By Ricardo Álvarez-Díaz

Two years ago last month, Hurricane Maria ravaged Puerto Rico, ultimately taking more than 3,000 lives. It also exposed the structural vulnerabilities of existing buildings, and further exacerbated the already painful impact of a more than decade-long recession.

However, there was a silver lining to Maria. Despite all the pain and hardship it caused – and the unbearable loss of life – the destruction did bring much needed attention to Puerto Rico. In fact, today there is more optimism than ever about the future of the island for several reasons. They include:

Federal funding

The short-term and mid-term federal funding that is scheduled to come into Puerto Rico from HUD, FEMA and other sources should help jump start currently stalled reconstruction efforts, and encourage private investment in the island. According to federal data, Congress has allocated approximately $42.7 billion for recovery assistance following Maria, with close to $35 billion of that amount still scheduled to be disbursed.

The construction industry in Puerto Rico was hit especially hard by the recession, and it has so far failed to recover. For example, around 12,000 new housing units were built on the island in 2007, versus just less than a thousand the last year. However, with the amount of federal funding designated for the island, and the strong need to continue rebuilding following Maria, the construction industry in Puerto Rico is poised to improve substantially over the near and long term.

New Government

While the recent political crisis in Puerto Rico had an adverse short-term effect on the local economy, particularly for the tourism and construction industry, the resignation of Governor Ricardo Rosselló and subsequent constitutional appointment of Governor Wanda Vázquez has allowed people to be more upbeat about the future here.

In addition, Governor Vazquez’s decision not to run for reelection in 2020 will allow her to focus on what needs to be done to fight the perception of public corruption, improve the economy and continue rebuilding in the Island.

There are several reform measures that must be implemented including labor reform, reducing the size of the government, and working closely with the Financial Oversight and Management Board for Puerto Rico to foster economic growth, all of which I believe Governor Vázquez will work hard to accomplish over the next 16 months.

Tax Incentives

Act 20, also known as the Export Services Act, promotes the exportation of services from Puerto Rico by only charging qualifying companies a 4 percent tax. This has made it a more competitive place for companies to do business, as well as helped local companies be more successful elsewhere.

Opportunity Zones

Furthermore, the recent opportunity zone legislation offers a huge advantage for Puerto Rico. This vehicle was developed to encourage long-term investments in low-income communities throughout the U.S., and promote economic development in distressed areas.

However, what sets Puerto Rico apart is the fact that more than 95 percent of the island qualifies as an opportunity zone, in contrast with a 25 percent cap in all 50 states.

The many benefits of opportunity zones adds to Puerto Rico’s existing value proposition, which includes stability under U.S. laws, attractive tax incentives, a prime geographic location, and an educated, skilled workforce.

All of this sets the stage for successful and serious investors to develop projects throughout the island, mostly focusing on mixed-use developments, energy revitalization, housing construction, and general infrastructure. This will benefit both the long-term investor and local population, and help launch Puerto Rico’s economy into a bright new era of sustained economic development.

Ricardo Álvarez-Díaz is CEO of Álvarez-Díaz & Villalón, the largest architecture firm in Puerto Rico, as well as vice chair of Invest Puerto Rico and a member of the Governor’s Construction and Housing Advisory Committee. He also served as a liaison between the private sector and FEMA on infrastructure, construction and housing issues.

Note: the opinions expressed in Caribbean Journal Op-Eds are those of the author and do not necessarily reflect the views of the Caribbean Journal.

The post Op-Ed: A New Beginning for Puerto Rico appeared first on Caribbean Journal.

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Surging travel company Apple Leisure Group is adding yet another new resort in the Dominican Republic, the Caribbean’s hotbed of hotel development. 

Apple Leisure Group’s AMResorts subsidiary will be opening its new Dreams Macao Beach Punta Cana in the first quarter of 2020, Caribbean Journal has learned. 

The new all-inclusive Punta Cana resort will open Feb. 21, 2020. 

