Black Immigrant Daily News
The owners of the Normandie hotel, Normandie OZ, will operate the Sixto Escobar stadium for the next 30 years after reaching an agreement with the municipality of San Juan, which will allow the company to seek the necessary financing to build an underground parking lot and an events pavilion at the sports facilities.
According to San Juan Mayor Miguel Romero, the agreement will guarantee “free and public” access for citizens to the El Escambr?n beach area.
In addition to constructing the one-level parking structure, which was the subject of controversy when the proposal came to light last year, the agreement will allow for the reconstruction of the stadium’s track and soccer field, as well as landscaping the area with palm trees, among other improvements.
San Juan mayor highlighted that the project will not impact the stadium’s historic fa?ade since it was designated a National Historic Place under Act 130-2014.
“Since before our administration took office, the municipality has been seeking to reach an agreement with entities that would manage the hotel,” Romero said, referring to former San Juan Mayor Carmen Yul?n Cruz Soto.
Romero said the municipality would receive $ 458,250 annually from leasing the parking lot and $50,314 from leasing the events pavilion.
The construction at the Sixto Escobar stadium and redevelopment the hotel will cost over $100 million. However, Ezra “Eddie” Ishay, president of The Normandie OZ, acknowledged that this could go up due to the impact of inflation.
The businessman also stressed that the project will be financed with 100 percent private investment and historic tax credits from the federal government, which they have not received yet.
The construction of the parking lot and pavilion would take two years once they have all the necessary permits from the state and federal governments.
Although both acknowledged that some sectors oppose the stadium lease, Ishay stressed that organizations such as the Scuba Dogs Society and Amigos del Mar support the agreement.
“This has been and will continue to be a team effort” that will prosper with good will. “A project of inclusion that, once completed, will be the pride and joy of the community and all Puerto Rico for generations to come,” he said.
Ishay acquired the property in January 2022 for $8.6 million. Interra Capital Gropu, an investment firm based in Houston, Texas, was the previous owner.
The Normandie, which first opened in 1942, has been closed since 2009, when it was foreclosed on.