At 9am this morning, Tuesday, May 4, 2010, Oscar Arias, with only a few days left in his presidency, will be placing the cornerstone of the new Casa Presidencial building, which is to be located across from the Asemblea Legislative.

But, there is one catch.

The government has yet to purchase the land made of 13 parcels that is still in the name of the original owners, according to a verification by the La Nación and confirmed by the government’s press office, that negotiations for the purchases is still ongoing.

The project to build a new Casa Presidencial got the go ahead in 2007 by the Contraloría General de la República and to be financed with a us$42 million dollars by the Banco Centroamericano de Integración Económica (BCIE), on a 15 year lease with a purchase to buy option.

The BCIE has proceeded to negotiate the purchase of the land, hiring the Canadian real estate firm, Collier’s International, to negotiate the deal.

Collier’s Aris Stamatiadis confirmed that to date not one parcel has been purchased.

La Nación says it has talked to some of the land owners and yes, they are interested in selling, but most are still waiting on an offer.

Inlcuding, the Instituto Costarricense de Electricidad (ICE) – state institution – who is the owner of one of the parcels says it will not sell until it can find a solution to the relocation of placement of the radio bases on the site.

Located currently on the site, besides the ICE tower, is a bar, a university, three parking lots, a mechanic school, a soda (restaurant) and various other businesses and the former Bellavista hotel, which is empty.

So what is going on today?

In reality, Oscar Arias will be placing a plaque where the future Casa Presidencial building may be. Or not. Because only once all the parcels have been purchased can construction really happen.

The BCIE expects that the construction phase will take two years, but Alfredo Ortuño, BCIE director, would not say how long it will take to make the buy.

In the meantime, Costa Rica will officially have a new Casa Presidencial, even if it is only an idea, a dream and a possibility.

But then, this is the way of Costa Rica. And Oscar to have his name on a building that may or may not be built.