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Este informe no está disponible en español. CARIBBEAN BUSINESS Caguas Mayor: Private-Sector Facilitator $80 million in additional projects continue to transform the city’s downtown area By MARIELLA PEREZ SERRANO & CARLOS MARQUEZ May 6, 2005 City’s Mayor Willie Miranda Marín is a man with a mission Caguas lures $80 million in private-sector investment The Commonwealth government and many mayors throughout Puerto Rico are struggling to meet their fiscal responsibilities and battling with budget deficits. In Caguas, however, the mayor not only reported a budget surplus for fiscal 2004, but also is working with the private sector to continue transforming the city’s downtown sector with an investment of approximately $80 million. El País de Caguas doesn’t have a president or prime minister, but it surely has a chief executive officer (CEO) who says it is no longer business as usual in this rapidly growing city. "Caguas is pro-business, and we recognized the importance of economic development for the general well-being of the entire community," said William Miranda Marín, Caguas’ CEO & mayor. As he begins his third term as mayor, Caguas is living proof that in this municipality, government administration is far from being "business as usual." By carrying out an aggressive plan toward urban renewal and development, economic growth, and social change, Caguas now has almost $80 million in private investment that is destined to transform this city’s urban center into a vibrant downtown area. Caguas is a city with a mission: economic development through business initiatives implemented by the private sector. This initiative’s main proponent and facilitator is Caguas Mayor Miranda Marín, an experienced banker and businessman turned mayor of the booming city in Turabo Valley. Caguas’ future, according to Miranda Marín, lies in its economic growth. "Investments won’t happen on their own; we have to create the conditions for it to happen," he said. Throughout his administration, Miranda Marín has emphasized the need for a cohesive and complementary effort between the public and private sectors to enhance quality of life and generate socioeconomic improvements in Caguas. While the mayors of many municipalities throughout Puerto Rico are dealing with budget deficits and struggling to obtain more Commonwealth and federal funds, this mayor has had his mind set on such goals as the renewal and revitalization of the city’s downtown area, consolidating costs and services, cutting unnecessary spending, and increasing private-sector investment. "Caguas doesn’t improvise; we follow a strategic plan designed a few years ago that allows and promotes private investment conducive to the socioeconomic development of the municipality and its residents," he stated. Socioeconomic indicators are indisputable proof Miranda Marín’s efforts and strategies are producing impressive results. According to data compiled by Estudios Técnicos from the U.S. Department of Commerce and the Census Bureau, all key socioeconomic indicators in Caguas are above the Puerto Rico average. For example, a socioeconomic index rating of 100 is the average for Puerto Rico. However, in terms of education, Caguas’ index is 105.6, average household income is 114.6, per capita income is 105.5, and unemployment is 118.4, for an overall socioeconomic index of 111.8, compared to 100 for Puerto Rico. Caguas also benefits from a more diversified economic base with less income inequality and poverty levels than is the average in Puerto Rico. Furthermore, the city’s per capita income increased at an annual rate of 7% between fiscals 2001 and 2004. Development projects in past decades in Caguas–as has been the case in most of Puerto Rico’s 78 municipalities–have shifted from the city center to its outskirts. In the past decade, most private investments were limited to the development of higher-income, gated residential communities, and the shifting away from downtown centers. Caguas is flourishing According to the March 2005 Construction & Sales Activity Report prepared by Estudios Técnicos, there were 22 active residential projects in Caguas with 2,473 units total, of which 75.2% or 1,859 have been sold or optioned for sale. These units had an average of 2,284 square feet of construction with a minimum price of $95,000 in Bosque de las Casuarinas on PR-796, while the minimum price for projects throughout Puerto Rico was $54,500. The highest residential price for new homes within the municipality was $1 million in Las Nubes in Hacienda San José. The percentage of residential units sold or optioned was 75.2% in Caguas vs. 70.2% in Puerto Rico, a difference of 5%. Airport Shoppes & Hotels (ASH) opened the 125-room Caguas Real Four Points Hotel by Sheraton last year, including a 12,000-square-foot casino and golf course. ASH is a subsidiary of Empresas Santana, ranked No. 97 on the CARIBBEAN BUSINESS list of Top 400 locally owned companies. Among the key developments in the Caguas urban center are Lincoln Center Plaza with a $15 million investment, the Gatsby Center with an approximately $40 million initial investment, HIMA Medical Center with a $15 million investment, and Laboratorios Borinquen with an estimated $7.5 million investment. These major projects, which alone add up