Puerto Rico Adding Two Developments To Boost Economy

PUERTO RICO— Hoping to jump-start its slow-moving economy, Puerto Rico is planning two big development projects valued at more than $1 billion each, including a new convention center and headquarter hotel. The Puerto Rico government is planning to build a huge convention center and 850-room hotel in San Juan to lure the big international meetings that now tend to go instead to Mexico or Miami, reported the South Florida Sun-Sentinel. It also is joining in partnerships with private firms to create a massive Port of the Americas project on the islands south coast, aimed largely at trans-shipment, or shifting of cargo between giant ships and smaller vessels serving nations in the Caribbean and Latin America. Both projects are still in early stages, but initial plans call for the convention center to start up in 2005 and seaport by 2007, a top Puerto Rico official said during a recent seminar in Miami. “Im confident, because were already getting companies interested in investing,” said Edgardo Torres-Caballero, assistant secretary for strategic projects at Puerto Ricos Department of Economic Development and Commerce. Torres-Caballero said the seaport is a top priority, because Puerto Ricos largest port in San Juan will run out of room by 2010. SOURCE: South Florida Sun-Sentinel