News Americas, New York, NY, June 20, 2024: Get ready for a multi-billion dollar development in the Caribbean.
Reuben Brothers and Three Rules Capital have unveiled a master plan for a $2 billion development in Puerto Rico featuring its own private airport and breathtaking views of the Caribbean Sea.
Named Esencia, this project on the island’s west coast will include luxury hotel rooms and branded residences. According to a statement, the development will be anchored by esteemed hotel operators such as Aman Group, Mandarin Oriental Hotel Group, and Rosewood Hotels & Resorts, with JPMorgan Chase & Co. as the lead financier.
“Puerto Rico, especially its west coast, is a beautiful and vibrant place with immense growth potential,” stated Jamie Reuben, a principal at Reuben Brothers. “We saw an opportunity for a transformative investment that will create thousands of jobs.”
Spanning over 2,000 acres (809 hectares), Esencia will feature two golf courses, an equestrian center, and a bilingual K-12 school. The plan will be executed in five phases, with the first phase expected to be completed three years after construction begins.
Billionaires Simon and David Reuben’s real estate investment company, which owns properties worldwide, including Los Angeles’ Century Plaza and London’s Admiralty Arch, is behind this venture. Their combined net worth is approximately $15.6 billion, according to the Bloomberg Billionaires Index.
The Esencia project will preserve open spaces for recreation and conservation, limiting structures to 23% or less of the land.
Puerto Rico has become a hotspot for wealthy mainlanders, including traders, financiers, and crypto investors, due to its lucrative tax breaks. The US territory, home to 3.2 million people, began offering these tax incentives in 2012 to stimulate economic growth. Qualifying individuals pay no taxes on dividends, interest, and capital gains, attracting over 6,000 residents under the “resident individual investor” program.
Exclusive enclaves like Dorado Beach, where notable figures such as hedge fund billionaire John Paulson and YouTuber-turned-boxer Jake Paul reside, have emerged. A penthouse in this community recently listed for $49 million.
“The growing and resilient customer base has led to demand outstripping supply in the luxury residential and resort market,” said Will Bennett, co-founder of Three Rules Capital. “This is particularly true in Puerto Rico, where the local government’s efforts have successfully promoted tourism growth.”