to more than $77 million in private-sector investment, will help promote economic growth and development for Caguas and its downtown center. Despite local, stateside, and global economic and fiscal challenges, Caguas ended fiscal 2004 with a record surplus of $6.6 million, one of the few fiscally sound municipalities in Puerto Rico. This was the eighth-consecutive fiscal year Caguas closed with a surplus, all under the administration of Miranda Marín. In 2004, for its third-consecutive year, Caguas was recognized as the cleanest city in Puerto Rico by the island’s Environmental Quality Board and received the Best Project award during the annual Caribbean U.S. Forestry Conference. Caguas not only is one of the cleanest cities on the island, but one of the safest. For example, under Miranda Marín, Type I crimes dropped 35%, from 4,369 in 1996 to 2,851 in 2003. Caguas also has one of the lowest unemployment rates on the island, about 8%, and a successful economic track record, which is why it was no surprise when the mayor won by a landslide in the November 2004 elections. Miranda Marín won with an overwhelming 63% of the votes, gaining electoral support from all political parties in Puerto Rico. Many mayors would have been satisfied with these accomplishments and the immense popular support, but not Willie, as friends and constituents commonly refer to the Caguas mayor. Miranda Marín wants to bring economic and social life back to Caguas’ urban center, and that is precisely what he is doing. Bringing life to the city The city of Caguas was plagued by a whole host of urban ills, as is the case for most Puerto Rico municipalities. Downtown Caguas was losing its economic energy and population. The retail sector faced substantial competition from commercial strips and malls outside the city’s center; the urban population had decreased, and nightlife activity dwindled. "The reality is that not many people live in the urban center, and we want to change that," Miranda Marín said. Downtown Caguas and the neighborhoods surrounding it have eroded over time. Efforts to restore and revive the city were initiated under the administration of Miranda Marín with such initiatives as La Torre Alcaldía (the municipal office building), the new Plaza del Mercado, and the Puerto Rico Electric Power Authority customer service center. Miranda Marín realized, however, that more had to be done since much of the area has suffered from years of careless development. The mayor’s vision was to convert the Caguas downtown center into a showcase area, with a combination of programs and initiatives that eventually would attract thousands of residents to return to the area and its surrounding neighborhoods. The planned transformation would make the center of Caguas a magnet for culture, tourism, shopping, and services. This growth would be a reciprocal process since increased density in residential neighborhoods would support the downtown retail and service sectors, but the infrastructure and facilities to support this densification plan were needed. The mayor believed it was the private sector that needed to become the catalyst for this development strategy. "Government should be the provider of those services that are necessary and essentially public; the rest should come from the private sector," Miranda Marín said, adding that to transform urban centers, assistance from the private sector was key. One of the primary goals of Miranda Marín’s administration has been to develop a strategic-growth scenario that accommodates the expansion of the city’s population from 140,000 to 250,000 residents, especially in the downtown area. The mayor has been one of the biggest proponents of Law 212, the Act for the Revitalization of Urban Centers, which provides tax incentives to developers wanting to invest in urban areas, contributing to the development of cities. Before Laws 212 and 137, Puerto Rico’s comptroller prohibited allocation of municipal funds to companies and nonprofit organizations that weren’t strictly civic or communitarian. Any given entity promoting economic development had to be a public municipal corporation. The comptroller’s prohibition didn’t allow for strategic alliances between the public and private sectors. This obstacle was changed with the new laws, and now municipalities can directly influence economic development. "This law will do for municipalities what Fomento [the Economic Development Administration] did for industrial development throughout Puerto Rico," said Manuel Morales Jr., a developer benefiting from the tax incentives provided by Law 212 to develop projects in the center of Caguas. By providing tax incentives for local entrepreneurs through Law 212, Caguas is facilitating the redevelopment of its urban zone. The law provides investors a 75% tax credit on their investments in construction in urban centers. In cases where the construction is in historic areas, tax credits can add up to 100%, including structures and projects within four blocks of the main plaza. Investors have up to 10 years to apply for this credit, which is transferable. In addition to tax credits, the law provides a series of additional incentives, such as tax deductions for jobs created and transferring employees to urban centers. Willie talks & the private sector invest Caguas’ strategic