Garfield Traub To Head $175M MUD In Puerto Rico

SAN JUAN, PUERTO RICO— Dallas, TX-based Garfield Traub Development LLC has reportedly been selected to develop a $175-million mixed-use development that is earmarked to anchor the new 580,000-square foot Puerto Rico Convention Center here. Garfield Traub’s development partner is scheduled to be Interlink Group, a prominent residential, commercial and hotel development company in Puerto Rico. The $198-million convention center is currently under construction on 113 acres on the peninsula of Isla Grande next to historic Old San Juan, and is scheduled for completion in mid-2005. The Puerto Rico Convention Center is viewed as the centerpiece of the Puerto Rico Convention District and is expected to enable the island to better capitalize on its existing tourism appeal by attracting groups with 2,500 – 4,500 conventioneers, and perhaps as many as 10,000 conventioneers for a citywide event. There are also said to be plans to expand the convention center to 1.3-million square feet in the future. In addition to Garfield Traub and Interlink, other key members of the development team include: Starwood Hotels & Resorts Worldwide; RTKL International Ltd.; Ray Architects; and UBS Financial Services of Puerto Rico (UBS). The development— scheduled to open in mid-2007— is slated to include a 500-room Sheraton hotel operated by Starwood, 63,000 square feet of meeting and banquet facilities, a 15,000-square-foot spa, restaurants, and several outdoor pools. With design elements of an urban resort, this development also is expected to include 50,000 square feet of retail space, an eight-screen cinema complex, a 10,000-square-foot casino, and a 30,000-square-foot multi-level nightclub/entertainment venue (with a music hall for live performances).