Historic Paradise Theater signed over to Río Piedras Redevelopment Trust
Andrea Bauzá Hernández, who chairs the Río Piedras Development Trust, called the Paradise Theater a “project of the community of Río Piedras that radiates to other sectors that appreciate it and remember it.”
By THE STAR STAFF
Río Piedras communities celebrated on Tuesday the transfer of ownership of the emblematic Paradise Theater from the Highways and Transportation Authority (ACT by its Spanish acronym) to the new owner: Río Piedras Development Trust (FDRP by its Spanish initials)
The ACT signed over the deed last December.
“It was a long process that took several years and required multiple efforts, a lot of patience and in which, also, the people of Río Piedras received the accompanying support and solidarity of important allies,” said Andrea Bauzá Hernández, who chairs the FDRP board of directors, in a written statement. “The last stage began with the Lease to Purchase Agreement, signed between the ACT and the FDRP on December 27, 2019. Since then, the Paradise has completed engineering work aimed at stabilizing the building to ensure safety conditions, as well as the structural elements that facilitate its use. In addition, a stage and the platform were built, from which artistic and cultural activities have been held with important representatives of the talent of our country. Undoubtedly, the Paradise is much more than a theater. It is a project of the community of Río Piedras that radiates to other sectors that appreciate it and remember it.”
“The Paradise is ours and we are happy and full of hope and optimism,” Bauzá Hernández added. “Río Piedras is moving toward its redevelopment and the communities are the managers and protagonists. We are in victory!”
The FDRP was created to support the rehabilitation and economic development of the Special Planning Zone, as provided for in the Special Law for the Rehabilitation of Río Piedras, Law 75 of July 5, 1995, as amended. Its purpose is to make viable access to resources and mechanisms to obtain and rehabilitate land and properties for residential, institutional, commercial, cultural or mixed purposes for the benefit of communities. Given the deterioration suffered by the Paradise, an urban space of great historical value, the work of the Trust is to manage and acquire properties toward the improvement of economic, social, physical, environmental and cultural conditions in Río Piedras, with special attention to low-income populations and those subjected historically to discrimination. For more information go to https://fideicomisorp.pr/.