Puerto Rico's Manufacturing Renaissance:
Building the Next Generation of American Industry
Every crisis creates an opportunity to rethink the future.
When the COVID-19 pandemic disrupted global supply chains, it exposed the risks of relying on overseas manufacturing for products critical to national security and public health. At the same time, it highlighted Puerto Rico’s unique strategic advantages. With more than seventy years of manufacturing expertise—particularly in pharmaceuticals, medical devices, biotechnology, and advanced manufacturing—the island was uniquely positioned to play a larger role in strengthening America’s domestic supply chain.
That realization became one of the central themes explored in my book, Why Puerto Rico Now: A Masterplan for Resurgence, Resiliency, and Long-Term Economic Growth. While unprecedented federal reconstruction funding and competitive tax incentives have helped accelerate Puerto Rico’s recovery, long-term prosperity cannot depend solely on disaster relief or temporary incentives. Sustainable economic growth requires a diversified economy built upon innovation, manufacturing, entrepreneurship, technology, and private investment.
One of the leaders helping shape that conversation is Robert Crager, whose decades of experience in Puerto Rico’s manufacturing sector provide a unique perspective on the island’s future. In this interview, we discuss Puerto Rico’s historic role as a manufacturing powerhouse, the opportunities created by the reshoring of critical industries, workforce development, and why advanced manufacturing continues to be one of the island’s greatest competitive advantages.
As Puerto Rico enters a new era of investment, manufacturing represents far more than an economic sector—it is a foundation for resilience. Combined with growth in hospitality, technology, renewable energy, life sciences, and infrastructure, manufacturing has the potential to help create a more diversified and self-sustaining economy capable of generating prosperity for generations to come.
The conversation with Robert reinforces a simple but powerful idea: Puerto Rico’s greatest opportunities lie not only in rebuilding what existed before, but in creating an economy that is stronger, more innovative, and more globally competitive than ever before.
Adam Greenfader Releases Why Puerto Rico Now: A Masterplan for Resurgence, Resiliency, and Long-Term Economic Growth
A forward-looking vision for Puerto Rico’s economic future through resilience, innovation, and sustainable development.
MIAMI, FLORIDA — November 2, 2022 — Real estate developer, author, and Caribbean thought leader Adam Greenfader announces the release of his new book, Why Puerto Rico Now: A Masterplan for Resurgence, Resiliency, and Long-Term Economic Growth—a comprehensive vision for building a stronger, more resilient, and globally competitive Puerto Rico.
Rather than focusing solely on recovery from past crises, the book presents a long-term strategy for transforming Puerto Rico into one of the Caribbean’s leading centers for innovation, hospitality, manufacturing, renewable energy, entrepreneurship, and sustainable economic development.
The inspiration for the book is deeply personal.
Having lived in Puerto Rico for twenty-five years, Greenfader experienced firsthand the island’s extraordinary resilience through economic recession, hurricanes, earthquakes, and the COVID-19 pandemic. The fifth anniversary of Hurricanes Irma and Maria served as a reminder that rebuilding cannot simply restore what once existed—it must create a stronger foundation for future generations.
“The question is no longer how Puerto Rico recovers,” says Greenfader. “The question is how Puerto Rico can emerge as one of the most innovative, resilient, and economically competitive jurisdictions in the Americas.”
Drawing upon more than three decades of experience and participation in over $2 billion of residential, hospitality, and mixed-use development projects throughout Puerto Rico and the Caribbean, Greenfader explores the opportunities created by federal reconstruction investment, strategic tax incentives, advanced manufacturing, technology, hospitality, renewable energy, and the island’s unique position as a bridge between the United States, Latin America, and the Caribbean.
The book argues that while federal recovery funding and investment incentives have accelerated Puerto Rico’s economic momentum, lasting prosperity will depend upon creating a diversified economy driven by private investment, entrepreneurship, innovation, education, and sustainable development.
Throughout its chapters, Why Puerto Rico Now presents practical ideas alongside bold long-term concepts designed to stimulate discussion among business leaders, policymakers, developers, entrepreneurs, investors, students, and members of the Puerto Rican diaspora.
