Commonwealth Development Authority loan manager Oscar C. Camacho yesterday said CDA finally approved the proposal of Triple J Saipan, Inc. to build a $12 million apartment building project in Chalan Kanoa which includes the Pacific Gardenia Hotel property.
“We are happy that the property has been finally leased, because we have plenty of abandoned properties foreclosed by CDA that we want to revive and developed,” Camacho said.
Triple J will get the whole area from the Pacific Gardenia Hotel to the beach front.
“With this new development, we hope to spur economic activity in that area,” Camacho said.
He did not disclose any lease figures.
Last week, Triple J’s representative Mike Sablan said they were getting everything ready to start the construction of the Sandy Beach Homes project.
Sablan said they may have a groundbreaking ceremony sometime this month if everything falls into place.
They hope to complete the project in two or three years.
Triple J Saipan Inc. already secured the approval of Coastal Resource Management, the Northern Marianas Housing Corp., the Zoning Office and other agencies following a series of public hearings.
The project covers five parcels of land with an area of 4,252 square meters.
The building will have six floors and 60 rooms designed especially for families, a spacious parking area, and other amenities, Sablan said.
He noted that the project is near stores, schools, churches, beaches and other facilities.
The building will be environment-friendly and energy-efficient, he added.
