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Waterfront project.

The Puerto Rico Ports Authority (PRPA) has signed an agreement with Island Global Yachting (IGY) toward the development and operation of the San Juan Waterfront project, reports Caribbean Business (Dec. 13, 2007):

The marina will entail a private investment of US$113.6 million and include 67,000 sq ft of commercial space and 7,496 linear feet of piers. Seventy-six spaces for yachts of less than 80 ft and 20 spaces for yachts of more than 80 ft will be available. The accord also requires the building of a 240-room (168,000 sq ft), four to five-star hotel on Pier 9. IGY will handle demolition and repair of the wooden foundations for piers 7 through 10, the construction of public spaces including parks and walkways;

The agreement is for 50 years and also entails payment of $6.75 million to the PRPA, to be paid a year after the reconstruction of the piers is completed, or three years after signing the development contract, whichever comes first, plus US$250,000 annual payment to the agency. Net operating income (NOI) will be distributed 75% to IGY and 25% to PRPA. Estimated profits will reach US$20 million throughout the contract's term.
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Title Annotation:PUERTO RICO
Publication:Caribbean Update
Date:Feb 1, 2008
Previous Article:US$7 billion sale of pension funds.
Next Article:Bank reports loss for 2007.

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