If you buy a residence at Opus Miramar, what exactly do you own beneath it? In the Puerto Rico Convention Center District, along Miramar's western edge, the answer depends on the parcel. A public authority controls the district's land. It has sold some parcels, Opus's among them, and ground-leased others. In its own procurement documents, it says its policy is to lease property, not sell it.
Most of Miramar's newest high-end residences are going up on that land. So before a buyer weighs finishes or views, they have to work out which ownership arrangement applies to the parcel under the building.
The seller behind Miramar's new supply is a public authority
Two residential projects are now underway in the district. El Nuevo Día reported that construction of Opus Miramar began April 30, 2026. The paper called it the first exclusively residential project in the Convention District and put the investment at about $80 million. It said nearly 40% of the units already had buyers.
The developer's published materials list 40 residences. Starting prices are $3 million for veranda plans, $3.4 million for terrace units, $7.2 million for sub-penthouses and $10.8 million for penthouses. Neither the developer nor the April coverage gives a delivery date.
The land came to Opus through a direct sale. In March 2023, El Nuevo Día reported that the Authority had agreed to sell district property to Opus Group LLC for $6 million, without an auction or a request for proposals. At the time, the project was described as 90 to 100 apartments. The tower now under construction has 40, so the product changed a lot between the land deal and the groundbreaking.
The second project is PRISA Group's One Distrito, next to Distrito T-Mobile. News is my Business covered its groundbreaking in April 2025. The $115 million plan combines 109 Apartments by Marriott Bonvoy extended-stay units with 38 One Distrito Residences in an eight-story tower. The condos were reported 100% presold. That coverage does not say whether PRISA bought the land or leased it.
Two ways to hold land in the same district
The hotels already operating in the district show how the Authority has structured deals in the past. Its audited financial statements for the fiscal year ended June 30, 2022, describe a mix of ground leases and outright transfers.
| Property | Structure | Key terms |
|---|---|---|
| Sheraton | Ground lease | 85-year original term; $100,000 minimum annual rent with annual CPI adjustment; additional rent of 10% of adjusted net operating income above a hurdle rate |
| Hyatt House | Ground lease | 50 years from the October 2014 start of operations; two optional 10-year extensions |
| Hyatt Place | Ground lease | 50 years from start of operations; two optional 10-year extensions; additional rent of 2% of gross receipts |
| District Live parcels J1 and J2 | Transfer | Conveyed free and clear of title liens; Authority kept a 30% participation interest in each entity |
| Opus Miramar parcels | Sale, reported by El Nuevo Día in 2023 | $6 million |
These lease terms come from a 2022 audit and may have been amended since. They still establish the basic point. In the Convention District, owning a building does not automatically mean owning the ground beneath it. A hotel can operate for decades on land it rents from the Authority.
The Authority's July 2026 request for proposals for the rest of the district states the default plainly:
"The current policy of the Authority is not to sell its property but, instead, to enter into long-term leases as a means of assuring the Authority's financial stability and the adequate maintenance of the District and other properties owned by the Authority. However, the Authority will accept and is willing to consider proposals which include the conveyance of real estate in furtherance of residential projects or if the transfer is deemed proper in the public interest."
So residential projects are the stated exception to the leasing policy. Even so, the same document lists many structures the Authority is willing to consider. They include long-term and phased ground leases, fee title for specific components, development rights, revenue sharing, participation rents, benefit charges and maintenance obligations. A future condo on district land could sit on purchased ground, leased ground, or something in between, with charges attached. No current district-wide assessment on residential owners turned up in our research. The RFP does show that such charges can be built into future deals.
Why the new towers rise at the edge
Inside Miramar's historic blocks, new construction follows a different set of rules. The Planning Board's 2003 special zoning regulation for Santurce requires permits for alterations, additions, remodeling, restoration, new construction and demolition. For properties designated ZIE-1 for architectural value, interventions need endorsements from the Instituto de Cultura Puertorriqueña and the State Historic Preservation Office. Removing that designation takes a public hearing. The copy reviewed is dated 2003, so whether a particular property is designated, and how approvals work today, has to be confirmed parcel by parcel. The framework itself explains why Miramar's older housing tends to be reused rather than replaced.