The book is intended not only for the more than three million people who call Puerto Rico home, but also for the millions of Puerto Ricans living throughout the continental United States who remain deeply connected to the island’s future. It also serves as a resource for investors, entrepreneurs, developers, and business leaders exploring opportunities within one of the Caribbean’s most dynamic economies.
Adam Greenfader officially launched Why Puerto Rico Now during the Puerto Rico Builders Association’s Annual Convention in San Juan, bringing together leaders from government, finance, construction, hospitality, and real estate to discuss the island’s next chapter of economic growth.
Today, the book continues to contribute to conversations surrounding Puerto Rico’s future through conferences, universities, investment forums, industry organizations, and thought leadership initiatives throughout the Caribbean and the mainland United States.
About the Author
Adam Greenfader is Chairman of AG&T, a Miami-based real estate development and capital advisory firm specializing in hospitality, residential, mixed-use, and island developments throughout Puerto Rico, the Caribbean, and Latin America. Founded in 1998, AG&T has participated in more than 55 development projects with an aggregate value exceeding $2 billion.
A recognized speaker on Caribbean real estate, hospitality investment, resilience, and economic development, Greenfader has organized numerous investment conferences and educational forums designed to strengthen economic ties between Puerto Rico, the Caribbean, and the U.S. mainland. He previously served as Chair of the Urban Land Institute Caribbean Council and has been an active member of the Puerto Rico Builders Association since 1993.
Greenfader earned a Master of Real Estate Development degree from the University of Southern California, a Bachelor of Arts in Government from Clark University, and completed studies at the Université de la Sorbonne in Paris. He is also an accomplished photographer, author, and mentor to graduate students in the University of Miami Master of Real Estate Development + Urbanism program.
His work continues to focus on resilient communities, regenerative hospitality, sustainable development, and creating long-term economic opportunities throughout the Caribbean.
AG&T Supports the Next Generation of Women Leaders in Real Estate
At AG&T, we believe that the future of the real estate industry depends on cultivating diverse leadership, encouraging entrepreneurship, and creating opportunities for the next generation of professionals. These principles have guided our work for decades and remain central to our culture.
As part of that commitment, AG&T was honored to participate in the Urban Land Institute (ULI) Women’s Leadership Initiative (WLI) event, “Developing Your Entrepreneurial Leadership,” held in downtown Miami at Stantec’s offices.
The half-day program brought together accomplished developers, architects, entrepreneurs, and emerging industry leaders for an afternoon focused on leadership, mentorship, and professional growth. Organized by ULI WLI, the event featured three interactive components: a panel discussion, a live business case study, and speed networking sessions designed to foster meaningful industry connections.
Leadership Through Experience
The program opened with welcoming remarks from Lisa Neumayer, Chair of ULI Women’s Leadership Initiative, who recognized the importance of creating platforms where women can learn from experienced industry professionals while building valuable relationships.
The keynote panel featured three distinguished entrepreneurs:
Arden Karson, Karson & Company
Adriana Jaegerman, Stantec
Jay Massirman, Rivergate Companies
The discussion was moderated by Adam Greenfader, Chairman of AG&T, who guided a candid conversation on the realities of entrepreneurship and leadership. Topics included building successful companies, balancing professional and personal commitments, learning from setbacks, developing resilience, mentorship, and creating greater opportunities for women to thrive as entrepreneurs and industry leaders.
The discussion emphasized that successful leadership extends beyond financial performance—it requires curiosity, adaptability, collaboration, and a commitment to helping others succeed.
Encouraging the Next Generation of Entrepreneurs
One of the highlights of the afternoon was an interactive case study featuring Amanda Staerker, who presented her vision of transitioning from landscape architecture into the development of boutique hospitality projects throughout the Caribbean.
Participants and industry experts collaborated in reviewing her business strategy, offering practical advice on refining her development vision, strengthening her expansion plan, and positioning her concept for long-term success. The session demonstrated the value of mentorship and the willingness of experienced professionals to invest their time and knowledge in emerging entrepreneurs.
