Real estate mogul Donald Trump is extending his reach to Puerto Rico, announcing a partnership Friday to build a $600 million golf complex on the island's northern coast.
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Trump International Golf Club Puerto Rico, to be developed with local construction company Empresas Diaz Inc., will include 500 residences on a 1,000-acre site between the Atlantic coast and the U.S. territory's tropical rain forest.
"We're building something that's going to be known all over the world," Trump said at a news conference before clinking champagne glasses with Gov. Anibal Acevedo Vila.
Developers plan to improve a golf course, previously known as the Coco Beach Golf & Country Club, and open a new clubhouse before March 17, when the 36-hole course hosts the Puerto Rico Open, a PGA Tour event.
The U.S. territory is seeking to boost its economy with more hotels and golf-related tourism, Acevedo said.
Trump told reporters he would consider additional investments in the future, including a possible return of the Miss Universe pageant that he co-owns with owned by General Electric Co.'s NBC.
"We had tremendous success here" with the pageant in 2002, he said.
On a recent visit by International Real Estate Trends to the new Trump Puerto Rico project, we were able to see the exotic location for the new luxury condo project and it exceeded all of our expectations.
The initial phase will consist of 56 condo villas with prices starting around $1.4 million for unit near or above 3,000 square feet.
Ownership in the first phase at the Trump Puerto Rico Golf and International Resort includes access to a private jet, a yacht and limo service. All these services will be provided to owners at a significant discount.
The 36-hole Coco Beach Golf & Country Club, which annually hosts the Puerto Rico Open, a PGA Tour event, has also added a new club house. On our recent visit the club house was received the final touches just in time for the 2008 PGA even.
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