As previously teased by Observer, the principal of Reuben Brothers, Jamie Reuben, has been building an “empire” of real estate on behalf of the family firm, including a $2.6 billion development in Puerto Rico, called Esencia.
Owned and developed by the real estate investment tycoons, Reuben Brothers and Three Rules Capital, more details of their grand plans for the oceanfront community have now been revealed.
As reported by Bloomberg, the project has been specially designed to make the most of the island’s west coast and Caribbean Sea views. Featuring both luxury hotel rooms alongside branded residences, the mixed-use Puerto Rico development will also come with a private airport, two golf courses, and a bilingual K-12 school.
With over 2,000 acres (809 hectares) of land to play with, Reuben Brothers’ and Three Rules Capital’s master plan for the development will include an equestrian centre, spa, beach club, and many more amenities.
In an emailed statement, Jamie Reuben outlined why Puerto Rico is the ideal location for the new cosmopolitan coastal community. He said:
“Puerto Rico, and its west coast specifically, is a beautiful and vibrant place and one of the most promising growth markets in the world,
“We saw an opportunity to make a transformative investment while creating thousands of jobs.”
As per the same Bloomberg source, Will Bennett, the co-founder of Three Rules Capital, said in an emailed statement:
“[Throughout the luxury residential and resort market], “the growing and resilient customer base has led to demand outstripping supply,
“This is particularly the case in Puerto Rico, with its local government’s success promoting tourism growth.”
According to Boutique Hotelier, no less than five hotels are slated to become part of this community, which has led Reuben Brothers to partner with a list of hotel operators including the Aman Group, Mandarin Oriental Hotel Group, and Rosewood Hotels & Resorts.
A five-phase plan, the first phase is expected to be completed three years after starting construction, with the Mandarin Oriental Esencia retreat set to open in 2028. The retreat will feature over 100 sea-view rooms and suites, 83 private villas, and 200 residences.
In a press release published by the global law firm, Taylor Wessing, it outlined how partners Edward Story and Richard Bursby, and Senior Associate Jack Wain, advised the Reuben Brothers and Three Rules Capital regarding their agreements with the aforementioned hotel operators.
Speaking of the luxury Puerto Rico project, Ed Story said:
“This is an incredibly exciting development in Puerto Rico and we are thrilled to have supported the developers opposite three ultra-luxury hotel and residence brands. We look forward to seeing the development progress over the next few years”.
Nikola Reid of RB Capital (a portfolio company of the Reuben Brothers) added:
“This is a transformative development plan for Puerto Rico. We are grateful to be working with Ed and the Taylor Wessing team as our trusted advisors. We look forward to working together on the next phase of this project.”
