McCormack Baron Salazar, Inc. and the Puerto Rico Department of Housing have officially opened Renaissance Square, a new mixed-income apartment community located in the Hato Rey Barrio of San Juan, Puerto Rico. Located in the heart of the San Juan’s Financial District’s “Golden Mile,” the community has walk-up and townhome-style apartment buildings with market-rate amenities, green energy-saving design, and resilient features.
The new community has 140 rental apartment homes with one-, two- and three-bedroom units affordable to families with a range of incomes: of the 140 total units, 60% are reserved for very-low income families, 20% are reserved for workforce, and 20% have market-rate rents.
A public/private partnership between the Department of Housing, McCormack Baron Salazar, Citi Community Development, and Hunt Capital Partners, the project used public dollars to leverage private equity, resulting in a $35.5 million investment in the transformation of a formerly vacant public housing site.
