Economy

Planning Board green-lights $477M in projects in 4Q ’11

The Puerto Rico Planning Board approved nine construction developement projects islandwide. (Credit: © Mauricio Pascual)

The Puerto Rico Planning Board approved an investment of more than $477.2 million in new development projects between April and June that aside from generating new construction, will also create 1,042 jobs, agency President Rubén Flores-Marzán said.

“With the approval of these projects we’ll be contributing about 1,042 jobs to the island’s economy,” he said, while noting that the approvals help strengthen the construction sector.

Among the projects approved are: a mixed residential-tourism project in Arecibo with an associated investment of $88 million; the development of the Puerto Rico Geographic Center in Orocovis, with a $45 million investment; a mixed residential-tourism project in in Cabo Rojo, with an associated investment of $33 million; and small inn (parador) project in Guayama, with a slated investment of $10 million.

Also on the list is an $18 million industrial solar energy generation project in Salinas; a $16 million agricultural-tourism “condo-hotel” project in Villalba; a $10 million commercial project in San Lorenzo; a $24.8 million vocational high school in Canóvanas; and a $300,000 industrial project in Orocovis.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

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