urban plan includes the densification of the downtown area. The mayor points out that to attract 10,000 to 15,000 residents to the downtown area and many more in nearby neighborhoods, new prototypes for high-density residential and commercial development, such as the Caguas Courtyard Community Housing, will need to be embraced as viable alternatives to sprawling development on the hills surrounding the city. Private investors and entrepreneurs are the catalysts to the mayor’s plan for Caguas. Urban center renewal is only possible through the vision and commitment of entrepreneurs willing to invest in Caguas’ future. Contrary to other politicians and bureaucrats on the island, private investors trust Caguas’ CEO who, in the past, has sat on their end of the negotiating table. "Willie has been there and done that," a prominent Caguas businessman pointed out, referring to Miranda Marín’s successful private-sector experience. "He understands what our needs and motivators are," he added. Although some are critical of the government granting tax credits for private-sector investment, it is widely accepted that this private-sector investment is the key to economic development and not government spending. Almost 90% of all government revenue goes to payroll and operational expenses or to pay the $40 billion public debt the Sila Calderón / Aníbal Acevedo Vilá administration left. Caguas’ CEO, a firm believer in municipal autonomy, government decentralization, and service consolidation, points out that in his municipality only 40 cents from each dollar goes toward payroll, and he is working to bring that ratio down. In comparison, over 60 cents of each dollar that goes into the general fund is spent on payroll by the central government. "Any business that spends 90% of its revenue on payroll and debt interest payment would go bankrupt," stated Miranda Marín, clearly referring to the financial condition of the Commonwealth government. "Caguas is a model of what is possible in Puerto Rico," the mayor was quick to point out. "If you can’t do it, hire someone else who can do it better. Outsourcing is key to the wellness of any administration. If someone can do it better, then hire them," Miranda Marín said. "Tax incentives and not government spending have been key to making Lincoln Center Plaza a viable project. These incentives are important because construction and maintenance costs are the same in Caguas as they are in San Juan," added Caguas native, entrepreneur, and Lincoln Center Plaza developer Morales. He explained that tax-credit incentives aren’t limited to large-scale investment projects, that is, smaller investments starting at $200,000 also can benefit from Law 212. Morales said construction costs in Caguas are the same as in San Juan, but revenue capacity and economic potential aren’t the same. This discrepancy made it almost impossible to finance a project of this magnitude without the incentives provided by Law 212 and the support provided by the mayor. Lincoln Center Plaza Lincoln Center Plaza is the first project in Puerto Rico that benefited from the tax incentives created by Law 212. Construction on the project got underway last week with an initial investment of $15 million, financed by R-G Premier Bank. Lincoln Center Plaza is a multipurpose commercial building with 14,000 square feet of space on the first floor, an additional 30,000 square feet of office space on the sixth floor, and more than 500 spaces for parking. Just two blocks from City Hall and Plaza Palmer, the impressive structure combines the latest intelligent technology, an excellent location with a contemporary design, and functional spaces, creating a futuristic projection for Caguas residents and visitors. Two of the building’s three elevators will provide a panoramic view of Turabo Valley. The project’s website, Morales explained, includes a Web cam that allows visual access to the construction site at all times. The roof of the six-story building–five above street level and one below–provides an ideal location for a telecommunications antennae farm, Morales said. Various building, office, and commercial establishments as well as residences near Lincoln Center Plaza are expected to begin remodeling and rehabilitation efforts once the modern installations of Lincoln Center Plaza have begun construction. "Our logical target-tenants for the commercial space at the new Lincoln Plaza Center will be a bank, restaurants, and medical and law offices, among others. It is also an ideal location for the U.S. Postal Service. The concept for the office space is very similar to the Atrium Office Center in Puerta de Tierra, which opened in 1996," Morales explained. "With top-of-the line facilities, Lincoln Center will provide tenants the best possible space for their business." The highly successful Atrium, which Morales developed, is in Puerta de Tierra’s landmark former headquarters of West Indies & Grey Advertising, which was developed by Morales in 1984. The former president of West Indies now provides a synergistic environment on the site, where new ways of doing business are put into practice. The need to create this kind of business environment follows trends that are currently shaking the foundations of the international corporate establishment. Atrium’s tenants are mainly comprised of