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New Tourist Project To Be Developed At 880 And 884 At Ashford Avenue In Condado
SAN JUAN (PRTC) -- Puerto Rico Tourism Company (PRTC) Executive Director, Ingrid I. Rivera Rocafort and entrepreneur Osvaldo Rivera Cruz from AC Condado, LLC; announced the start of the demolition process of the buildings located at 880 and 884 in popular Ashford Avenue in Condado to give way to the development of a new tourist project. The new venture is part of efforts taken by the current administration to reclaim urban spaces located in strategic zones to develop new tourist projects that will help to stimulate the local economy. The new project at Condado consists of an ambitious hotel venture featuring several tourist amenities.
“At the Puerto Rico Tourism Company we are very excited about this new project, which will help to reinvigorate Condado’s tourist district, while giving a boost to the Island’s economy. Through an approximate investment of $30 million in its different construction stages, this project will give way to the redevelopment of a space until now occupy by two deteriorating structures that have remained unused for decades, and now will be transformed into a lodging facility. The new hotel will have 164 rooms and will generate 375 direct and indirect jobs during its construction stage, and 150 direct and indirect jobs during operation, which undoubtedly represents a significant boost to our economy”, said Rivera Rocafort.
“We are thrilled with the project we are starting today and which will support the rebirth the Condado tourist area has been experiencing in recent years. Moreover after achieving an important collaboration with a local company that will help to create new short term and long term jobs, also increase the Island’s hotel room inventory, and broaden Puerto Rico’s tourist offer with innovative entertainment and restaurant alternatives, amongst many other amenities”, explained Osvaldo Rivera from AC Condado.
“The revitalization of the Condado area today is a reality. This comprehensive redevelopment project includes a series of private investments to build new tourist projects such as an apartment building in what is today the Regency Hotel, the reconstruction of San Juan Beach Hotel, the expansion of the Marriott Hotel, and the reopening of the Ambassador Hotel, which represent the ongoing efforts from different fronts to support and encourage the economic transformation of Puerto Rico”, expressed Alberto Bacó Bagué, Secretary of the Puerto Rico Department of Economic Development and Commerce.
Tourism is a growing industry and a main pillar of the Island’s economic development strategy. Projects endorsed by PRTC, like the one announced today, have the financial support of the Puerto Rico Economic Development Bank (EDB). Currently, 10% of the Bank’s loan portfolio consists of tourist projects. During the last five years, EDB has granted 44 loans aimed at the local tourism segment, totaling $47.4 million and generated 718 direct jobs and 2,791 indirect jobs. “From hotels such as El Blok in the municipality-island of Vieques, to a $9 million investment in Seaborne Airlines and the most recent expansion project at Toro Verde in Orocovis, the EDB is once again supporting the local tourism industry with a funding of $3.2 million, to give way to a new tourism project that promises to be a great attraction for the Condado area, and a strategic bet for tangible economic development for the Island”, said Joey Cancel Planas president of the EDB.
Rivera Rocafort concluded by saying that “It is very comforting to confirm that we have local entrepreneurs like Osvaldo Rivera Cruz, that believe in this industry and that are willing to invest in the development of new tourist products in our Island, which will help to stimulate the growth of our industry and the economic development of Puerto Rico.”