President Leonel Fernandez has signed a commercial loan with Portuguese bank Caixa Geral de Deposito for US$80 million for the construction of the Juan Marichal Sports Complex in Santo Domingo, as reported in El Caribe. Earlier it had been reported the loan would be for US$75 million. The complex is estimated to cost US$150 million. It involves the remodeling of the Quisqueya ballpark, the construction of a 175-room 4-star hotel, 280 apartments in six 14-19-floor residential high-rises and a baseball museum. The contractors selected by the government, Edivisa, S.A. and Visacasa, S.A. Engineers and Architects Rodriguez Sandoval & Associates will be responsible for the construction, working with a Portuguese partner, Visabeira. <\/p>\n
Company chief executive, engineer Rodriguez Sandoval is also known for his work at the Malecon Center high-rise hotel and residential complex in Santo Domingo. The baseball complex contract, deemed very controversial, has already been approved by Congress, according to a report in El Caribe. Questions have been raised about whether the development is a priority, and the fact that government guarantees and resources are being invested in this predominantly private project.<\/p>\n
The project has also been criticized for lack of transparency and on the grounds that the government’s real estate contribution is being undervalued, tenders have not been held, and there are doubts about the viability of a hotel in the area. The priority of government investment in what is primarily a real estate project is also being questioned.<\/p>\n
The plan is to complete the remodeling of the stadium, at a cost of US$20 million in time for the 2012 deadline for being considered for the World Baseball Championship program.<\/p>\n
During the signing in Portugal, architect Joaquin Geronimo of the DR National Housing Bank (BNV) said the signing of the agreement strengthened business links between Portugal and the DR.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Leonel Fernandez has signed a commercial loan with Portuguese bank Caixa Geral de Deposito for US$80 million for the construction of the Juan Marichal Sports Complex in Santo Domingo, as reported in El Caribe. Earlier it had been reported the loan would be for US$75 million. The complex is estimated to cost US$150 million. … <\/p>\n