The New National Stadium, A Gift from China: San Jose Businesses Hope for a Boom

Prices for business and residential
real estate are +30% around new
national stadium in San Jose,
but no parking for 30,000 fans.

In San Jose, Costa Rica, prices of properties near the new National Stadium have risen at least 30% in the last 9 months. An undeveloped property behind the ICE tower is available for $1 million. One plot of land 524 square meters is selling for $895,000.  "For sale" and "for lease" signs are common in the streets of La Sabana.  Demand for vacant land has almost doubled.

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Rents in residential condominiums are now $6 to $8 per square foot. A 3 bedroom apartment lists for $2,000 per month, and a retail space of 104 square feet is leased for $2,300 a month, according to local real estate brokers.

All this reflects how businesses in the area of La Sabana park in central San Jose are gearing up for a BOOM in business with the grand opening of the National Stadium on March 26th, 2011. The stadium was built by China (with some Costa Rican laborers) and is a gift to Costa Rica.

The 35,000 seat stadium was built without any parking facilities what.so.ever. Presumably visitors will have to  park on top of the park's lovely green areas. (Update -- parking areas have been designated in adjacent cities -- Tibas, Belen and Heredia. Also, there are 200 parking spaces at the stadium. The stadium opens this weekend, and officals met on Monday to address the problem.)

Small businesses are open on Saturdays and will open on Sundays if there is sufficient demand. Restaurants are renovating their facades and increasing their advertising spending. Shops are hiring more staff for customer service and security.

Read the source story in El Financiero (Spanish).

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• Road Trip to San Jose for Stadium Opening Festivities -- concerts, athletics and culture