---
On Monday, Gov. Pedro Pierluisi Urrutia revealed the signing of a lease and operation contract for the old ferry terminal between the Puerto Rico Ports Authority and the Municipality of Fajardo, aimed at boosting economic development in the area.
“This agreement fosters economic and tourism growth in the eastern area, breathing new life into a significant facility that had fallen into neglect,” Pierluisi stated in a written announcement. “It marks an important milestone for the local economy and job creation.”
The governor was joined during the announcement by Ports Authority Executive Director Joel Pizá Batiz and Fajardo Mayor José Aníbal Meléndez.
The contract features an initial duration of 20 years, with the possibility of extensions, and enables the municipality to look for private operators or developers within a 24-month timeframe. The agreement also entails the municipality’s commitment to manage maintenance and insurance expenditures, along with resolving a debt exceeding $1 million with the Federal Transit Administration (FTA).
“This development is vital for stimulating economic advancement not just in Fajardo, but throughout the entire northeastern region,” said Meléndez.
The agreement stipulates that Ports will receive between 3% and 5% of the revenue generated from the property, thus encouraging sustainable investment.
The project aligns with other initiatives in the eastern region, such as the redevelopment of the former U.S. Naval Base at Roosevelt Roads, which signifies over $1 billion in private investment, incorporating new marinas, hotels, and golf courses in collaboration with firms like Discovery Land Corp. and PRISA Group.
