The project, which includes Mandarin Oriental and Rosewood hotels, is projected to create over 17,000 jobs.
The development team behind the Esencia project, made up of Reuben Brothers and Three Rules Capital, announced on July 31 that it had received official approval to proceed with a luxury tourism and residential destination on Puerto Rico’s southwest coast, representing a private investment of more than $2 billion. The roughly 2,000-acre project, located in the Boquerón neighborhood, will feature world-class hotel brands including Mandarin Oriental and Rosewood Hotels & Resorts — with additional partners to be announced — alongside 1,200 private residences and 500 luxury hotel rooms.
According to the company’s statement, the project will generate more than 17,000 direct, indirect and induced jobs and drive more than $7 billion in long-term economic activity, positioning it as one of the largest private developments in recent Puerto Rico history. The first phase includes construction of the first public beach accesses, amenities for the local community, infrastructure, the first hotel and the first residential collection. Formal sales begin in the fourth quarter of this year, with the first residents and guests expected by the end of 2029.
Market interest is already notable: roughly 70% of buyer inquiries received to date have come from within Puerto Rico, according to the company. Audubon International has also agreed to bring the project into its certification pipeline for “Platinum Signature” status, the organization’s highest and most exclusive global distinction — if completed, Esencia would be the largest project ever to achieve it.
“Our goal has always been to create a destination that celebrates the island’s extraordinary natural beauty and heritage, that preserves it for the local community, and that strengthens its position as one of the most attractive destinations in the world,” said Jamie Reuben, principal of Reuben Brothers.
Will Bennett, chief executive officer and managing partner of Three Rules Capital, added: “Today’s milestone is a vital step toward fulfilling the promise we made to the community, to our neighbors, to the environment, to our partners, and to the families who will one day call this place home.”
The master plan, guided by Puerto Rican firm Álvarez-Díaz & Villalón in collaboration with global landscape architecture firm EDSA, calls for more than 75% of the project’s 2,000-plus acres to be dedicated to conservation, green space and community use, including the restoration of more than 33 cuerdas of wetlands and the rehabilitation of coastal dunes and mangrove ecosystems. Esencia will also include a bilingual K-12 school, a 24-hour medical and wellness center, two sustainable championship golf courses — one designed by architect Rees Jones — an equestrian center, and more than 20 miles of nature trails. The project will run on renewable energy with its own water management infrastructure, designed to eventually generate surplus power benefiting the local electric grid.
Previously, in August 2024, the Puerto Rico Tourism Company had granted the project $497.6 million in tax credits as part of its tourism incentive strategy.
The project has faced opposition from community and environmental groups in Cabo Rojo, who have raised concerns about the use of protected land and water availability in the region; the developers maintain they have already completed the required public hearing process and will comply with the environmental conditions set by regulatory agencies.
