By GERARDO REYES
El Nuevo Herald
HAVANA -- Giant cranes dot the residential neighborhood of Miramar, a symbol
of the boom in construction of luxury apartments for investors willing
to bet their
dollars on the future of private property under Cuba's communist regime.
The apartments are advertised as ``distinguished living spaces with every
type of
comfort and refinement,'' although for many Cubans forced to live in crowded,
often dilapidated homes, they are often annoying symbols of unattainable
privileges.
So far, the sales campaign by Real Inmobiliaria, a developer based in Monaco,
appears to be succeeding.
At an average of $149 a square foot -- comparable to prices of some apartments
in Miami's Brickell area -- the agency has sold, in less than a year, the
31
apartments and studio units in its first project, the Monte Carlo-Palace,
a
four-story building whose black facade dominates peaceful Fifth Avenue,
between
44th and 46th streets.
The majority of buyers are Spanish and Italian concerns that otherwise
would pay
up to $2,000 a month to house their executives at the best Havana hotels.
A few blocks from the Monte Carlo-Palace, on 42nd Street between Third
and
Fifth avenues, the foundations are being laid for the three-story Havana-Palace,
another Real Inmobiliaria project. Several of the 71 apartments and studios
have
already been spoken for by foreign investors.
Amenities offered
Among the features: central air conditioning, satellite television, 24-hour
security,
private parking and a rooftop swimming pool.
Prices range from $102,800 for a 581-square-foot studio on the ground floor
to
$447,000 for a 1,400-square-foot, two-bedroom, fourth-floor apartment with
a
spacious balcony.
Inmobiliaria Real, whose president is Monaco investor Jean-Pierre Pastor,
was
among the first companies to obtain a license to build and sell apartments
after
Cuba passed legislation allowing foreign investments in 1995.
The legislation allows real estate investments if the property is used
for private
homes, for tourists or for employees of foreign companies.
A 15-minute drive from central Havana, Miramar appears to be the neighborhood
favored by foreign investors and the Cuban government for new apartment
and
office projects. The neighborhood was once the home of wealthy Cubans,
but
now many of its mansions are occupied by foreign diplomats and high government
officials, or have been refurbished to serve as embassies or guest houses
for
visiting dignitaries.
Costa Habana, a Cuban-Spanish consortium, is building a 175-unit apartment
complex named Jardines de Quinta Avenida (Fifth Avenue Gardens) on Fifth
Avenue, Miramar's elegant thoroughfare lined with parks and palm trees.
British-Cuban venture
Another alliance for commercial development or residential property was
forged
this year between the British group Beta Gran Caribe and Inmobiliaria Cimex,
the
real estate arm of the Cuban government.
Last month a Spanish firm, Nuevo Futuro Construcciones y Contratos, formed
a
mixed-capital venture with the Cuban government firm Inmobiliaria Lares
to build
residential complexes for foreign investors.
The joint venture, known as Parque Oeste, advertised that the apartments
``will be
built on land that has been researched by legal experts.''
The precaution appears designed to avoid claims by U.S. citizens or Cuban
exiles
like those that have been made against other properties in Havana by former
owners whose property was expropriated after Fidel Castro took power in
1959.
Not surprisingly, the possibility of future strife is absent from the builders' publicity.
A brochure for the Havana-Palace penthouse says it will have a panoramic
view of
Havana, described as ``an authentic paradise for sweet living.''
Copyright © 1998 The Miami Herald