Building Meaningful Connections
The program concluded with speed networking roundtables, allowing participants to engage directly with panelists and fellow professionals. These conversations created opportunities for mentorship, collaboration, and the exchange of ideas across multiple disciplines within the real estate industry.
AG&T extends its appreciation to Sydney Ramirez, Senior Director of ULI Southeast Florida/Caribbean, Lisa Neumayer, Stantec, and the entire ULI Women’s Leadership Initiative team for organizing an outstanding program dedicated to advancing women in commercial real estate.
AG&T’s Commitment to Women’s Leadership
Supporting women in leadership is not a one-time initiative for AG&T—it is a long-standing commitment that is reflected throughout our work, our partnerships, and the organizations we support.
Throughout our history, AG&T has actively participated in programs that promote mentorship, professional development, and greater representation of women across the real estate, hospitality, finance, and development industries. We believe that diverse perspectives produce stronger projects, more resilient organizations, and better communities.
As a firm that develops projects throughout the Caribbean, we recognize that the most successful developments are built not only with capital and expertise, but with inclusive leadership that empowers talented professionals to reach their full potential.
Founded in 1998 and headquartered in Miami, AG&T has advised on and participated in more than 55 real estate development projects across Puerto Rico, Sint Maarten, Costa Rica, Panama, Mexico, the Dominican Republic, and other Caribbean markets. Beyond development and advisory services, AG&T remains committed to advancing industry leadership through education, mentorship, and collaboration with organizations such as the Urban Land Institute.
Why Puerto Rico? A Global Destination for Hospitality, Tourism, and Investment
Discover Puerto Rico Tourism video (2:45 s) highlights Puerto Rico’s unique selling proposition for tourism in 2022 and beyond. Interviews with Adam Greenfader of AG&T and Federico Stubbe of PRISA Group discuss the island’s rich culture, robust infrastructure, great airlift, and other benefits such as Federal tax incentives. Watch the video to learn how you can be part of Puerto Rico’s booming hospitality and tourism industry.
Puerto Rico has entered one of the most dynamic periods in its modern history.
Long celebrated for its vibrant culture, stunning natural beauty, and strategic location in the heart of the Caribbean, the island has evolved into something even more compelling: a world-class destination for tourism, hospitality investment, and economic development.
To highlight this transformation, Discover Puerto Rico, the island’s official Destination Marketing Organization (DMO), produced a short video featuring industry leaders discussing the factors driving Puerto Rico’s remarkable growth. Joining the conversation were Adam Greenfader, Chairman of AG&T, and Federico Stubbe, President of PRISA Group, two long-time advocates for Puerto Rico’s hospitality and real estate industries.
The discussion explores why Puerto Rico is uniquely positioned to attract both visitors and investors.
Unlike any other Caribbean destination, Puerto Rico combines the lifestyle and natural beauty of the Caribbean with the legal protections, financial systems, and business certainty of a U.S. jurisdiction. This unique combination has helped the island attract international hotel brands, institutional investors, entrepreneurs, manufacturers, technology companies, and a growing community of business leaders seeking long-term opportunities.
A Competitive Advantage Unlike Anywhere Else
Puerto Rico’s investment story extends far beyond its beaches.
The island offers one of the most comprehensive business ecosystems in the Caribbean, supported by:
A robust U.S. legal and financial framework.
A highly educated and bilingual workforce.
Modern highways, ports, airports, and telecommunications infrastructure.
More than 20 direct destinations served by excellent airlift to the continental United States, Latin America, and Europe.
Competitive tax incentives supporting manufacturing, export services, hospitality, and new business investment.
A mature banking system and access to U.S. capital markets.
Combined with its strategic geographic location, these advantages position Puerto Rico as a natural gateway between North America, Latin America, and the Caribbean.
Hospitality Leading the Way
Tourism continues to be one of Puerto Rico’s most important economic engines.
Record visitor arrivals, expanding air service, increasing hotel occupancy, new luxury resorts, branded residences, and significant private investment have reinforced the island’s position as one of the Caribbean’s fastest-growing hospitality markets.
