Bridge Capital still interested in La Fiesta Mall

BRIDGE Capital LLC says it remains committed to its goal of assisting the government to revitalize the abandoned La Fiesta Mall in San Roque.

Despite the government’s rejection of the company’s proposal in March 2009 to revitalize the mall and operate video lottery “in a bid to sustain tourism” on  island, Bridge Capital chief executive officer and managing member John K. Baldwin said in a statement that the company is “still fully committed to assisting the…government in revitalizing the La Fiesta Mall.”

“Bridge believes that sustainable tourism is an important key to reviving the economy of the CNMI, and that a revitalized mall can be an important element in increasing tourism and helping the economy to rebuild,” Baldwin said.

He said Bridge Capital remains interested in renovation and operation of the entire mall property and will participate in any new requests for proposals that might be issued.

Bridge Capital, an international investment banking, real estate, hospitality, and asset management company headquartered on Saipan, has interests and investments throughout Micronesia, the United States and Southeast Asia.

Baldwin earlier said that the company was willing to spend up to $5 million to renovate the abandoned mall and use it to attract more tourists.

“We need to bring back the tourists to the island, but we need to have something to attract them,” he added.

Bridge Capital was the only company that responded to the request for proposal to revitalize the La Fiesta Mall. (Published at the Marianas Variety)