By The Star Staff
The billionaire Reuben brothers and Three Rules Capital have filed a master plan for a more than $2 billion development in Cabo Rojo that will have its own private airport and views of the Caribbean Sea.
According to its web page, the project, called Esencia, is a residential and hospitality community that will occupy some 2,000 acres of pristine land. Puerto Rico has become a popular spot for wealthy mainlanders — particularly bond traders, financiers and the crypto wealthy — as it provides some of the most lucrative tax breaks in the hemisphere, noted a report from Bloomberg.
The project will include luxury hotel rooms and branded residences at a site on the island’s west coast, according to a statement issued last week. The development will be anchored by hotel operators including the Aman Group, Mandarin Oriental Hotel Group and Rosewood Hotels & Resorts. Meanwhile, the developers are working with JPMorgan Chase & Co. as the lead bank for financing.
“Puerto Rico, and its west coast specifically, is a beautiful and vibrant place and one of the most promising growth markets in the world,” Jamie Reuben, a principal at Reuben Brothers, said in the statement. “We saw an opportunity to make a transformative investment while creating thousands of jobs.”
The site includes more than 2,000 acres (809 hectares) of land, and will feature two golf courses, an equestrian center and a bilingual K-12 school. The plan will be implemented in five phases, with the first expected to be completed three years after starting construction.
Billionaires Simon and David Reuben’s real estate investment company owns properties around the world, including Los Angeles’ Century Plaza and Admiralty Arch in London. The Reuben brothers have a combined net worth of about $15.6 billion, according to the Bloomberg Billionaires Index.
The new Esencia project will limit structures to 23% of the land or less.
The Esencia development is expected to have up to 900 branded residences.