Thursday, September 18, 2014

NY Developer to Invest $108 Million in Puerto Rico

Puerto Rico's government on Thursday announced the construction of a $108 million real estate project as the island tries to emerge from a nearly decade-long economic slump with help from U.S. investors. New York developer Nicholas Prouty, who recently moved to the U.S. territory, said his firm will build 252 new apartments as part of the third phase of a mixed-use complex considered the largest in Puerto Rico. His Putnam Bridge Holding LLC also will build 50,000 square feet (4,645 square meters) of commercial space, among other things.

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