Above: the Puerto Del Rey marina

By the Caribbean Journal staff

The Puerto Del Rey Marina in Fajardo, Puerto Rico, the largest marina in the Caribbean, will be receiving a $450 million transformation.

That was revealed by Puerto Rico Governor Alejandro Garcia Padilla, who visited the facility last week, where work has already begun.

Puerto del Rey was acquired earlier this year by Putnam Bridge Funding.

“The confidence of foreign investors shows that we are back on track to achieve growth and development of a strong tourism industry, capable of supporting the foundation of a prosperous society,” Padilla said, joined by executives of Putnam Bridge.

The $450 million investment will include improvements to the restaurants and facilities of the complex, along with an expansion of capacity beyond its current level of 1,100 boats and a mixed-use real estate component.

The expansion will also mean the marina can receive ships of more than 200 feet.

“Even more significant is the fact that there are plans to build condo-hotels and villas that will certainly increase not only the international appeal of Puerto del Rey, but throughout Puerto Rico as a tourist destination,” Padilla said.

The government said the project would create between 300 and 500 permanent jobs upon completion.

“I see in the history of Puerto del Rey a metaphor for what is going to happen in Puerto Rico,” Padilla said.