Monday, October 18, 2021

FEMA Awards $93 Million to Rebuild Puerto Rico Properties Impacted by 2017 Hurricanes

By on June 15, 2021

Javier Bayón, executive director of the Puerto Rico Industrial Development Co., right; and Manuel Laboy, executive director of the Central Office for Recovery, Reconstruction and Resilience (Courtesy)

Funds Obligated for 159 Pridco Buildings

SAN JUAN — Puerto Rico Industrial Development Co. (Pridco) Executive Director Javier Bayón announced Tuesday that the public corporation received an initial assignment of some $93 million to kick off the reconstruction and revitalization of commercial properties affected by hurricanes Irma and Maria in 2017.

The allocation, awarded by the Federal Emergency Management Agency (FEMA), will impact 54 projects, comprising 159 commercial properties in 41 municipalities across the island. Pridco owns properties that can be used for a variety of purposes, from manufacturing and research and development to distribution and storage centers, among other industrial activities.

“Thanks to the collaboration of FEMA and the Central Office for Recovery, Reconstruction and Resilience (COR3) it was possible to identify these funds, which represent a short- and long-term economic impact, due the job creation (direct and indirect) potential, [to be] generated in the reconstruction process. Similarly, Gov. Pedro Pierluisi has been emphatic that the restoration of our industrial properties will be essential to continue encouraging and incentivizing the creation or expansion of new business projects,” Bayón said.“Each restored building, park or industrial area represents an opportunity for growth and potential competitive advantage, both at a municipal and at a state level. Our commitment is aimed at streamlining these processes to continue incentivizing and strengthening our economy.”

The allocation of these funds will boost the economy of the municipalities where Pridco’s properties are located. It is estimated that each project will create 15 to 25 direct and indirect jobs. Once the repairs are completed, the properties will be leased, which, in turn, will create more economic development in the respective areas.

“Optimizing PRIDCO properties to be in a profitable condition is one of the priorities of this administration, which will improve operational efficiency to become the most effective real estate asset manager within the government of Puerto Rico,” Bayón assured. “These efforts will result in a successful strategy to promote economic development.”

Meanwhile, COR3 Executive Director Manuel Laboy stressed that Puerto Rico is going through a historic moment of transformation as its infrastructure is strengthened. 

“In addition to the reconstruction work of the dozens of PRIDCO properties, the properties of this public corporation will also benefit from the recovery projects aimed at repairing and modernizing the basic services provided by the Puerto Rico Aqueduct & Sewer Authority (Prasa), the Puerto Rico Electric Power Authority (Prepa), and the Highways & Transportation Authority (HTA), among others. All of these components are important to promote Puerto Rico as an investment destination for local and foreign entrepreneurs. At COR3, we will support these processes related to the development of these projects that are so important for the economy of our island,” Laboy said.


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