Following the Legislative Assembly’s approval of a reform to the Atlantic Coast Port Administration and Economic Development Board (JAPDEVA), president Laura Fernández signed the law last week allowing the authority to establish partnerships for infrastructure projects, including the planned Limón marina and cruise terminal.
The legislation provides the legal framework to advance the waterfront development in Puerto Limón, which is expected to feature a marina for 120 vessels and a dedicated cruise terminal capable of accommodating two cruise ships at the same time, with capacity for around 10,000 tourists.
The wider development is planned to include hotels, restaurants, shops and markets along the waterfront. It is expected to attract more than $850 million USD in investment, while the construction phase could generate more than 20,000 direct and indirect jobs.
As reported by The Tico Times, partnerships under the law may have terms of up to 50 years and involve public and private partners, including international companies, for projects involving infrastructure, tourism, commerce, research, technology and services. The agreements must also contribute 1.5 percent of gross revenue towards supervision and monitoring.
The plan is expected to align with broader provincial initiatives, such as welcoming international flights, building a new hospital for Limón, developing a jetty at Ubita Island and using maritime-terrestrial zone concessions to attract hotel developments.
