The Construction Association of Puerto Rico

Business View Caribbean 5 ing.” As an example, he cites the need to bulk up the rental housing market. “Rental was not something that was traditionally a big business. A very large number of people here owned their own property – way higher than in the U.S. – so there wasn’t a culture of rental. Now we’re starting to see developers come in and de- velop projects for rental purposes.” A similar change is taking place regarding mixed-use communities and seniors housing. “Because of the ‘suburb mentality,’ you almost didn’t get any mixed- use communities; but you’re starting to see a revital- ization of those,” Diaz states. “Elderly home projects: you’re starting to see a lot of those, too. That was not a part of the culture, before. Assisted Living was not a business model for years, here. It was actually frowned upon if you sent your parents to one of those facili- ties. Now it’s seen as a very good option. Affordable housing – HUD (the federal Housing and Urban Devel- opment agency) has determined that there is a need over the next five years for 30,000 more housing units and out of those 30,000, most of them are affordable housing. As a matter of fact, affordable housing is go- ing to be the pillar of development in the next five to ten years.” As the local landscape for the island’s construction industry continues to change, Diaz says that the As- sociation’s structure will likewise continue to grow and adjust. “We are in the process of finalizing some stra- tegic relationships,” he reports. “For example, we’re going to sign an alliance with Habitat for Humanity Puerto Rico, which is going to become our social side of the Association instead of developing our own. We also are strengthening a relationship with the govern- ment. We just signed an agreement with the Roosevelt Roads Redevelopment Authority, which is a quasi-gov- ernment agency that’s looking to develop 8,000 acres. And we want to work together with them to develop ideas and projects for our members. We also have a relationship with ‘Together for Puerto Rico,’ which is a local foundation that’s focused on creating new options and developments for the island. And finally, we’re in the process of creating a new chapter for the Urban Land Institute, the ULI, through our Association, the same way that we are part of a national builders association chapter, we will become the ULI chapter in Puerto Rico, with a focus on land planning.” When asked why membership in the Association is the smart thing to do, Diaz is unequivocal in his response: “If someone is looking to invest and do business in Puerto Rico, in matters of construction and real es- tate, certainly, they need to find out how to become a member,” he says. “Because as soon as they do that, they’re going to have access to many people, locally and internationally, who have done it before, who are successful, who would add value to their investment, and direct them in the right way - from permits to de- velopment, to land ownership – all those things can be done through our Association. So, for many of the people who are moving to Puerto Rico, or are looking to invest in Puerto Rico, our Association would be the first place to look. The first place to call is our Associa- tion.”