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US$400 million marina, hotel.

US$400 MILLION MARINA, HOTEL. The struggling economy of the southern Pacific port town of Golfito is scheduled for an injection of foreign capital with a planned US$400 million marina and hotel project, reports The Tico Times (June 25-July, 2004). Marvin Jaen, executive director of the project, says it would create 1,000 new jobs and open the doors of supporting businesses for an estimated 2,500 additional "indirect" employment opportunities. Such an investment could alleviate the economic depression that the town of 36,000 people has experienced for years, according to the project director and local government officials. The first phase of the 10-year, two-phase project, planned for construction next year, includes a 217-slip marina and a hotel of 100-150 rooms, with a projected price tag of US$50 million, Jaen said. Jaen and the project publicity manager, James Lynskey, head Hacienda El Dorado S.A., the Costa Rican company that has attracted U.S. investors to pony up the money. Jaen said they have Florida-based Coastal Systems International on board as well as a group of private investors, although they are still seeking additional funding.
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Title Annotation:Costa Rica
Publication:Caribbean Update
Article Type:Brief Article
Geographic Code:2COST
Date:Aug 1, 2004
Words:188
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