The private firm will lease a 52,000 square-foot hangar and another 55,000 square feet of open space at the airport.
The Ports Authority invested $300,000 in 2021 to draft the airport's development plans.
The project will be paid for with local and federal allocations, as well as Ports Authority funds.
The private operator is expected to invest $400 million to modernize the cruise ship facilities.
The new generators will have redundancy with the existing ones.
Ports Authority Executive Director Joel Pizá called the allocation "historic."
The money is earmarked for repair work and improvements to structures of the Mayagüez Airport.
The work began last month.
The proposed project will consist of a new permanent 8-26 runway, 500 feet south of the centerline of the existing runway.
The rehab work is taking place while the agency works on the construction of the new parallel runway.
FedEx is the largest cargo company in the western area.
Jacksonville-based Trailer Bridge provides twice-weekly barge service between the Florida port and Puerto Rico.
All eight regional airports will be upgraded with the federal funding.
Responses to the RFP cycle must be submitted on or before June 30, 2022.
Work should be done by November, the agency stated.
The Ponce and Aguadilla airports will get new vehicles by summer 2023.
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