Yet Puerto Rico’s appeal extends well beyond leisure travel.
Visitors increasingly come to experience the island’s rich culinary scene, music, history, outdoor recreation, wellness experiences, cultural festivals, and entrepreneurial energy. This diversification has helped create a more resilient tourism economy capable of supporting long-term investment.
Public and Private Sector Collaboration
One of Puerto Rico’s greatest strengths has been the collaboration between the public and private sectors.
Created in 2017, Discover Puerto Rico has played an instrumental role in repositioning the island within the global tourism marketplace through innovative marketing, strategic partnerships, and destination branding. By working closely with government agencies, airlines, hotel operators, tourism stakeholders, and the private sector, the organization has helped elevate Puerto Rico’s international visibility while supporting record tourism performance.
Developers such as PRISA Group have also contributed significantly to this transformation. For more than three decades, PRISA has developed sustainable residential communities and luxury hospitality projects throughout Puerto Rico, demonstrating how thoughtful planning and long-term investment can strengthen both communities and the visitor experience.
AG&T’s Perspective
For more than three decades, AG&T has had the privilege of participating in Puerto Rico’s evolution.
Our work has extended beyond real estate advisory services to include market research, investment strategy, hospitality consulting, educational programming, and thought leadership designed to strengthen Puerto Rico’s connections with investors, developers, lenders, and institutional capital throughout the United States and internationally.
We believe Puerto Rico’s greatest opportunity lies not simply in recovering from past challenges, but in building a more resilient, diversified, and globally competitive economy.
Hospitality plays a central role in that vision.
It creates jobs, attracts international investment, supports local businesses, enhances infrastructure, and showcases Puerto Rico’s extraordinary culture to millions of visitors each year.
The future of Puerto Rico will be built through collaboration among government, private enterprise, developers, investors, entrepreneurs, and communities working toward a common goal.
This conversation with Discover Puerto Rico and PRISA Group reflects that shared commitment—and our collective belief that Puerto Rico’s best chapter is still ahead.
We invite you to watch the video and discover why so many investors, developers, and hospitality leaders believe that Puerto Rico’s time is now.
Why Puerto Rico? Understanding the Island's Unique Investment Advantage
The Puerto Rico Investing Mastermind brought together investors, entrepreneurs, developers, attorneys, tax professionals, and economic development leaders to explore the opportunities reshaping Puerto Rico’s economy. Hosted in Condado, San Juan, the program focused on the island’s unique investment advantages, including its strategic relationship with the United States, Act 60 tax incentives, Qualified Opportunity Zones, real estate development, and emerging business sectors.
The program featured presentations and discussions led by Adam Greenfader, Chairman of AG&T; Ashley Tison, Opportunity Zone attorney and national expert; Brett Siglin, real estate investor and educator; Brian Bourgerie, entrepreneur and investor; Kathryn Morea, Puerto Rico business strategist; Joel Berrocal, economic development professional; Michael Gay, CEcD, economic development executive; Samira Yassin, CPA, Esq., tax and legal advisor; and Veronica Montalvo, business and investment advisor. Together, the speakers provided a multidisciplinary perspective on why Puerto Rico has become one of the most compelling investment destinations under the U.S. flag and how public policy, private investment, and entrepreneurship are helping shape the island’s next chapter of economic growth.
Puerto Rico occupies a unique position unlike anywhere else in the Caribbean.
As a U.S. territory, the island combines the legal certainty, financial framework, and market access of the United States with the strategic location, climate, and lifestyle of the Caribbean. This distinctive combination has made Puerto Rico one of the region’s most compelling destinations for business expansion, hospitality development, manufacturing, technology, and real estate investment.
These themes formed the basis of a recent Puerto Rico Investing Mastermind, where investors, entrepreneurs, developers, and business leaders came together to explore the opportunities shaping the island’s next chapter of economic growth.
Rather than focusing solely on individual investment opportunities, the discussion centered on a broader question:
Why is Puerto Rico attracting increasing attention from investors across the United States and around the world?
