There is a new opportunity for casino development on the Caribbean island of Puerto Rico.
A request for qualifications has been issued to developers for approximately 3,000 acres of coastal land and facilities on the eastern end of the island. Formerly serving as the US naval station Roosevelt Roads, 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 RFQ, issued by the Department of Economic Development and Commerce and the Roosevelt Roads Local Redevelopment Authority, is looking to attract submissions from highly qualified developers that have the expertise and ability to design, build, operate, maintain and finance all or part of “one of the most attractive sites in the world.”
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 centres, residential housing and corporate offices ideal for hotel properties, marinas, casinos, educational institutions and other mixed use development.
“This announcement marks a milestone in the redevelopment process of the land at Roosevelt Roads that will create the jobs and spur economic development that will transform the lives of the people and economies of the region and Puerto Rico,” said Malu Blázquez Arsuaga, executive director of the Local Redevelopment Authority.
“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 US citizens and competitive tax benefits for investors.”
This flagship project of the administration of Puerto Rico Governor Alejandro García Padilla includes a development plan for 25 years, with the potential for creating 20,000 jobs during this time and an estimated investment of over $2bn. It also includes plans for 20 per cent of residences built to be devoted to affordable homes for families and young professionals from the eastern region of Puerto Rico.
“We are excited to see this area transformed into a world-class destination for residents and visitors,” said Alberto Bacó-Bagué, secretary of the Department of Economic Development and Commerce.
“Roosevelt Roads promises 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 US jurisdiction.”
This development opportunity comes at an especially exciting time when Puerto Rico is seeing increased business interest and tourism investment in the island. Earlier this year, the DDEC announced $500m in investments from private equity firms and additional business growth in the manufacturing, IT, pharmaceutical and aerospace industries.
