The Navy shortly will convey two parcels totaling 2,036 acres at the former Naval Station Roosevelt Roads to the commonwealth of Puerto Rico via an economic development conveyance (EDC), a transaction that will mark the final property transfer at the base located on the island’s eastern tip.
Officials from the Navy and Puerto Rico have finished negotiations over the EDC and plan to complete the transfer later this month or in February.
The Navy had conducted public auctions for those parcels on two previous occasions, but neither attempt resulted in a suitable bid. The commonwealth will pay the Navy $8.5 million in 15 annual installments plus interest for the property, Thuane Fielding, the Navy’s base closure manager for Roosevelt Roads, told 360. The payments will not be due right away, however. The Puerto Rican government is scheduled to begin the payments after it finishes compensating the Navy for an EDC transfer conducted one year ago.
In exchange for that 1,370-acre transfer, the commonwealth will pay the Navy $8 million along with 40 percent of all real estate proceeds in excess of $56.8 million through September 2035.
When the transfer of the base is complete, the commonwealth will own almost all of the 8,700-acre property. The government plans to build a $2.5 billion eco-tourist and commercial destination over the coming decades. Redevelopment plans include a 2,500-room hotel, casino and entertainment complex, along with an airport and passenger-ferry terminal connecting the resort to Vieques and Culebra.
Corrected Jan. 8, 2013, 11:00 p.m.