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[Jaykar]

City of Opportunity: transforming San Juan into a world-class city
By : JOSÉ L. CARMONA
josec@casiano.com
Edition: August 28, 2008 | Volume: 36 | No: 34

Shepherded and facilitated by the central government and the City of San Juan, the private sector is spearheading a potential $15 billion investment in the capital city

For a visitor driving around certain areas of San Juan, it would appear that far from suffering its deepest recession since the Great Depression, Puerto Rico is going through a period of runaway growth.

Dozens of projects under construction or in development stand to create a vibrant capital city full of opportunity for local & foreign investors, businesses and entrepreneurs.

Puerta de Tierra, Isla Grande, Condado, Santurce, Bechara, Hato Rey, Río Piedras – nearly every major sector of the city is either in the midst of a major redevelopment project, with construction cranes spotting the landscape, or in an advanced stage of planning & development.

If all projects materialize, the total investment in coming years would amount to a jaw-dropping $15 billion by both the public and private sectors, primarily the latter.

The vision is of a vibrant, world-class city full of opportunity for local and foreign investors and business people – opportunities during the construction phase, a major boost to an industry that has seen its fortunes fall with the decline of other segments, and opportunities for businesses of all kinds that stand to benefit from economic activity as construction is completed.

There are opportunities for companies engaged in marinas, for developers of hotels, housing and office buildings, for companies that supply laboratory-related goods and services, for green-economy businesses, eco-tourism service providers, private shuttle and transportation companies, suppliers and distributors of just about anything, companies providing entertainment attractions, research and development firms, infrastructure development companies, facilities managers, museum management, restaurants, stores, shops, boutiques, cafés, galleries, bookstores, beauty parlors, service providers, office businesses, you name it.

In recent years, much has been said about how the central and municipal governments’ dire fiscal problems have limited their capacity to stimulate the island’s economy through public-sector investment. Well, they found a better way: provide incentives, accelerate infrastructure and let the private sector do it, mainly through public-private partnerships, or PPPs.

The long list of projects includes many sponsored by the City of San Juan and others promoted by the central government. While they have largely worked on parallel paths, the result is the same: opportunities for one and all. Here’s a sampling:

The $6 billion Ciudad Mayor infrastructure plan; $1.5 billion San Juan Waterfront project; $1 billion Río Piedras 2012 redevelopment project; $800 million in upscale hotels, commercial and residential projects under way in Condado; the continued expansion of the $1.3 billion Convention Center District; $1 billion redevelopment of Santurce; $1 billion development of the Hiram Bithorn/Roberto Clemente sports complex; $400 million Ciudad Red mass transit-oriented development project; and $400 million redevelopment of the Bechara sector.

Most of this development is so advanced that continuity is assured no matter who occupies La Fortaleza and City Hall come January. And judging from their public statements and party platforms, all candidates are largely aligned.

As to the rest, it is impossible to say at this point which projects will proceed and which will not, be it for political or economic reasons. But one thing is certain: today, they represent opportunities the private sector can jump into and help materialize.

In this special coverage, CARIBBEAN BUSINESS provides a rundown of the major projects underway and planned. Some projects will be familiar, since they have been previously reported. Others will be new. And one thing that is definitely a first is the combination of central-government and city-government initiatives in a single story, providing a unique perspective and as total a picture as has ever been presented of everything going on and all the opportunities created as a result.

It is written as a sort of tour, starting at Puerta de Tierra and working down to Río Piedras, so you can “walk” through the development and see which opportunities are of sufficient interest to warrant picking up the phone and taking part.

Waterfront to bring old-town piers to 21st Century

For decades, the area of Puerta de Tierra along the southern part of the Old San Juan Peninsula bordering the San Antonio Channel, has become one of the ugliest eyesores of the city. But that’s about to change.

The 87 acres dedicated almost exclusively to maritime port activity along the channel will undergo a $1.5 billion revamping in a massive project called San Juan Waterfront, a bay-front tourism-residential development that will create countless business opportunities along the channel.

Both the San Juan Waterfront and the Convention Center District began as the Golden Triangle development in the 1990’s by then-Gov. Pedro Rosselló and the Puerto Rico Tourism Company. Both the Sila Calderón and Aníbal Acevedo Vilá administrations continued the work.

The project will be divided in two phases, the first stretching from Pier 6 to Pier 9 and the second along the rest of the piers up to the mouth of the Convention District and Condado. It will open up opportunities for shops and stores, restaurants and cafés, small inns and apartment buildings, and more, all following the general design and feel of the Waterfront, said Secretary of State Fernando Bonilla during an exclusive interview with CARIBBEAN BUSINESS.

