Huffpost Latino Voices

Puerto Rico Marina Awaits $450M Renovation

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An American Airlines jet lifts off near a marina in San Juan, Puerto Rico, Friday, June 13, 2008. Expensive jet fuel and a soft American economy are threatening to sink Caribbean tourism as airline ticket prices soar and flights are sharply reduced, choking the flow of the travelers that the region depends upon, according to some tourism officials. (AP Photo/Brennan Linsley) | AP

SAN JUAN, Puerto Rico — The Caribbean's largest marina is getting a $450 million makeover.

A Connecticut-based hedge fund is improving infrastructure and facilities at the Puerto del Rey marina in northeast Puerto Rico.

Gov. Alejandro Garcia Padilla said Friday that Putnam Bridge Funding LLC also is considering adding more docks to expand the current capacity of 1,100 boats and allowing boats longer than 200 feet (61 meters) to dock there. He said the company also has plans to build condo-hotels and villas.

Putnam Bridge Funding bought the marina earlier this year after its former owners filed for bankruptcy.

Garcia said he expects the renovation to create up to 400 temporary jobs and up to 500 permanent ones.