The neighborhood's best-known recent projects follow that pattern. News is my Business reported that Casa Grande, a 1910 home designed by Antonin Nechodoma, became a Piloto 151 coworking location after an $800,000 investment that kept original features such as embossed aluminum ceilings. The Méndez-Bagur residence, built in 1914, opened as the Museo de Arte y Diseño de Miramar in September 2018. 90 Grados describes how the original exterior was kept while new structure went inside.
A developer who wants to build a 40-unit tower faces two very different paths. Inside the neighborhood, it means assembling lots from separate owners and going through historic review. In the district, it means making one deal with one landowner that holds open, contiguous parcels. That is why Miramar's new-construction pipeline has moved to the waterfront edge, and why the Authority's leasing policy now shapes it.
Five bidders for one contract covering 53 to 60 acres
The next round of supply will come through a single selection process. News is my Business reported that the Authority wants one master developer for about 53 to 60 acres of undeveloped and waterfront land. The program could include housing, hotels, entertainment, retail, public spaces and infrastructure. The Authority said it "does not intend to make piecemeal awards for separate parcels."
The Authority's own records show where the process stands:
- Registration: Six proponents registered by the deadline. They were RC Group LLC, Vázquez Associates Ingenieros PCS, DRIWAL of Puerto Rico Inc., DY Developer LLC (PRISA), Marvel Architects, Landscape Architects LLP, and CK Urban Partners LLC.
- Mandatory meeting: According to minutes issued September 11, 2026, no one attended the August 14 site tour on behalf of Vázquez Associates. The firm was ruled ineligible, which left five.
- Historic scope: Addendum No. 1, issued August 28, 2026, added stabilization plans, cost estimates and condition studies for the historic properties on Isla de Miraflores.
- Deadline: Proposals are due October 15, 2026, at 5:00 p.m. AST. The Authority can change dates by addendum.
- Approvals: Any final award needs a resolution from the Authority's board and any required review or non-objection from the Financial Oversight and Management Board for Puerto Rico.
PRISA, the developer behind One Distrito, is among the remaining proponents. The RFP also says the Authority does not have to choose the highest price or rent. It can pick the proposal it judges best on design, feasibility, public benefit and long-term economic impact. No award has been announced. Even after a selection, the board and oversight approvals still have to happen before anything is binding.
For someone comparing Miramar today, the amount, timing and type of future housing on that land depend on a negotiated development agreement. The Authority will oversee it through a Project Advisory Committee chaired by its executive director. The pace of new supply on the district's remaining land depends on when that one contract gets signed.
What to confirm before signing on district land
A condo in the Convention District goes through the same closing process as any San Juan condo, but a few extra documents come into play. These are the questions that apply specifically to district land:
- How the parcel is held. Ask whether the land under the building was conveyed in fee or is held under a ground lease. If it's a lease, get the term, the remaining years and the renewal options.
- Charges that run with the land. The RFP allows benefit charges, maintenance obligations and participation rents. Ask whether any of these are recorded against the parcel and how they reach unit owners.
- Restrictive covenants. Find out whether the Authority kept design controls, use restrictions or approval rights that bind the condominium's board.
- The buyer entity on record. Large projects often shift between related companies from agreement to closing. Check that the entity that holds title is the one selling to you.
- Delivery terms. Neither Opus Miramar nor One Distrito has published a delivery date. The purchase contract will set the schedule and what happens if it slips.
Each of these answers comes from recorded documents and the condominium's governing instruments, not from marketing materials. Our research did not find a public record showing whether Opus or One Distrito owners will get fee title or a leasehold, so each buyer needs to confirm it with their own counsel.
Nick Pastrana works as both a broker and an attorney, which suits deals like these, where the title structure matters as much as the unit. If you're weighing a residence on Convention District land or comparing it with Miramar's historic housing, Let's Connect and go through the documents together before you commit.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