A Strategic Bridge Between the U.S. and the Caribbean
Puerto Rico offers advantages that extend far beyond its tropical setting.
Operating under the U.S. Constitution, federal banking regulations, intellectual property protections, and established legal framework, the island provides investors with a level of certainty that is difficult to replicate elsewhere in the region.
English and Spanish are widely spoken, the workforce is highly educated, and businesses benefit from direct access to the U.S. financial system while operating in one of the most strategically located jurisdictions in the Caribbean.
For companies serving both North American and Latin American markets, Puerto Rico functions as a natural gateway between the two.
A Competitive Tax Environment
Puerto Rico has also developed one of the most comprehensive economic development strategies in the United States.
Through Act 60, the island offers targeted incentives designed to encourage export services, advanced manufacturing, technology, research and development, hospitality investment, and new business formation. These incentives have helped attract entrepreneurs, investment managers, family offices, technology companies, and professional service firms seeking to establish long-term operations on the island.
The objective has never been simply to reduce taxes.
It has been to create jobs, diversify the economy, stimulate private investment, and encourage innovation across multiple industries.
As Puerto Rico continues to evolve, these incentives remain an important component of a broader economic development strategy focused on long-term competitiveness.
One of America’s Largest Opportunity Zone Markets
Another distinctive advantage is Puerto Rico’s extensive network of Opportunity Zones.
Approximately 98% of the island has been designated as Qualified Opportunity Zones, creating one of the largest concentrations of Opportunity Zone investment opportunities anywhere under U.S. jurisdiction.
These areas encompass urban redevelopment districts, waterfront communities, hospitality destinations, mixed-use projects, industrial properties, and significant portions of the island’s residential and commercial real estate market.
For developers and long-term investors, the Opportunity Zone program has provided an additional incentive to deploy capital into projects that contribute to economic revitalization while benefiting from favorable federal tax treatment.
Combined with local incentives, this creates a uniquely attractive investment environment.
More Than Tax Advantages
While incentives often attract initial attention, they are rarely the sole reason investors choose Puerto Rico.
The island offers a combination of characteristics that continue to drive long-term investment:
A highly educated bilingual workforce.
Strong manufacturing and life sciences sectors.
Expanding technology and innovation ecosystems.
Modern airports, ports, and telecommunications infrastructure.
World-class hospitality and tourism.
Access to U.S. capital markets.
A growing entrepreneurial community.
An exceptional quality of life.
Increasingly, investors are choosing Puerto Rico not simply because of tax policy, but because they recognize the island’s long-term economic potential.
A New Generation of Investment
Over the past decade, Puerto Rico has experienced the emergence of a new generation of entrepreneurs, investors, and business leaders.
Technology companies, digital asset firms, investment managers, manufacturers, hospitality operators, healthcare providers, and family offices have joined long-established local businesses in helping diversify the island’s economy.
At the same time, significant federal infrastructure investment has accelerated modernization efforts across transportation, energy, water systems, housing, and public facilities.
Together, these trends are creating one of the most dynamic investment environments in the Caribbean.
AG&T’s Perspective
Having worked in Puerto Rico for more than three decades, AG&T has witnessed the island’s remarkable evolution firsthand.
Our experience spans residential communities, hospitality developments, mixed-use projects, institutional advisory assignments, and strategic planning initiatives across the island.
Throughout that time, one lesson has remained constant.
Puerto Rico’s greatest strength is not any single incentive program. It is the combination of its people, its strategic location, its legal and financial framework, its entrepreneurial culture, and its unique relationship with the United States.
Those advantages cannot be replicated elsewhere in the Caribbean.
As Puerto Rico continues to strengthen its economy and expand its global connections, we believe the island is well positioned to become one of the leading destinations for investment, innovation, and sustainable development throughout the Americas.
The opportunity extends far beyond tax incentives.
It is about participating in the long-term transformation of one of the Caribbean’s most resilient and promising economies.