The first phase is well underway, as the piers of all cargo-related facilities have been cleared for development. Piers 6-9 will feature a large park, a 96-slip marina, a 240-room hotel on Pier 9 and new retail space, all with the unique look and feel of the Waterfront. Bonilla awaits only the final permit from the U.S. Army Corps of Engineers to proceed with construction, expected to break ground in October.

One company already taking advantage of this development is Island Global Yachting, which has been awarded the contract to build the $115 million marina. The latter will include 76 slips for yachts below 80 feet long and 20 slips for mega-yachts of more than 80 feet. The marina will also include 67,000 sq. ft. of retail and commercial space, providing business opportunities for companies that want to cater to tourists, marina users, yacht-related products and services, and more.

“The San Juan Waterfront, when it’s all finished, will be up to the standards of the best waterfronts in the Mediterranean and the best known in the United States, such as South Street Seaport and Baltimore,” said Bonilla.

The Waterfront project includes the redevelopment of Puerta de Tierra’s public housing complex, a process that is well underway. Some existing buildings have been demolished, and construction of approximately 370 new public housing units will begin in six- to eight weeks, Bonilla said.

“The housing development will use a much more modern, practical and attractive urban design. All buildings will have commercial spaces on the first floor, with a preference given to residents who want to open their own small businesses. It’s a way to foster entrepreneurship,” he added.

Convention District: magnet for business travelers

Right next to San Juan Waterfront is the Convention Center District, yet another magnet for business opportunities. The Convention Center itself is now a reality, but that is just the beginning of a $1.3 billion development slated for a 113-acre expanse of land in Isla Grande.

Under construction and expected to open September 2009 is the new $210 million Sheraton Hotel, which will add 503 much-needed rooms and commercial space to the District.

CARIBBEAN BUSINESS reports this week that a 300-room Aloft Hotel will also begin construction in the coming weeks (see related story). That will be followed by a 300-room Courtyard Marriott, bringing total rooms at the District to 1,100.

Also under construction is the District’s first mixed-use complex, with a private-sector investment of $100 million. The project will include 100 residential units, commercial spaces in the first floor, and adjacent office space. The complex is designed to complement activities at the Convention Center. Completion is expected in mid-2009.

A development team has already been selected for the second mixed-use development at the District. Construction is expected to begin before year-end on 170 residential units and 15,000 sq. ft. of commercial space, at an investment of $90 million.

Construction of the District’s $65 million, 282,000-sq.-ft. World Trade Center is also slated to begin in the coming weeks, with completion expected in 2011, Bonilla revealed. It will serve as the new headquarters of the Puerto Rico Trade Company and the Puerto Rico Tourism Company, as well as place companies and organizations engaged in international commerce together under one roof.

The District is opening up unprecedented opportunities for green-economy companies. Every single building going up at the District must follow LEED green-building guidelines, or Leadership in Environmental Engineering and Design. “This is a very exciting aspect of the entire development,” said Bonilla.

He added that as part of the transportation enhancements to the Convention Center District and surrounding areas, the Puerto Rico Transportation and Public Works Department (DTOP) begins construction next month on an elevated off-ramp on Intersection Five, where Muñoz Rivera Avenue meets Baldorioty de Castro at the entrance to Condado and Isla Grande.

That will eliminate the current loop in front of the Dos Hermanos bridge. Access to Puerta de Tierra and Condado will be restructured as well in subsequent phases.

After three years of inactivity, DTOP’s Highways and Transportation Authority renewed demolition and construction work on the $25 million Dos Hermanos bridge. Work on the bridge was halted in 2005 after the U.S. Army Corps of Engineers did not renew the construction permit because of changes in its original design and the discovery of coral colonies by the National Marine Fisheries.

$800 million facelift for Condado

Across the bridge is Condado, one of San Juan’s prime tourism zones. The area is in the midst of an $800 million private-sector-led investment in hotels and commercial and residential projects. (CB, May 31, 2007.)

The area’s facelift is spearheaded by the $300 million renovation of the Marriott Renaissance La Concha Resort and the Condado Vanderbilt Hotel and by the $67 million makeover of the Condado Plaza Hotel & Casino. Also undergoing a $40 million transformation is the 95-room San Juan Beach Hotel.

