Puerto Rico Unveils Ambitions to Develop Corporate Center Along Eastern Seafront

The government of Puerto Rico has unveiled a plan to develop its Eastern seafront into a modern city with industrial zones, tourism hotspots and residential townships. If everything goes according to the plan, the 3,000 acres of coastline will grow into a burgeoning industrial township over the course of next 25 years.

Formerly serving as the U.S. Naval Station, the property includes prime Caribbean coastline with an airfield and waterfront development. It is adjacent to Puerto Rico’s renowned El Yunque rainforest and just minutes away from of some of the world’s most beautiful beaches in Vieques and Culebra.

The country’s Department of Economic Development & Commerce (DDEC) stated in a press release that it is looking for “highly qualified developers that have the expertise and ability to design, build, operate, maintain and finance all or part of the property.”

Specifically, the plan seeks to attract development in nine zones, ranging from a waterfront district to sustainable entertainment areas, eco-tourism lodges, an industrial park, town centers, residential housing, and corporate offices ideal for hotel properties, marinas, casinos and educational institutions.

Malu Blázquez Arsuaga, executive director of the Local Redevelopment Authority, stated that the project would create jobs and spur economic development. “Not only is the land’s vast size and pre-existing infrastructure unusual, but it also offers unparalleled access by sea and air, a year-round tropical climate, passport-free travel for U.S. citizens and competitive tax benefits for investors.”

The authorities expect the project to draw $2 billion in investment and create about 20,000 jobs. The plan also includes construction of affordable homes for families and professionals from the eastern region of Puerto Rico.

Alberto Bacó-Bagué, Secretary of DEDC, said the area offers “extraordinary development opportunities that are made attractive by our tax incentives, a pro-business environment, skilled and competitive workforce, political stability and the benefits of a U.S. jurisdiction.”

Earlier this year, several private companies in manufacturing, IT, pharmaceutical and aerospace industries announced plans to invest about $500 million to launch their business in the island.