The property consists of five consolidated lots totaling 1,634 m2, with Mixed Residential Commercial (ZMRC) zoning. While it currently operates as a successful 28 room boutique hotel renovated in 2022, the site offers substantial unused development rights positioning it as a standout opportunity within today's costa rica luxury investment landscape. With a height coefficient of 2.50, there is potential to develop a total of 10,437 m2 across seven stories. The current layout offers tremendous potential for a remodel, and the re opening of the bar and restaurant which boasts direct street frontage, to take advantage not only of the hotel guests, but the bustling neighborhood of Barrio Amon. Furthermore, a coveted casino license, nearly impossible to obtain today, makes this hotel investment opportunity even more unique, allowing a hotel and casino operator to truly leverage the income potential.
One of the five lots is currently host to a parking lot, yet connects to one fo the rear lots of the hotel, therefore, hard to find parking in this downtown location is not an issue for this property.
For pure developers, the opportunity here is the location, and the land value. This highly sought after street corner is situated just minutes to the heart of downtown San Jose, as well as two blocks from the entrance of one of the main connecting arteries that distributes traffic to Highway 32 to sections of Heredia, as well as Barrio Tournon, Barrio Mexico, Paseo Colon, Uruca, the airport and the western suburbs positioning it as a strategic play within Sabana/Rohrmoser real estate. The site screams opportunity for studio apartments for the middle class work force that yearns to enjoy proximity, and the zoning of this property offers the ability to build a seven story mid rise. With the seller pricing the property at well below replacement value and truly at land only replacement, this property deserves a hard look.
Key investment highlights include:
- Development Flexibility: Options range from vertical expansion and mixed use residential development to preserving the historic facade while modernizing the interior.
- Prime Location: Situated in a highly walkable district near the National Theater, museums, and galleries, ensuring long term value.
- Turn key Operation: The hotel features a tropical restaurant, bar, business center, and private parking, supported by a loyal clientele and experienced staff.
This property represents a rare balance of immediate cash flow and long term upside in one of San Jose's most storied neighborhoods.