The former Regency Hotel will be torn down by a local developer to make way for a $250 million, 17-story condominium with 270 executive residences, and will be co-developed with the Trump Organization and called Trump Condado.

Already built is the $100 million Gallery Plaza, which now confers a majestic portal to Condado on De Diego Avenue with its two 24-story luxury condominium towers with 109 units each plus commercial spaces.

To look at Condado, in fact, is to see what can happen in the other San Juan sectors undergoing redevelopment, as businesses are drawn to the area by renewed consumer and economic activity.

UBS Financial Services pumped $2 million to transform the former Pizza Hut locale on Ashford Ave. into an ultra-chic branch. Even the area’s elite private schools, Robinson and St. Johns, expanded and upgraded their facilities. Across from La Concha, an entire strip of formerly boarded-up store fronts has reopened for business. Other businesses have done the same.

Condado’s rebirth has also drawn a large portfolio of new housing, which has climaxed during the past 24 months, mainly consisting of luxury apartments priced between half a million and several million dollars, mostly in smaller-scale high-rises.

The central government and the City of San Juan are following this flurry of development with their own infrastructure improvement projects.

San Juan City Hall is slated to invest $1.4 million to redo Condado’s sidewalks, while the Puerto Rico Aqueduct & Sewer Authority is addressing the area’s sanitary infrastructure problems with a $17.4 million investment.

Focus on Santurce

To the south of Condado, redevelopment of Santurce has also been underway for more than 15 years. But the bulk of the action has been in the areas surrounding Ponce de León Avenue.

Now other parts of Santurce, particularly areas surrounding Fernández Juncos Avenue to the south, are getting a new lease on life, thanks to a group of developers who are bent on leading the renewal of this depressed urban sector.

Seeing the ship taking off, City Hall jumped on board, as the redevelopment coincides with the city government’s master plan for San Juan. The latter calls for repopulating the inner city – bringing people back to San Juan – by combining housing, commercial, retail space, and office and professional buildings, in a city-within-a-city concept, explained San Juan Major Jorge Santini.

That will create a bigger consumer market and thus additional opportunities for local businesses, in addition to construction opportunities being created.

In an effort to accelerate development, several PPPs have been created between developers and the city, with more to come. The city, if you will, is open for business.

“There are six major PPP initiatives ongoing, mainly housing projects in areas that used to be dilapidated or underutilized,” explained Santini. They include construction of 1,565 residential units and an estimated investment of at least $1 billion, all private sector.

The central government is also investing heavily in Santurce, mainly to strengthen the sector’s cultural offering for residents and visitors, which in turn has created opportunities for businesses in that segment.

Already completed is the 200-seat, $5.5 million Victoria Mendoza Theatre. Opening before year-end will be the new $12 million Music Conservatory facility in Miramar and the new 1,300-seat, $37 million Symphony Hall at the existing Performing Arts Center. The $15 million reconstruction of the old Paramount Theatre began this month and is scheduled for completion in 2010.

Surprise! Bechara sector a hotbed for development

Just to the south and west of Santurce lies the Bechara sector, commonly known as Transportation Alley for its cluster of auto and boat dealerships along Kennedy Expressway.

Under the radar and largely unknown to anyone outside City Hall and a group of developers, the zone is undergoing a radical transformation.

The area, also home to several industrial and commercial establishments, has been the subject of constant flooding over the years that have cost auto dealerships, Puerto Nuevo residents and consumers millions of dollars in insurance claims and losses, prompting the U.S. Army Corps of Engineers to begin a $78 million flood-control project in 2002.

The project, known as Contract 2AA, is scheduled for completion next year, opening the floodgates to a slew of development projects.

For starters, a request-for-proposal (RFP) process was recently begun for development of San Juan XXI Century Complex, a 58-acre site promoted by the city government next to the former landfill. San Juan XXI will feature hotels, condo hotels and apartments.

Auto dealership owner and developer Emérito Estrada Rivera plans to relocate his Isuzu dealership to make room for a $130 million, 400-room hotel and auto museum.

“Bechara must be remodeled in tune with the new Puerto Rico. I have been here since 1982 and have dedicated all my efforts to work with the local government to improve the area, because we cannot expect the government to do it all,” Estrada Rivera told CARIBBEAN BUSINESS.

Alberic Colón, yet another dealership in the strip, is also interested in moving vehicle operations from Kennedy Expressway and using the site for commercial development or another hotel, revealed Estrada Rivera.

