Bridge Capital is lone proposer in La Fiesta project

Bridge Capital LLC, which bought interest on the La Fiesta property in March 2007, is the only entity that responded to the government’s request for proposal involving the lease, development or revitalization of the vacant La Fiesta Mall in San Roque.

The government, however, has yet to disclose whether a contract will be awarded to Bridge Capital LLC or the RFP will be re-issued.

“Only Bridge Capital LLC responded to the RFP in question,” Herman S. Sablan, director of the Division of Procurement and Supply, told Saipan Tribune yesterday, in response to an Open Government Act request in connection with the result of RFP09-SOF-051.

Since the former La Fiesta Mall shut its doors in 2004, the building has become a wasteland, yet it costs the government at least $200,000 in annual lease payment to Bridge Capital LLC, a lending company.

Bridge Capital LLC is a different entity from Bridge Investment Group, which plans to operate a casino on Tinian. Bridge Capital LLC owned the now defunct Guam Greyhound Park racetrack.

Jon Anderson, loan officer for Bridge Capital LLC, yesterday said they have not received a formal notification from the government about the result of the RFP, although they already heard last week that they were the only one that submitted a proposal.

He said until they get a formal acknowledgement from the government, they wouldn’t be able to disclose their specific plan for La Fiesta.

Back in December 2007, there were stories from the community that Bridge Capital LLC may have a role in efforts to get gaming legalized on Saipan and a possible gambling operation at La Fiesta. Bridge Capital LLC was vague about it, saying they are interested in any opportunity that comes up.

In March 2007, Bridge Capital bought interest on the La Fiesta Mall property from the Japanese-owned Coco's Lagoon Development. The CNMI government, which acquired the building in 2004, is now paying Bridge Capital about $200,000 a year for the lease of the idle property.

The Fitial administration earlier said it wants to make the former La Fiesta mall, located across Palms Resort in San Roque, “productive again.”

The RFP said special consideration will be given to proposals that will develop the La Fiesta property “into a promising and sustainable tourist attraction and entertainment complex,” and the lease, redevelopment and revitalization of the La Fiesta property includes upgrading and renovating all existing facilities within the commercial complex.

The deadline for submission was Feb. 27 but off island entities had until March 10 to submit their proposal.

At one point, La Fiesta housed the Commonwealth Utilities Corp., and was eyed as a site for the Pacific Gateway education project, which did not materialize. Last year, it was also proposed as a site for adult businesses because of its isolated location.