high-powered, successful companies and include some of the most prestigious names in the local and international high-tech and service industries. Morales pointed out that as re-engineering, downsizing, and outsourcing drastically alter the needs of large and small businesses, important office, telecommunications, information, and administrative needs must be adapted to help clients remain competitive and successful in the new global business environment. Morales seeks to bring the latest in advanced technology and telecommunications to 21st-century Caguas. "The spillover effect this kind of investment brings to Caguas’ city center is enormous. People will come downtown to obtain services, which also will enhance smaller businesses in the center of town, such as restaurants and local retailers," Morales pointed out. "Government should grease the wheels of business to get things moving, and that is exactly what the mayor is doing," said Morales, a former Economic Development Administration official and advertising executive. According to Miranda Marín, his administration is a facilitator, providing businesses guidance, and also acts as a facilitator expediting the permit process. "We are eager to promote honest entrepreneurs to come to Caguas. Our policy is to expedite the process for these businesses so they can bring in their investments," Miranda Marín said. Laboratorios Borinquen Investors not only are coming, but they are expanding and increasing their investments in Caguas. For over 35 years, Laboratorios Borinquen has been operating in Caguas. "We are a truly local business," said Iván Tenreyro, financial director of Laboratorios Borinquen and president of the Caguas chapter of the State Society of Certified Public Accountants. With 22 branches, nine of which are in Caguas, Laboratorios Borinquen is the largest employer in the urban center of Caguas, with four stores in downtown Caguas. "We recently purchased the former San Rafael Clinic Center and are across from what will be Lincoln Plaza Center," Tenreyro explained. "Thanks to Law 212, we were able to buy the properties, expand, and remain in Caguas. Also reassuring is knowing that other investors, such as Manuel Morales Jr. with the Lincoln Plaza Center, have joined the efforts to renew the urban center," Tenreyro stated. "The tax incentives are what made us stay in Caguas, no doubt about that," Tenreyro said. "That and the fact Lincoln Center Plaza will provide sufficient parking for visitors–something that before this project presented an obstacle for the city’s urban renewal–were the key elements that influenced our decision. We wouldn’t have had sufficient parking if it weren’t for Lincoln Plaza Center," he added. The Laboratorios Borinquen project includes the two-year revitalization and remodeling of an old structure with an initial investment of $7.5 million. Once completed, the building will have more than 32,000 square feet of offices and laboratories. Laboratorios Borinquen ranks first among Puerto Rico’s clinical labs with revenue of $13.84 million and 186 employees in 2003, according to the CARIBBEAN BUSINESS Book of Lists. The company also ranks No. 364 among locally owned firms. Laboratorios Borinquen provides clinical laboratory services, drug testing, at-home and factory services, and hormone tests, among other specialized services. Gatsby and HIMA Gatsby is also a believer in Caguas and the mission of its chief executive officer. Owned by Komodidad Distributors Inc., Gatsby is Puerto Rico’s third-largest apparel retailer, with 2003 gross sales of nearly $50 million and 420 full-time employees. The support of Miranda Marín and the tax-credit incentives were key factors in determining Gatsby’s investment in Caguas, says Carlos Galliano, the company’s executive vice president. "Our mayor is extremely efficient. The municipal government is supportive of private investors, facilitating and encouraging economic growth. We strongly believe this urban renewal will benefit Caguas," Galliano pointed out. "Every municipal department is supportive and professional. Many aspects of our project were expedited by the municipality," Galliano said. "Gatsby Center in Caguas will be a flagship store. Banco Popular, Banco Bilbao Vizcaya Argentaria, and FirstBank are financing Gatsby’s expansion, which is scheduled to begin later this year. The recent $120 million deal between Inter American Hospital of Advanced Medicine (HIMA by its Spanish acronym) and Universal Health Services Inc. to acquire the 430-bed acute care Hospital San Pablo in Bayamón and the 180-bed Hospital San Pablo del Este in Fajardo will make HIMA the largest private health provider on the island. HIMA also plans to invest $15 million in the HIMA Medical Center in Caguas. Fiscal responsibility is key to success Municipalities throughout Puerto Rico are encountering severe fiscal difficulties, limiting their economic development. Aside from transfers from the Commonwealth government, the three principal sources of municipal income are real-estate property taxes, municipal patentes (business taxes), and construction taxes. The latter are significant sources of income in larger municipalities such as Caguas. Yet, property taxes are based not on property values to date but on property values as of 1957, some which haven’t been appraised, while