In this interview with the Mortgage Bankers Association of Puerto Rico (MBA), Adam Greenfader, Chairman of AG&T, shares his perspective on the economic trends that were beginning to reshape Puerto Rico’s real estate market and why the island was entering a new cycle of investment and development.
As Puerto Rico emerged from one of the most challenging periods in its modern history, leaders from the island’s housing and financial sectors gathered to discuss the outlook for residential development, mortgage lending, and economic growth.
While the conversation originally focused on the twelve-month outlook, many of the themes discussed remain highly relevant today.
A Market Entering a New Cycle
Several powerful forces were converging to support Puerto Rico’s economy.
Historic levels of federal reconstruction funding were beginning to flow into infrastructure, housing, and public works. Private investment was increasing as entrepreneurs, manufacturers, hospitality companies, and technology firms expanded their presence on the island. At the same time, Puerto Rico’s competitive tax incentives and strategic position as a U.S. jurisdiction continued to attract new residents and businesses.
Together, these factors created renewed confidence in both the residential and commercial real estate markets.
Housing as an Economic Multiplier
One of the central themes of the discussion was the importance of housing.
A healthy housing market extends far beyond homeownership.
Residential development supports employment across construction, architecture, engineering, finance, legal services, manufacturing, retail, and countless local businesses. Every new home generates economic activity while helping strengthen communities and improve quality of life.
As Puerto Rico continues to modernize its infrastructure and attract new investment, the demand for quality housing remains one of the island’s most significant long-term opportunities.
The Role of Responsible Mortgage Lending
The Mortgage Bankers Association of Puerto Rico has long played an important role in promoting responsible lending practices, professional education, and sound mortgage underwriting throughout the island.
By bringing together lenders, financial institutions, regulators, and housing professionals, the Association helps strengthen confidence in Puerto Rico’s housing finance system while encouraging sustainable homeownership and responsible access to credit.
Strong financial institutions are essential to supporting long-term residential growth, particularly as new investment continues to enter the market.
Looking Beyond the Recovery
The discussion also emphasized that Puerto Rico’s future cannot depend solely on federal recovery funding.
While reconstruction dollars have accelerated economic activity, lasting prosperity will ultimately be driven by private investment, entrepreneurship, innovation, manufacturing, tourism, and continued confidence in Puerto Rico’s business environment.
Housing will remain one of the cornerstones of that growth.
As more families, professionals, entrepreneurs, and investors choose Puerto Rico, the need for resilient communities, quality residential development, and well-capitalized lending institutions will continue to expand.
AG&T’s Perspective
For more than three decades, AG&T has worked alongside developers, lenders, investors, and public agencies throughout Puerto Rico and the Caribbean, helping structure residential, hospitality, and mixed-use developments that contribute to long-term economic growth.
Our work has reinforced a simple principle:
Healthy housing markets are built on more than favorable interest rates.
They require confidence in the economy, responsible lending, thoughtful planning, resilient communities, and collaboration between the public and private sectors.
Puerto Rico possesses all of the ingredients necessary to support that long-term vision.
We invite you to watch this conversation with the Mortgage Bankers Association of Puerto Rico as we discuss the forces shaping the island’s housing market and why we believe Puerto Rico remains one of the most compelling real estate opportunities under the U.S. flag.
Global Capital Meets the Caribbean: A Conversation with Andrew Farkas
One of the Urban Land Institute Caribbean Engagement Committee's primary objectives has always been to connect Caribbean leaders with some of the world's most influential investors, developers, and visionaries. By creating these conversations, AG&T and ULI seek to bring global perspectives to the unique opportunities and challenges facing island economies.
As part of this initiative, Andrew Farkas, Founder, Chairman, and CEO of Island Capital Group, joined the ULI Caribbean Roundtable as the keynote luncheon speaker in a conversation moderated by Adam Greenfader, Chairman of the Caribbean Engagement Committee and Chairman of AG&T.
A Pioneer in Modern Real Estate
Andrew Farkas is widely recognized as one of the pioneers of modern institutional real estate investing.
