Puerto Rico signs multimillion-dollar deal to build superyacht marina

Puerto Rico’s government has signed a multimillion-dollar contract with a US company to build a marina for superyachts in the capital of the U.S. territory, San Juan.

The new marina will be built by Texas-based Safe Harbor Marinas, LLC, and will span over 180,000 square feet (67,000sqm). The new marina will be able to accommodate around six yachts at a time, and will also offer water and shore power, high-speed internet and sanitary pumping, according to Puerto Rico’s governor, Pedro Pierluisi.

The new facility will be located in the two docks that currently accept yachts. Currently, two docks in San Juan are available to yachts and superyachts, but space and facilities are limited.

Safe Harbor Marinas (SHM) will invest between $12 million and $15 million, Governor Pierluisi reports. The deal takes the form of a 40-year concession lease agreement, which will see Puerto Rico’s Port Authority receive $200,000 a year in rental fees.

Officials say Safe Harbor Marinas will share five per cent of its gross income with the Port Authority, plus five per cent of fuel sales.

The project, which is expected to generate $10.8 million a year in economic activity, also includes the construction of facilities including a boat supply store, a business centre, repair and recreational facilities and retail outlets.

Phase one of the project will start next year (2024), with the second phase starting in late 2025.

“My administration considers tourism as a pillar of our economy, and I will always bet on efforts that highlight and showcase everything that Puerto Rico offers our visitors,” says Governor Pierluisi in a written statement.

“The record numbers that we are having in all sectors of the tourism industry prove that our strategies are working, and that is why we will continue promoting Puerto Rico’s potential to attract investment, visitors and job creation. Just as we have seen a sustained recovery of our cruise industry, we want to further develop Puerto Rico as a nautical tourism destination at all levels.”

An average of nearly 30 yachts visit Puerto Rico a year. Officials say the project is expected to attract up to 200 a year.

“For many reasons, San Juan is an ideal gateway to the Caribbean,” says SHM chief executive, Baxter Underwood. “We look forward to serving our members with excellence as they travel between Europe, North America and the islands.”