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Local Partnership To Build Tourism-Residential Project In Rio Grande
Projects multimillion-dollar construction to kick off by years end
By JOANISABEL GONZALEZ-VELAZQUEZ
June 10, 2004
M.B. Holding has forged a partnership with Interlink Group to develop a tourism-residential project on a 535-acre lot in Rio Grande that has been more than a decade in the making.
M.B. Holding President Antonio Muñoz told CARIBBEAN BUSINESS the Bahia Beach project would include a hotel, residences, villas, a golf club, and a beach club; the existing golf course needs a face-lift as well. He declined to provide further details as the project is still in the design phase.
"The area has great potential for tourism and is one of the best locations on the island," said Muñoz. "Were still working on the master plan, but were looking forward to beginning construction by years end."
Last year, Muñoz and Interlinks Federico Sanchez joined forces to develop Bahia Beach, where a golf course is now in operation. The M.B.-Interlink partnership bought the land from Californian Robert L. Breese, president of Bahia Beach Plantation, in November 2003.
The transaction terms werent disclosed, but CARIBBEAN BUSINESS has learned the partnership equity investment amounted to $40 million.
Interlinks Federico Sanchez said the partnership bought the land as well as the projects concept, which complies with government regulations and has all the necessary endorsements.
"This is a project that has all the required permits; we want to create a well-planned community, and were developing this project to be in harmony with the natural richness of the area. We want to respect the environment," noted Sanchez.
Bahia Beachs residential areas alone could represent several million dollars in sales and the project should be completed in seven years. "This project was probably envisioned nearly 15 years ago, but for some reason, it never took off," said Muñoz.
Muñoz added that partnerships among local developers and companies are uncommon on the island, but Puerto Ricos entrepreneurs should adopt such a strategy to strengthen local capital investment and boost economic development.
"There are so many opportunities on the island to boost the economy and continue to promote Puerto Ricos image abroad. We are pleased to join efforts with such a prestigious company as Interlink," said Muñoz.
This Caribbean Business article appears courtesy of Casiano Communications.