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Press Release

Portafolio Inmobiliario Starts Construction of the Costa Rica Green Valley Free Trade Zone Project in Grecia

JUNE 16th 2020

•The first phase of this mixed-use development, located in Grecia, Alajuela, will reside under Free Trade Zone status.
•Project land will total more than 1,000,000 m2 (10,763,910 ft2). The first phase of the free zone project will develop 140,000 m2 (1,506,947 ft2), to account for infrastructure investment of approximately $10,000,000.

San José, June 16, 2020 – Portafolio Inmobiliario began to construct the Costa Rica Green Valley Free Trade Zone project, a mixed-use development whose first phase includes the construction of a Free Trade Zone in Grecia, Alajuela. 
 
The Business Park, CR Green Valley, will be a new urban development, including a Free Trade Zone, and will reside outside the Greater Metropolitan Area (GAM), affording the project a strategic location: located on one of Costa Rica’s primary highways and easily accessible from the provinces of Alajuela, Heredia and San José, as well as Juan Santamaría International Airport.

Arnoldo Estrada, director of the CR Green Valley project, explained, "At Portafolio Inmobiliario, our goal will always be to support the transformation of cities – and to be a catalyst for that transformation. CR Green Valley will not be the exception; we are sure that it will become an important player during this critical moment that we’re living as a nation, in search of economic recovery, increased investment, and job creation. One of our main roles is to imagine a better Costa Rica, every day, and to put that to practice in ways that contribute to all areas: social, economic, and environmental.”

This project is the brainchild and vision of a group of people with related interests, who saw an important opportunity for the development of the Western Zone, in partnership with Portafolio Inmobiliario. The project aims to leave its mark on the community, by attracting foreign investment, activating job creation and promoting local business links for all residents in Grecia, Atenas, Poás, Sarchi, Naranjo, Palmares, and San Ramón, as well as other residents of the Western Zone and the Central Valley.

José Antonio Herrero Harrington, President of Costa Rica Green Valley, pointed out, “For us, it is an honor to be able to develop, hand-in-hand with Portafolio Inmobiliario, such an important project. It was conceived under a unique, innovative, and differentiated model, to include a technological corridor in areas where Costa Rica has already been successful in attracting investment and will be complemented by a scientific park that houses universities, technical training centers, laboratory clusters, and all the support services required for these activities. We also plan on residential, commercial, recreational, and cultural development, to make this an ideal place to live, work, study, and have fun, in harmony with the environment.” 

The total land area for the project amounts to more than 1,000,000 m2 (10,763,910 ft2); however, its construction will be carried out in phases. During the first phase, 140,000 m2 (1,506,947 ft2) will be developed and investment will total approximately $10,000,000 in infrastructure. Its construction is estimated at around one year.

This project will have environmental certifications that validate the company's efforts in both the construction and operational phases. Internal tools will be implemented to identify and realize environmentally efficient practices, specifically in energy management strategies, the efficient management of solid waste, and the conservation of water resources.

The Vice Minister of Foreign Trade, Duayner Salas, commented, “for the Central Government, the creation of new employment opportunities in areas outside the GAM is a priority. In this sense, the start of construction on the Green Valley Business Park presents us with the challenge of continuing our work in strengthening the investment climate, the country's competitiveness, and the integration of these regions and areas into ecosystems of high production potential."

Once the first phase is completed, it is estimated that approximately 7,000 new jobs will be generated throughout the various areas of operation.
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Jorge Sequeira Picado, Managing Director of CINDE, added: “The formal employment generated by CINDE companies outside the GAM has grown an average of 10% over the last 5 years, numbering a total of 3,195 jobs, according to CINDE data and based on information from the CCSS. The investment announced today in Grecia – the Costa Rica Green Valley Free Trade Zone – will improve the area’s available infrastructure, allowing more multinational companies to invest outside the GAM and thus bring more employment opportunities to Costa Ricans.”

On a recent visit to the project with municipal officials, the Mayor of Grecia, Francisco Murillo Quesada, was able to observe preliminary work on the project, as well as a commitment and compliance with construction and safety regulations. He commented, “The company has already started on the earthwork required for boulevard construction and to begin developing the area. This will bring us a lot of investment and development, a lot of employment. We are a municipality that moves with business and industry, and we are creating both a climate of trust and a climate light on paperwork.”

Construction in Times of COVID-19
Construction of the Green Valley Free Trade Zone will follow all Ministry of Health measures, which are mandatory for those who enter the construction zone. Those involved in the project – engineers, architects, inspectors, contractors, subcontractors, and their employees – must all follow these guidelines; health and safety teams will be onsite to ensure compliance.

For more information, a website and Facebook page will be enabled for the general public at www.greenvalley.co.cr and CR Green Valley Grecia (Facebook).

About Portafolio Inmobiliario
Portafolio Inmobiliario is one of the largest real estate developers in the country and is known for its innovation, high quality, and extensive experience, thanks to its development of various projects, including Lincoln Plaza, Avenida Escazú, Marina Pez Vela, Terrazas Lindora, Escazú Village, San Antonio Business Park, Propark, Cariari Corporate Center, El Cedral, Universal Tower, and shopping malls, including Plaza Bratsi and Mango Plaza.