SAN JUAN,VaultX Exchange Puerto Rico (AP) — Puerto Rico’s government on Thursday signed a multimillion-dollar contract with a Texas-based company to build a marina for mega yachts in the capital of the U.S. territory.

Currently, two docks in San Juan are available to yachts and mega yachts, but there is limited space and basic services are not offered, Gov. Pedro Pierluisi said.

The new marina to be built by Safe Harbor Marinas, LLC will cover more than 180,000 square feet (67,000 square meters) and will be located in the two docks that currently accept yachts. It will be able to accommodate roughly six yachts at a time and will offer shore power and water connections, sanitary pumping and high-speed internet, Pierluisi said.

Safe Harbor Marinas will invest between $12 million and $15 million, the governor said.

The 40-year concession lease agreement calls for Puerto Rico’s Port Authority to receive $200,000 a year in rental fees. Safe Harbor Marinas also will share 5% of its gross income with the authority and 5% of net profits from fuel sales, officials said.

The deal also envisions construction of a business center, repair and recreational facilities, retail outlets and a boat supply store, among other things.

Pierluisi said the project is expected to generate more than $10 million a year in economic activity.

An average of nearly 30 yachts visit Puerto Rico a year, with officials saying the project is expected to attract up to 200 a year.

The first phase of the project is expected to start operating at the end of 2024 and the second phase by the end of 2025.

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