The second phase of the city’s golf range at the former landfill, including construction of an 18-hole golf course, could be undertaken by Estrada in a joint venture with the municipality as an added-value to his proposed hotel/car museum project. Development of the golf course would represent an estimated $30 million investment. It would include a clubhouse, restaurants, pro shops, classrooms and activity rooms.

The city government is also investing in Bechara as a way to spur private-sector development. The $12 million, 55,000 square foot Flora & Fauna museum is currently under construction and will be the largest of its kind in Latin America and a full-fledged green, or environmentally-friendly, building.

The museum will be complemented with an additional 12 miles of trails the city plans to build along the area’s wetlands to create what would presumably be the largest eco-park in the region, spanning from Bechara to the Adolfo Dones Park next to the Teodoro Moscoso bridge, once the dredging of the Martín Peña creek is completed.

In addition, the city will relocate its public works complex out of Bechara to make room for a 46-acre commercial/industrial complex, of which 30 acres will be used for the city’s waste-to-energy plant (to be built and operated by the private sector) and a central market.

On an eight-acre lot next to Parque Central, called Finca Las Corozas, the city envisions the construction of a large parking structure and an Olympic-size skating and bicycle track, along with restaurants, to provide additional recreational and tourism-related activities to the area.

Hato Rey gets in on the act

Moving east from Bechara to Hato Rey, the municipal government has slated 65 acres next to the Roberto Clemente/Hiram Birthorn sports complex for private-sector development of office, hotel and parking facilities – projected as an additional $1 billion investment.

For its part, the city will build a new pavilion in the complex to host exhibits, presentations and fairs.

Separately, the central government has just signed the deal to relocate the Family Department headquarters across from the Puerto Rico Coliseum, along with new commercial and office space, part of the government’s campaign to move agencies near train stations to maximize the use of mass transit.

Río Piedras 2012 to bring urban center back to life

South of Hato Rey, in the old Río Piedras town center, the city government has launched its most ambitioius urban redevelopment plans yet: Río Piedras 2012.

The first phase alone represents more than $1.2 billion in private-sector investment, according to Santini, with over 1.5 million square feet of new construction encompassing more than 1,300 housing units, 166,240 sq. ft. of retail space, 972,400 sq. ft. of mixed-use projects and 1.1 million sq. ft. of parking structures with 3,140 new spaces.

In a space of approximately 38 acres, the city will make 17 street blocks available for large-scale development by the private sector from now until 2012. Additional developments will come later, spreading outwards to cover a much wider area of Río Piedras.

The city is in the process of designing the RFPs for these projects. Each block will have its own master plan within the bigger master plan, the mayor said, adding the city has already invested $22 million into the project and is in the midst of expropriating land parcels to be developed.

“We have already acquired an entire block on Georgetti Street, except one parcel, at a $5 million investment. This was a dilapidated area plagued with prostitution. We are going to demolish the structures and make the space available to investors and developers so they can build projects that promote housing, retail stores and light commercial spaces for the next generation of doctors, lawyers, accountants, engineers, dentists, and more,” explained Santini.

A remodeling of the landmark Río Piedras town square, the island’s largest, has also begun at a $15.7 million investment, and the infrastructure around the square’s perimeter is being readied.

“We want to get the permits and financing lined up. Getting the financing isn’t easy, but there might be developers who can finance their own projects. We want financing that is accessible,” Santini said.

Science City to anchor knowledge-based institutions

Immediately to the south of the town center, along PR-1 Highway, construction has already begun on the equally ambitious $1.7 billion Science City, a research and development district that will include the former State Penitentiary (known as Oso Blanco), the nearby Río Piedras Medical Center, the land surrounding the train’s Cupey station, the Botanical Gardens and the University of Puerto Rico.

Science City, also known as the Río Piedras Knowledge Corridor, is designed to house scientists and R&D companies from around the world to innovate and commercialize cutting-edge products, services and processes in various fields, including life sciences, aerospace technology, information systems and more.

The initial thrust has been the central government’s plan to turn Puerto Rico into a Bioisland, or one of the world’s leading R&D centers for biotechnology products and services, rivaling well-known centers in San Francisco, North Carolina, Massachusetts, Singapore, England, Ireland and Finland.

“San Francisco has its Biobay and Singapore its Biopolis. Now, Puerto Rico will be known as Bioisland,” Gov. Aníbal Acevedo Vilá is fond of saying.