others have increased in value and haven’t been reappraised. According to a study prepared by local consulting firm Estudios Técnicos, fiscal revenue from Puerto Rico’s municipalities only increased from $1.06 billion in fiscal 2000 to $1.30 billion in fiscal 2004 or 4% per year. In October 2004, Miranda Marín reported to the Caguas Municipal Assembly that the city had operational income of $93.8 million, compared to $85.9 million during the previous fiscal year. The city’s increased revenue was primarily from property, construction excise, and municipal patentes. An amnesty on overdue property taxes added $2.8 million to the city’s treasury. During fiscal 2004, the Caguas Permit Office processed nearly 3,000 requests for use, construction, and other permits, which brought $800,000 to city coffers. According to a study prepared by Estudios Técnicos, recurring income from municipalities increased from $764.8 million in 2000 to $907.4 million in 2004, reflecting an average growth rate of only 4.4%. This increase is inferior to the average growth rate of nonrecurring income. There was a reduction in patente revenue between 2000 and 2004 in more than half of the municipalities. For the past two years, there has been a reduction in the rate of growth or reduction of patente income in 40 municipalities. Yet, 11 of 77, or 14.3%, of municipalities didn’t increase their collections. This number increased to 18.2% in 2004. The total number of intergovernmental transfers provided by central government entities increased from $164.6 million in fiscal 2000 to $218.3 million in 2004, reflecting 7% growth, but these transfers don’t equal the obligations the central government imposes on municipalities. "We have too many municipalities in Puerto Rico, and many of them have fiscal problems; there is a desperate need for consolidation into regions. We must evaluate the need to share costs and share services," Miranda Marín pointed out. Puerto Rico has 78 mayors for approximately 4 million inhabitants; the city of New York has roughly 8 million inhabitants and one mayor. Miranda Marín explained the need for some form of consolidation among municipalities. By sharing services, products, and maybe even personnel, costs can be greatly reduced. "If we were to run any business the way we run our government, that business would go bankrupt in no time," he said. Regionalization "Municipalities can’t be employment creators; we are public-service providers and facilitators. Job opportunities and employment must come from the private sector," said Miranda Marín. A participant in the initiative to consolidate services and create joint initiatives among municipalities, the Caguas mayor established the Eastern Central Technological Initiatives (Inteco by its Spanish acronym). Inteco began operations in September 2003. "More than an initiative for consolidation based on the development of science and research, as well as the development of enterprises and innovation, Inteco is an entire new way to conceive and build business," explained Miranda Marín. Municipalities, academia, and private-sector enterprises joined forces to strengthen industry and stimulate commercial activity. Inteco works with the municipalities of Caguas, Cayey, Gurabo, Humacao, Juncos, Las Piedras, San Lorenzo, and Naguabo. It is also comprised of more than 20 organizations, including the Economic Development & Commerce Department, Ana G. Méndez University System, Turabo University, Metropolitan University, University of Puerto Rico (Humacao and Cayey campuses), Microsoft Caribbean, Virtual Educational Resources Network Inc., Manufacturing Technology Services, Avant Technologies of Puerto Rico Inc., Lehigh Press Puerto Rico Inc., and Nypro Puerto Rico Inc. Inteco is a regional joint venture to help promote economic development through science and technology. "There are similar programs in the U.S. where students go to these centers and learn more about technological advances. The island needs more engineers, scientists, technicians... These tools are key for the future development of the city and the island. We need to create conditions that will promote the study of these important fields, the same way it is done in India, China, and the U.S.," Miranda Marín stated. The CEO of Caguas emphasized regional planning must become a priority to support the development of emerging-technology enterprises. With a contribution of $125,000 from the municipalities participating in the venture, Inteco will receive $1 million to equip the centers. The operational budget is $332,000. The first centers will be ready by midsummer. "We are concerned about technological development, and Inteco is a step toward that development," he said. "Our goal is not only for Caguas; we believe in integration and cooperation, whatever business venture is carried out in Humacao, Cayey, San Lorenzo, we all can benefit from it. In states such as North Carolina, there are research, scientific, and technology centers similar to what we are aiming for," he pointed out. Miranda Marín’s efforts don’t stop with the high-technology sector. To provide the conditions and facilitate development of the private sector through alliances and partnerships, he established the Center for Entrepreneurial Assistance (Casem). "This center serves to support small and