real estate

Camino de Cruces project criticized by Anam, courts

A developer with approval to build on lots within a protected forest area has changed the project´s plans

Legal counsel for Anam has filed a complaint, claiming the environmental impact assessment is out of date

revisions: Inmobiliaria P & P has decided to build 12 high-rise apartments instead of single family units. 1023552

Carlos Henriquez Pasco has had to rethink the plans for his development project in Clayton.

The original project, a cluster of individual housing units known as "Las Haciendas de Camino de Cruces," was determined "infeasible" by Inmobiliaria P & P, a company Pasco chairs. Instead, the developer now intends to put up twelve high-rise buildings, each at least seven stories tall.

But as the proposed location for the project remains the same, two lots totaling 27 hectares within the protected Parque Natural Camino de Cruces, so does the controversy. Pasco acquired the land in 2003 with the approval of the now defunct Autoridad de la Región Interoceánica (ARI), in a deal that has been criticized by legal advisors for the Autoridad Nacional del Ambiente (Anam).

And Pasco´s recent change of plans has only served to further stir the pot. On April 30, 2008, Lina Vega, a lawyer with the Centro de Incidencia Ambiental (CIAM), filed a formal complaint against the developer, requesting proof that Inmobiliaria P & P completed an environmental impact assessment (EIA) for the latest proposal.

Vega believes the company will attempt to build on the property using the EIA granted in March 2005, which would be in violation of established environmental regulations.

Anam´s regional director, Lizandro Arias, backed the complaint, who said he will schedule a meeting between involved parties before initiating an investigation.

Arias explained that if Pasco´s current plan differs from what was approved in the EIA, Anam would issue a fine and an immediate moratorium placed on the project.

Under the 2005 EIA, the company may clear 3.9 hectares of land considered "secondary forest," for which they have agreed to pay Anam a compensatory fee of $11,717.

Pasco´s son and business partner, Carlos Pasco Jr., said that any modifications to the project will be passed by Anam. "We haven´t reached the final stage of planning yet, muchless had the corresponding EIA approved," he added.

Pasco Jr. said increases in construction costs and shifts in the real estate market in the four years since the proposal was submitted had forced the company to abandon the single-family home project in favor of luxury high-rise apartments, which will be priced between $158,000 and $370,000.

Meanwhile, Carlos H. Pasco Sr. has been attempting to sell parcels of the lots as investments, putting him back in conflict with authorities. The developer is asking $4.05 million for a 15 percent share, based on an assumption that the total property is worth $27 million. The Registro Público, however, estimates the two lots at $2.3 million and $1.6 million, respectively. Whatever the real value of the property is, investors aren´t biting.

"There was an offer in the last quarter," said Pasco Jr. "But it didn´t come together."