ABOUT THE ROOSEVELT ROADS REDEVELOPMENT PROJECT
Welcome to the Roosevelt Roads Redevelopment project website, an information center about this extraordinary project that will enhance economic and social growth in the eastern region of the Island and Puerto Rico.
After an RFQ and RFP process initiated in June 2014, which led the LRA Board on December 22, 2014 to select Clark Realty Capital as the proposed Master Developer for Roosevelt Roads, and the signing of an Exclusive Negotiating Agreement (ENA) on February 2, 2015, the LRA and Clark concluded negotiations on August 31, 2015 without signing a Master Developer Agreement (MDA) and without the LRA extending the ENA. This process was finalized and it was awarded to Clark Realty Capital but no contract was signed. Shortly thereafter, the LRA initiated direct negotiations with Ariel Investment Management (Ariel), which led to the signing by the LRA and Ariel of an ENA for Master Developer Services on February 16, 2016. With the signing of the ENA, both sides agreed to start negotiations leading to the signing of a MDA, subject to certain conditions being met, including submittal and approval a Development and Phasing Plan, and Financing Plan and Commitments, among other information. On May 18, 2016 the LRA Board of Directors decided not to continue exclusive negotiations with Ariel after completion of the first phase of the ENA. The decision was based on the fact that the proposed MDA entity did not meet the minimum requirements and expectations for the development of RR.
The LRA’s primary objective for 2016 will be to continue its efforts to identify developers with the ability to advance the business objectives of the RR redevelopment project, consistent with the Master Plan; and to continue to promote and develop specific projects within that context to create jobs and to spur economic growth in Ceiba and Naguabo, and the eastern region of Puerto Rico. The redevelopment of RR began in 2014-2015 and other important projects initiated operations during 2016 or are in the planning, design and permitting stage scheduled for start-up during the latter part of 2016, and overlapping well into 2017 and beyond. Among these is MER Group’s business of ship dismantling and materials recovery operations, which was formally inaugurated on May 25, 2016. Also, the LRA signed a long-term lease with Mid-Atlantic Shipyards (MAS) on December 4, 2015 for the development of a multi-tenant shipyard in the dry-dock area (38 acres) at RR. During 2016, the company will begin with planning, design and obtaining permits for this important project that will impact the immediate towns of Ceiba and Naguabo, and the entire eastern region of Puerto Rico.
If you want more information about the project, go to Supporting Documents,
click here. If you are interested in aspects about the RFQ-RFP Master Developer process,
Aprobado por la Comisión Estatal de Elecciones CEE-SA-16-2407