Puerto Rico signs multi-million dollar deal to build new yacht marina

Puerto Rico’s government signed a multi-million dollar contract last week with a Texas-based company to build a new marina.Photo: Beiheng Guo / UnsplashAccording to the Associated Press, the deal was made on Thursday 16 November, with Governor Pedro Pierluisi expecting the marina to generate more than $10 million a year in economic activity.

There are currently two docks in San Juan available to superyachts, but there is limited space and basic services are not offered. According to Pedro Pierluisi, the new marina will be built by Safe Harbor Marinas, who will be investing between $12 million and $15 million in the project. Photo: Sean Pavone / Shutterstock.comThe new marina will span more than 54,000 square-metres and be able to accommodate roughly six yachts at a time, explained Pedro Pierluisi. It will also offer shore power and water connections, including sanitary pumping and high-speed internet.

According to officials, the 40-year concession lease agreement calls for Puerto Rico’s Port Authority to receive $200,000 a year in rental fees. Safe Harbor Marinas will also share five percent of its gross income with the authority and five percent of net profits from fuel sales.Photo: Wei Zeng / UnsplashOfficials stated that nearly 30 yachts visit Puerto Rico a year, with the project expected to attract up to 200 a year. The deal also envisions construction of a business centre, repair and recreational facilities, retail outlets and a boat supply store.

The first phase of the project is expected to be in operation by the end of 2024 and the second phase by the end of 2025.