Puerto Rico approves $2B Esencia luxury development

United States — Puerto Rico's Puerto Rico — Adjunct Board of the Permit Management Office authorized the $2 billion Esencia luxury development in Cabo Rojo, a coastal town in the island's southwest. The project, backed by David and Simon Reuben and Three Rules Capital, will span 2,000 acres and include 500 hotel rooms, 1,200 residences, two golf courses, an equestrian center, a school, and a medical center. Hotel brands Mandarin Oriental Hotel Group and Rosewood Hotels & Resorts have joined. Developers claim over 75% of the land will be dedicated to conservation, with renewable energy and self-sufficient water systems. Environmental groups, including the Institute for Socio-Ecological Research and the Defend Cabo Rojo Coalition, oppose the approval, citing lack of public hearings and threats to wildlife and resources. The developers expect to generate over 17,000 jobs, with sales starting later this year and first residents by late 2029.