Puerto Rico has launched construction on a major new project in the Convention Center District of San Juan.

The new District Live, as it’s called, is an $88.9 million project that will create the largest entertainment center in Puerto Rico.

“With this project, we will strengthen the [convention district’s] offer, so that the island compete more effectively to host the most important conventions of the United States, the Americas and the world,” said Puerto Rico Governor Alejandro Garcia Padilla.

The project is being built by a partnership between Island Hospitality Partners, led by the PRISA Group, along with the Puerto Rico Convention Center District Authority.

Led by developer PRISA Group, District Live is a public-private partnership that is largely being funded by Banco Popular, Oriental Bank, Banco Cooperativo and the Bank of Economic Development, the latter of which contributed $8 million.

PRISA is one of the island’s biggest tourism developers in recent years, having developed the Dorado Beach Resort (anchored by the Ritz-Carlton Reserve) and two recent Hyatt Place & Casino projects in Puerto Rico, among a larger portfolio.

The project will be highlighted by a 6,000-seat concert and entertainment venue with 105,000 square feet of space aimed at hosting events, concerts, festivals, award ceremonies and corporate events.

It will also include an eight-screen Caribbean Cinemas VIP Cineplex; a 170-room luxury hotel with 6,000 square feet of meeting space; a 44,000-square-foot Plaza with the Caribbean’s largest LED screen and outdoor presentation stages.

That will be joined by an 18,000-square-foot day and night disco, along with TV and radio broadcast studios and more.

AEG has been tapped to undertake the management and operation of the concert venue.

“This new venue for live entertainment is the perfect anchor for what we believe will be the region’s most vibrant and popular settings for events, conventions and performances of all types,” said Bob Newman, President, AEG Facilities.  “Situated just steps from one of the most picturesque waterfronts as well as a thriving convention center and nearby urban core, District Live! will instantly become one of the area’s most visited destinations for both residents and tourists alike.”

The project is expected to produce 3,300 construction jobs.

If you’re immediately reminded of the LA Live entertainment district in downtown Los Angeles, that’s with good reason: AEG is behind the creation of LA Live, which was a $3 billion investment across six city blocks adjacent to the Staples Center.