Puerto Rico announces plans for $350 million housing, commercial development near capital

SAN JUAN, Puerto Rico – Puerto Rico’s governor says private investors will help build a $350 million housing and commercial complex near the capital of San Juan.

Alejandro Garcia Padilla said Wednesday that more than 180 homes will be built in the north municipality of Guaynabo along with a 350-hotel room and a convention centre, among other things.

He says the project will take up to 10 years to complete and will create more than 5,800 jobs.

The announcement comes as Garcia seeks to boost the island’s economy as the U.S. territory enters its eighth year in recession.