Journal Staff
One of the most recognizable buildings in East Hagåtña is being upgraded.
The TransPacific Business Center on Marine Corps Drive was purpose-built for Citibank Guam, which leased the building from March 1971 — two years after it began doing business on the island, according to Journal files.
Longtime readers will remember the building’s dome was originally gold, though it’s now painted blue.
Citibank closed doors on Dec. 31, 2015, and the building reverted to its owner — Calvo Enterprises Inc.
Aside from new flooring, the building is now fully Americans with Disabilities Act- compliant.
The renovation of the landmark building was designed by architect David Hurchanik, prior to the pandemic. “We actually picked it back up after COVID,” Calvo said.
His aim was to rehabilitate the building in the best way possible, he said. “The conventional wisdom is, ‘Tear this down and start again.’” But a redesign and “adoptive re-use” of what had been a purpose-built building was not only more frugal, but a greener solution, Calvo said.
Still, he said, the renovation of the property of under 12,000 square feet was not cheap, costing more than $1 million. “This cost a lot per square foot because it had so many challenges,” Calvo said.
Current tenants include Tigaq Construction LLC and Sodexo, with WestCare Pacific Islands due to move into the newly available second floor.
Calvo Enterprises has real estate developments throughout Guam, to include in Harmon, Dededo, Yigo and in adjacent locations in East Hagåtña.
From a landlord’s perspective, Calvo says the property market is positive.
“The real estate market is generally good on the residential and on the commercial side.” However, he said, “Who knows what the future holds?”
The downside for the industry is the cost of any renovations. “The biggest problem is construction’s so expensive,” Calvo said. “Construction costs have basically doubled from five or six years ago.” mbj