Science City will include lab buildings, housing, commercial space, parks and pedestrian areas, small hotels, shops, restaurants and other amenities, all for the thousands of scientists, research and administrative personnel expected to work and live at the site, plus the constant flow of tourists, patients and visitors expected, all of which will create countless opportunities for local and non-local entrepreneurs and businesses across a wide range of segments and niches.

A mid-1990s landmark study by consulting firm Arthur D. Little identified R&D as a potential growth sector for the local economy, including manufacturing in Puerto Rico many products to be developed and commercialized at the center. The government began laying the groundwork back then, and the result today is a beehive of activity both in Río Piedras (Science City) and in the Mayagüez region.

Science City’s first two facilities are already under construction: the 152,000 square-foot, $66.5 million Molecular Science building across from the train’s Cupey station and the 48,200 square-foot Comprehensive Cancer Center in the Río Piedras Medical Center.

Next is the 70-acre former San Juan State Penitentiary in Río Piedras, which was recently designated for use as a Science City facility and will begin a massive conversion from a prison to a life-sciences research center.

Train station TODs

The impact of the Urban Train mass-transit project, Puerto Rico’s first modern rail system, goes way beyond the 11 miles of tracks, the 16 state-of-the-art train stations and the reduction in traffic congestion and air pollution.

The train represents a unique opportunity to transform and reshape the San Juan metro area’s urban growth pattern into one that is more habitable, livable and pedestrian-oriented. The main principle is that by using the train, commuters can carry out 99% of their daily tasks by traveling from one station to the other without having to use a car.

This will be accomplished by redirecting public and private investment towards the Urban Train corridor, or, more specifically, to areas around certain train stations, essentially transforming these into intensive, varied-use urban redevelopment zones through the land-use pattern commonly known as Transit Oriented Development (TOD).

TOD refers to pedestrian-friendly land development activities built within easy walking distance of a major transit station. TOD’s generally include a compact mix of different land uses oriented to public walkways, and automobile parking is minimized to promote pedestrian activity and mass transit use.

Originally the project was called Ciudad Red, but the name was dropped and now the focus is simply on developing the TODs.

Ten parcels in total are being developed with a total private investment of $637 million. Most of the projects, which are located mainly around the Sagrado Corazón, Martínez Nadal, Cupey and Roosevelt stations, will be mixed-use residential, office and retail complexes.

San Juan-wide eco network

Businesses is in the eco-tourism industry, or that provide services to parks, stand to benefit from the central government’s ongoing upgrade of parks throughout San Juan, part of Ciudad Mayor’s 15,000-acre parks network for residents and visitors.

Already completed or soon to be inaugurated are: the 9-acre Barbosa Park in Ocean Park, Jaime Benítez Park along the eastern edge of the Condado Lagoon, and the Santurce Park and Martí Coll Boardwalk next to the new Recreation and Sports Department headquarters.

Additional parks are slated for improvements or development, as are various paths to connect the parks and create an integrated network, complete with signage and amenities.

From north to south, some of these include: Luis Muñoz Rivera Park and the new San Juan Waterfront in Puerta de Tierra, the new Fountain Park in the Convention District, the new Condado Lagoon Park, the city government’s new recreational facilities in the former landfill, the Martín Peña Channel, San José Lagoon, Central Park, the Luis Muñoz Marín Park and San Juan sports complex in Hato Rey, and the Botanical Gardens in Río Piedras.

Associate Editor Frances Ryan contributed to this story.


Miramar, South Santurce become redevelopment hotbeds

Area revived by private-sector initiatives under the wings of the central government and San Juan City Hall

Miramar and South Santurce are in the midst of a redevelopment boom spearheaded by private-sector investment and shepherded by the central and municipal governments.

Some of the redevelopment projects undertaken by the private sector under the central government’s wing include:

Ponce de León 1800-176 apartments, 354 parking spaces and an 18,700-square-foot commercial area. The $40 million project by Interlink Group began construction in December 2006 and is slated for completion in March 2010.

Ciudadela-mixed-use complex with 513 apartments, 2,000 parking spaces and a 150,000-sq.-ft. commercial area (including parking). Estimated cost is $100 million and completion of the project, developed by Miramar Real Estate Management, is expected in December 2010.

MetroPlaza Towers-150 apartments, 416 parking spaces and 6,808 square feet of commercial space to the tune of $50 million. Puerta de Tierra Investment Group is the developer.

Miramar Lagoon residential project—$40 million complex with 124 apartments, 300 parking spaces and a commercial area of 9,700 square feet. Construction is already underway and slated to finish by August 2009.

