The Navy last week transferred 992 acres at the former Naval Station Roosevelt Roads to the commonwealth of Puerto Rico via an economic development conveyance (EDC).
The EDC agreement, reached in December, calls for the Navy to convey a total of 1,370 acres at the 8,700-acre base located on the eastern tip of Puerto Rico. In exchange, 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. The remaining 378 acres will be transferred to the LRA as the Navy finishes remediating the property.
The commonwealth plans to turn the property into an eco-tourist and commercial destination. The handover will achieve the island’s goal of creating jobs and spurring economic growth in the towns of Ceiba and Naguabo, and the eastern region of Puerto Rico, which were most severely harmed by the base’s closure, said Jaime López, the LRA’s interim executive director, according to a written statement.
The Navy now has disposed of more than 65 percent of the naval station. On Feb. 13, the Navy plans to begin a public auction of two parcels at the base totaling 2,036 acres.