed at eliminating 33 hazardous properties across various locations in Puerto Rico.
Following a thorough evaluation of its property portfolio, 33 properties were identified as requiring demolition, with a reserved budget of $15 million allocated for this purpose. The first phase includes the demolition of eight properties, with a completion target set for March 2025. In fiscal year 2025-2026, approximately 25 additional buildings are expected to be demolished unless sold or repurposed beforehand. This initial phase, with an allocation of $3.6 million, is part of PRIDCO’s efforts to modernize its property portfolio and remove unsafe structures or those whose restoration would not be financially viable.
“The launch of this project reaffirms our commitment to economic development and community safety. PRIDCO continues to demonstrate its ability to execute strategic projects that foster growth and investment in Puerto Rico.” - Carlos Ríos Pierluisi, Deputy Executive Director of PRIDCO.
The demolition of properties with high structural risks aligns with PRIDCO’s strategy to optimize its real estate assets, enhancing Puerto Rico’s competitiveness in the industrial investment market. This initiative, which is part of PRIDCO’s fiscal plan, represents a significant step towards the disposition and repurposing of non-profitable properties, thereby contributing to the island’s economic development.
With the commencement of these demolitions, PRIDCO adds another impactful strategic project to the list of objectives achieved by the current administration, in collaboration with the Financial Oversight and Management Board. This reinforces its ongoing commitment to revitalizing Puerto Rico’s industrial assets. The demolition plan will continue in the coming months with the additional seven properties identified in this initial phase, ensuring an orderly and transparent process for the benefit of Puerto Rico’s economic development.