Cosmopolitan in Miramar—$75 million residential complex with 62 upscale units featuring three townhouses, six junior penthouses and one penthouse. Completion is slated for first quarter 2009.

Conservatory Tower in Miramar—$13.4 million mixed-used project with 31 apartment units and 5,000 sq. ft. of commercial space, being developed on a 1,900 square meter lot between Ponce de León Avenue and Cerra Street in Santurce’s Monserrate sector.

Some of the private sector projects in Santurce and Miramar under City Hall’s wings include:

Bayside I & II-Currently under construction, Bayside I & II is a mixed-use residential and commercial project in Miramar consisting of a marina and 531 apartment units divided between two 50-story towers, all overlooking San Juan Bay. The waterfront property is located next to the Parque Central and the Fisherman’s Village and represents a private-sector investment of $125 million.

San Agustín-this 221-unit apartment building in Puerta de Tierra (across from the U.S. Army Corps of Engineers) was awarded to Picerne Properties and is awaiting final construction permits.

San Mateo-To be located on what used to be an empty plot of land belonging to the city government, this 60-unit apartment complex will have 75 parking spaces and has a social-interest housing component to it. It represents an $8 million private-sector investment and is awaiting final construction permits.

Monte Flores-The $24.8 million Parque de Monte Flores, a private-sector residential development, will have 100 units plus 220 parking spaces. It is located on the site of the former hospital in the Monte Flores sector of Santurce, next to Sagrado Corazon University. The project was awarded to Hal Development, which is currently cleaning up the parcel to begin construction.

Canals-48-unit residential project on Canals Street in Santurce, near the Farmer’s Market. The project is totally private-sector driven, with the city providing the parcel of land and certain incentives to facilitate construction.

Plaza 18-Located on the site of the former Plaza 18 strip mall owned by the city, the new Plaza 18 project was awarded to developer Alberto Rubí of Three R Group through an RFP process. The original strip mall structure was demolished to make room for the $100 million mixed-use project with 100 residential units, 969 parking spaces and 150,000 square feet of commercial space.

“This project has actually sparked the flame and created a domino effect in the area, enticing entrepreneur Toñito Muñoz along with a group of investors to redevelop all the area of the former Corona Beer facility under the city’s master development plan,” commented Mayor Jorge Santini. The municipality is stepping in by making infrastructure improvement to the area. The project is in the permit process, and the developer is negotiating with prospective tenants.

Doctor’s Center Hospital-Just a few steps from Muñoz’ planned area redevelopment, is the Doctor’s Center Hospital complex, a $115 million investment to include improvements to the hospital, a state-of-the-art medical office building and an elderly-care center.

The all private-sector investment is the work of Doctor’s Hospital President Carlos Blanco and a group of private investors headed by Carlos López Rosario (CB, Aug. 7, 2008).

Completion of the three components of the project (remodeling of hospital, addition of medical plaza and the elderly center) is expected to take three years and create approximately 840 direct and indirect jobs, both in the construction phase and subsequent operation.

Construction of the $39 million, 15-story medical plaza building will begin next month. The elderly Plaza will feature 125 private units with a living room and kitchenette, concierge service, restaurant, gym, Internet connection, beauty salon, chauffeur and mini bus service.

“Now Pavia Hospital Santurce has noticed what Doctor’s Hospital is doing and wants to do the same. It just shows you the domino effect redevelopment has in surrounding areas,” commented Santini.


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[urbanguy]

Wow that's awesome there's a lot of proposals for the city. BTW thanks for all the threads you've posted related to PR because this section has been lacking it and i've been curious about what's going on over there.

San Juan has a lot of potential and is a major city so this is a great way to create jobs as well as put it on the map, perhaps give it a chance to rival Miami as a center of business, banking, trade and opportunity in the Caribbean and Latin America.

[Jaykar]

That's the goal, to surpass Miami in terms of Latin affairs. Right now San Juan is the only direct competitor of Miami and in some issues San Juan is ahead. With the new Puerto Rico World Trade Center and the new improvements to the waterfront San Juan will claim its position against Miami in some aspects. Examples: Largest home-base cruise port in the Western Hemisphere, which I think SJ is already the largest, if not is second to Miami but not for much. San Juan is almost the  home city for the CAFTA-RD (new economic block (treaty) between Central American countries plus the Dominican Republic and the States), all the biotech and aeronautical insdustries that are coming to the island, SJ is already a strong competitor in terms of conventions, etc and now SJ is starting to build higher so in the next years it will have a more impressive skyline. Only time will tell.