PRIDCO plans to demolish 17 properties declared unsafe

“Time is of the essence,” the Financial Oversight and Management Board said.

By The Star Staff

The Puerto Rico Industrial Development Co. (PRIDCO) revealed Wednesday plans to demolish some 17 properties out of 33 that have been declared unsafe.

The information is contained in a letter that the Financial Oversight and Management Board sent to PRIDCO Executive Director Javier Bayón Torres regarding the current conditions of certain properties identified in a Dec. 20, 2021 letter from the oversight board to PRIDCO.

The oversight board said PRIDCO had to address the properties identified in the response letter as those buildings are unsafe and represent a danger to public safety.

“Time is of the essence,” the oversight board said. “Please provide a status report on the closure and demarcation as dangerous of the 33 properties identified during the initial review of the CapEx Reserve study.”

The board also requested a cost estimate for the demolition of the 17 PRIDCO properties, and requested that the information be provided by March 11.

Of the 33 properties, fewer than 10 will not be demolished with the CapEx Reserve funds since the properties have claims with the Federal Emergency Management Agency related to the hurricane and earthquake events.

PRIDCO’s properties serve as collateral for its debt. The entity has 865 vacant land parcels and 796 lots with some type of structure, and the buildings total 772, equivalent to 23 million square feet. The appraisal of the property portfolio has been set at $624 million.