The Northern Marianas College is now accepting proposals for the purchase or utilization of the La Fiesta Shopping Mall, following its huge losses in operating the facility.<\/p>\n
In a request for proposal, NMC said it is exploring various options for the use of the mall, for which the college reportedly spends $55,000 in fuel costs alone.<\/p>\n
\u201c[NMC] will consider all proposals including, but not limited to, leasing, property management, investment opportunities, and outright purchase [in whole or in part] of the La Fiesta Shopping Center and leasehold interest in the real properties on which such is located,\u201d the college said in a public announcement. \u201cThe facility has approximately 100,000 square feet of building space and is situated on 37,834 square meters of land in San Roque.\u201d<\/p>\n
NMC chair Kimberly King-Hinds said the board finally decided to pursue the option of sending out an RFP to solicit potential investors that would develop La Fiesta. She did not elaborate.<\/p>\n
The college president, Antonio Deleon Guerrero, was not available for comment.<\/p>\n
Earlier, however, Deleon Guerrero said NMC\u2019s remaining 19-year leasehold on the La Fiesta mall may be a problem in making long-term plans for the property.<\/p>\n
\u201cIs it feasible for the government right now to build a $10-million campus? Is it wise for the CNMI to invest $10 million on a property that has only 19 years remaining in its leasehold? It’s all going to be really temporary,\u201d he noted.<\/p>\n
For large businesses, though, the estimated $10-million cost of renovating and furnishing La Fiesta may not be too huge an investment, he added. He cited Filipino tycoon Lucio Tan, who owns a chain of shopping malls in the Philippines and the Micronesia Mall on Guam, as one of the investors being eyed by the college.<\/p>\n
NMC purchased the La Fiesta property in Aug. 2003 for $7.5 million, using a $3.5 million federal grant to the Governor’s Office as deposit. The Governor’s Office also provided an additional $250,000 in federal money for the facility’s architectural design.<\/p>\n
The remaining amount of $4 million is payable in 20 years at $200,000 annually.<\/p>\n","protected":false},"excerpt":{"rendered":"
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