midsize businesses to promote new and innovative commercial initiatives," said Miranda Marín. Caguas Export is another business-oriented program in Caguas, and its goal is to further advance exports from city-based companies. Private investment with public support The majority of the development projects on the island come from the central government or municipalities. The Commonwealth budget deficit is making it difficult to complete capital improvement projects, much less begin new ones. "The government must seek help from those willing to invest in projects," Miranda Marín said. "If private investors have the capital and the interest in creating new projects contributing to the growth of a city, they should be allowed to do so," he added. Projects supported by the municipality and tax incentives are turning Caguas into a modern state-of-the-art urban city. Miranda Marín’s entrepreneurial experience, coupled with his belief in a government belonging to the people, make Caguas an avant-garde city. This is a model other municipalities and the commonwealth government would be wise to follow. In addition to the $77.5 million being invested in the downtown area, Caguas’ CEO continues to push hard for the $300 million Caguas-San Juan commuter train also to be financed by the private sector. However, the progress he had hoped for hasn’t materialized yet. The commonwealth government has been dragging its feet for years with this transportation system, which initially could provide for 25,000 passengers on a daily basis each way, cutting the rush-hour commute from 90 minutes to 15 minutes. The system also will feed passengers to the Urban Train in the San Juan metro area, help reduce traffic congestion, air pollution, and wasted hours of the workforce, all which have an impact on the island’s productivity. William "Willie" Miranda Marín wins overwhelmingly in Caguas, not because he is constantly attacking his political opponents but because he does such a good job as mayor, bringing development, investment, wealth, and prosperity to all his constituents, regardless of the political party to which they belong. His private-sector business career and banking experience have given Miranda Marín the knowledge to manage a large community such as Caguas, as would any good private-sector CEO. The majority of Caguas voters chose him not because he is from one party or another. They vote for him because they know he is a good mayor, always working for them. They vote for him because he gets things done, and he does it well. William Miranda Marín William "Willie" Miranda Marín, mayor of Caguas, represents, as much as anyone, a generation of Puerto Ricans who forged ahead through their own efforts. The son of José Miranda Gómez, a sugar-cane cutter, and Rafaela Marín, a tobacco stripper, Miranda Marín was born in the Tomás de Castro sector in rural Caguas Sept. 23, 1940. Young Miranda Marín graduated from José Gautier Benítez High School in Caguas in 1957. In 1961, he earned a bachelor’s degree in business administration from University of Puerto Rico (UPR), majoring in accounting. In 1969, he completed his law degree at the UPR and was admitted to the bar in 1970. During more than a quarter of a century of service, Miranda Marín has held important positions in the Commonwealth of Puerto Rico and in private enterprise. In the public sector, he has served as executive vice president of the Government Development Bank, executive director of the Puerto Rico Electric Power Authority, and adjutant general of the Puerto Rico National Guard, with the rank of major general. While commanding the National Guard, he also served as executive director of the Office for Improvement of the Public Schools of Puerto Rico. In the private sector, he held top executive positions at Empresas Díaz and the San Juan Cement Co., among them treasurer, executive vice president, and co-chair of the board of directors. Before seeking public office for the first time in 1996, he devoted three years to housing and commercial development. On Jan. 13, 1997, in what has been called the beginning of his "fifth career," Miranda Marín became mayor of Caguas, Puerto Rico’s fifth-largest city. Since then, he has become one of the leading municipal executives in the Commonwealth, modernizing public administration in the city, improving existing infrastructure, and sponsoring innovative service programs. A lifelong advocate of civic and voluntary endeavors, Miranda Marín has served as member and treasurer of the board of Puerto Rico Health Services Corp., board chairman of San Juan Children’s Choir, and chairman of the Community Services Institute, which seeks to eradicate social conditions contributing to poverty. He is now chairman of the Municipal Revenue Collections Center, known as CRIM by its Spanish acronym. He also chairs Inteco, which generates new sources of economic benefits for the east-central region of Puerto Rico, and Cobac (Corporación de Bellas Artes de Caguas), which develops the scenic arts in the region. Miranda Marín is married to Carmen Sara Torres. The couple has three children, William Edgardo, Luis Alexander, and José Juan, seven grandchildren, and one on the way. This Caribbean Business article appears courtesy of Casiano Communications. or
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