8 groups submit credentials to develop Roosy Roads
The Local Redevelopment Authority for Roosevelt Roads announced Thursday that eight groups submitted their statement of qualifications in response to a Request for Qualifications published in June seeking developers for some 3,000 acres of land at the former naval base in Ceiba.
The Authority said it received responses to the RFQ from groups in the U.S. mainland, Europe, Latin America and Puerto Rico.
The proponents will now move to a pre-selection round that will take place on or around Aug. 26, after which the chosen applicants will move on to the Request for Proposals phase to be published in September. The final selection of the master developers will take place in mid-December, the Authority said.
The Roosevelt Roads redevelopment plan calls for a 25-year strategy expected to attract more than $2 billion in investments in nine development zones that could potentially create 20,000 jobs.
“We are very pleased with the number and diversity of the origin of the entities that responded to our request for credentials,” said Malu Blázquez-Arsuaga, executive director of the agency overseeing the redevelopment project. “We estimated the number of proponents would be three to five, so the response was better than anticipated.”
“The effort of our team in the Authority and the Department of Economic Development and Commerce has been great and fruitful,” she said.
Roosevelt Roads is unique for its prime waterfront harbor, home to a major airport with an 11,000-foot runway, proximity to some of the world’s most magnificent beaches, such as Luquillo beach, and the neighboring islands of Vieques and Culebra, and year-round tropical climate.
“We feel that the Credentials Request process has served its purpose. The project is properly routed and the process will end by the end of 2014 with the selection of one or more master developers,” said Economic Development and Commerce Secretary Alberto Bacó.
“This project will be transformative in its economic impact for the eastern region and for Puerto Rico, and through its integration of communities at different stages of development. This is a breakthrough, we’re moving from plan to execution,” Bacó said.