The family-friendly resort will feature 500 suites, along with a villa component. 

That’s along with nine dining options, of which six will be a la carte eateries. 

The property will also feature a Dreams Spa by Pevonia, with four double-treatment cabins, eight single-treatment cabins, a bridal suite, a spa boutique and a hydrotherapy circuit, among other features. 

The new beach resort will include Dreams’ signature all-inclusive amenities, from no required reservations to 24-hour room (and concierge service) and pool and beach wait service. 

AMResorts has been expanding at a rapid pace in the wider Caribbean Basin, with 2,500 rooms set to have been delivered by the end of this year. 

The Dreams brand has two other all-inclusive resorts in development in the wider region: the 286-room Dreams Curacao Resort, Spa and Casino and the Dreams Acapulco Resort and Spa in Mexico, which will include 605 rooms. 

It’s one of two openings for AMResorts scheduled for the first quarter of 2020, along with the highly-anticipated Secrets St Martin. 

And it’s yet another new resort set to come online in the Dominican Republic, which has focused its efforts on hotel development more than almost any other Caribbean destination in recent years — efforts that continue to pay off in major ways.

“The Dominican Republic is committed to working with the private sector and its government wants to continue growing its hospitality sector, as the tourism industry is currently the strongest job creator,” Javier Coll, executive vice president and chief strategy officer of Apple Leisure Group told Caribbean Journal in a recent interview.

For more, visit Dreams Macao Beach Punta Cana. 

— CJ

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Puerto Rico’s Luis Munoz Marin International Airport in San Juan continues to boom, according to the latest numbers released by Mexico-based parent company ASUR. 

San Juan’s primary air hub reported 526,761 passengers in September, which represented a sizable 8.4 percent increase over the same period in 2018. 

That was buoyed by an 8.6 percent jump in domestic traffic from within the United States, and a 7 percent jump in international traffic. 

For the year, Puerto Rico’s biggest airport is reporting an 11.2 percent increase in passenger traffic, and a total of 7.07 million passengers through the first nine months of 2019. 

It’s another strong sign for Puerto Rico’s crucial tourism sector. 

What’s not yet clear is how the island’s hotel occupancy has fared so far this year. 

Puerto Rico tourism officials could not be reached for comment. 

— CJ

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… repeated calls to permanently support Puerto Rico’s medically underserved population.
The … of supplemental Medicaid funds for Puerto Rico will expire. without additional … signaled their general dissatisfaction with Puerto Rico’s Medicaid program through …

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It’s back in The Bight. 

For years, it was one of the Caribbean’s bucket-list bars: a floating, decommissioned old tanker converted into a beach bar Mecca. 

Then, in 2017, the William Thornton, or Willy T as it was affectionately known, was lost in Hurricane Irma. 

But after its owners found a replacement, and after a year or so of moving around and looking for just the right location, the Willy T has returned to its rightful home in The Bight at Norman Island in the British Virgin Islands, once again a must-stop hotspot on the yachting and sailing circuit in the Caribbean capital of boating.

The newer, larger, very crisp new Willy T is back in action, again drawing travelers from all over the BVI and the world for its frenzied brand of raucous fun. 

There’s even a broad menu, too, from burgers and ribs to salads, desserts and even a wine list. 

But the draw is still the painkillers and the beers and the feeling that you’re in a tiny sliver of a country unto itself, an all-day seaside party that’s one of the unique experiences in all of the Caribbean, a place where time and reality seem to take a break. 

Caribbean Journal visited the Willy T this week for some on-location photography for an idea of what the relaunched bar is like, stopping at the similarly reopened Pirate’s Bight at Norman Island in the process.

Pirate’s Bight reopened for the season on Oct. 4, looking as spiffy as ever in its pristine corner of Norman Island, with an impressive new menu (including the out-of-this-world roasted cauliflower with quinoa) and the same famous blue roofs.

If you haven’t been back to the British Virgin Islands in the last year or so, it’s time to plan your return.

For more, visit the Willy T. 

— C

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