The Puerto Rico Science Technology & Research Trust (the “Trust”) is a private nonprofit organization created in 2004. Its mission is to maximize Puerto Rico’s job creation and participation in the global knowledge economy by promoting the investment in and financing of science and technology research and development on the Island. By investing in research and in the commercialization of technology, the Trust serves as a catalyst for creating and retaining the Island’s highly qualified, well educated, and often bilingual residents. The Trust is also responsible for guiding Puerto Rico’s public policy for science, technology, research and development.
The Trust controls the development rights to Science City, a 68-acre former prison site in a highly accessible area of San Juan Puerto Rico. In 2011, the Trust completed a master planning effort for development of Science City with a mix of medical, research & development, laboratory, office, hotel and meeting space, retail, and residential uses. Since that time, the Trust initiated the planning and development of critical infrastructure components while seeking a development partner.
RESGroup provided strategic guidance on their search for a development partner to help create the Trust’s vision of Science City as a vibrant anchor for technology and research-related businesses. Due to their lack of experience in real estate development, the Trust wanted a knowledgeable advisor who could help them address local economic challenges and disinvestment in the Island.
RESGroup completed an analysis of businesses in the Island’s science and technology sectors that could have an interest in space at Science City. We then prepared a request for qualifications (“RFQ”) to help the Trust gain an understanding of the level of interest developers may have in the project through an international marketing effort. Proposals were received, analyzed, and a short list of developers was selected.
Due to the financial difficulties in Puerto Rico and the recent Hurricane damage, this process has been challenging from a timing perspective, and the RFQ process is currently on hold. More recently, we were working with the Trust to lease the Science City’s initial buildings to biotech and R&D companies interested in collaborating with the Trust’s new venture partners. We have also been positioning the Trust to take advantage of financial incentives to attract companies to the site, and leverage private financing to meet their goals.
