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  • Essay / Paseo Caribe Case Study - 1356

    Paseo Caribe was an incredible investment for any developer looking to expand real estate opportunities to influence job growth, private investment and a transition to sustainable construction methods in Puerto Rico. Arturo Madero saw this property as a brilliant opportunity to take advantage of each of these aspects and influence the real estate demographics of Condado. As Arnold's chapter on sustainability shows, "the principle of sustainability indeed authorizes the pursuit of a quality of life to the extent that this is compatible with a similar quality of life for all, including individuals futures” (Arnold, 2013). Although Madero's actions were in good faith, trying to promote a more sustainable aura for the Condado community, many activist groups, agencies, and high-ranking government officials opposed Madero's development. This main source of opposition stemmed from the "irregularity" of the legally accepted building permits that Madero had received from the Planning Board. Even though the permits Madero received from the planning committee were, in his opinion, valid; Madero should have conducted a more thorough due diligence review, before relying solely on what the government issued to him, which would have satisfied all stakeholder interests surrounding the Paseo Caribe development project. The 6-acre parcel located in Condado's "golden triangle" had numerous zoning restrictions applicable to the desired development. For example, in 1993, the government of Puerto Rico initiated a “special land use plan and zoning regulation for the entrance to the islet of San Juan” (Trouble in paradise, 2010). This regulation gave rise to Regulation No. 23 which strictly stated that the zoning ordinance could not be a...... middle of paper ...... one or more acres... are regulated in the part of the National Pollutant Discharge Elimination System (NPDES) stormwater management program” (EPA, 2014). Although Madero made a crucial mistake during the due diligence process, which ultimately led to considerable legal litigation, his development idea reflected sustainable development similar to that seen by the current Paseo Caribe property. As shown in a recent article published by (newismybusiness.com), Mark Lipschutz, CEO of Caribbean Property Group, recently took control of Paseo Caribe. He highlights the impact the development will have on the community in the long term: “Our increased involvement in Paseo Caribe and our revamp of Dorado Beach only strengthens and elevates the island's luxury resort and residential offerings and our commitment towards the growth and success of the Puerto Rican community” (News is my business RSS, 2014).