He founded Insignia Financial Group, transforming it into one of the world’s largest publicly traded real estate services companies. Following its merger with CB Richard Ellis (now CBRE), the combined organization became the largest owner and operator of multifamily housing in the United States, managing approximately 275,000 apartment units and more than 200 million square feet of commercial real estate.
Today, through Island Capital Group, Mr. Farkas has built a diversified investment platform spanning hospitality, commercial real estate, financial services, infrastructure, and marine assets.
Its affiliated companies have included C-III Capital Partners, NAI Global, and Island Global Yachting (IGY Marinas)—the world’s leading owner, operator, and developer of luxury marinas, with a portfolio stretching across the Caribbean, North America, Europe, and the Middle East.
Why the Caribbean Matters
Few regions are better positioned to benefit from long-term global trends than the Caribbean.
The discussion explored how hospitality, marinas, mixed-use developments, infrastructure, and experiential real estate continue to attract sophisticated investors seeking destinations with strong long-term fundamentals.
Drawing on decades of investment experience, Mr. Farkas shared insights into what institutional capital looks for when evaluating opportunities, emphasizing the importance of quality sponsorship, disciplined planning, resilient infrastructure, and projects capable of creating lasting economic value.
The conversation also highlighted the growing convergence of hospitality, residential living, wellness, yachting, and lifestyle experiences that increasingly define luxury destinations throughout the Caribbean.
Investing Beyond Buildings
One of the themes that resonated throughout the discussion was that successful development extends beyond physical real estate.
Communities thrive when investment creates jobs, expands opportunity, improves infrastructure, and enhances quality of life.
Mr. Farkas has long supported initiatives that combine commercial success with broader social impact, including affordable housing, environmental stewardship, education, and community development.
His perspective closely aligned with AG&T’s long-standing belief that responsible development should generate both financial returns and lasting benefits for the communities it serves.
AG&T’s Perspective
For AG&T, bringing leaders such as Andrew Farkas to the Caribbean conversation reflects our commitment to connecting regional stakeholders with global expertise.
Over the years, AG&T has organized and moderated discussions with some of the world’s leading investors, hotel executives, financial institutions, government officials, architects, planners, and development professionals.
These conversations are more than industry events. They create opportunities to exchange ideas, strengthen relationships, and introduce global best practices that help shape the future of Caribbean real estate, hospitality, and infrastructure.
As the Caribbean continues to evolve into an increasingly sophisticated investment destination, dialogue between regional leaders and global capital will remain essential.
By fostering those conversations, AG&T continues its mission of helping build a stronger, more resilient, and more prosperous Caribbean.
The Governor of Puerto Rico Pedro Pierluisi made the historic announcement at The Puerto Rico Symposium in Miami that Puerto Rico was officially out of bankruptcy. The message was well received by over 250 industry leaders from both the public and private sectors. The event was organized by The Urban Land Institute South East Florida / Caribbean and The Puerto Rico Builders Association.
Governor Pedro Pierluisi makes historic announcement
The Symposium was kicked-off by Scott McLaren, President ULI SE Florida / Caribbean. Scott spoke about the longstanding relationship and collaboration between ULI and the Puerto Rico Builders Association. He highlighted the work on the ULI National Advisory Services Panel on social, economic, and physical resilience in Toa Baja, Puerto Rico. https://seflorida.uli.org/toa-baja-puerto-rico-panel/
Scott Maclaren finished his remarks by recognizing Vanessa de Mari, the new President of the Puerto Rico Builders Association and the first women president in the organization’s 70 year history. The Symposium was dedicated to this historic accomplishment. In attendance were some of Puerto Rico’s top government leaders. This included the Honorable Pedro Pierluisi, Governor of Puerto Rico, Manuel Laboy, COR3 Executive Director, Maretzie Diaz, Deputy Director PR Housing Department CDBG-DR, Natalia I. Zequeira, Commissioner of Financial Institutions, and in attendance, the Secretary of Housing of Puerto Rico, William Rodríguez Rodríguez. The keynote address by the Honorable Pedro Pierluisi, Governor of Puerto Rico’s highlighted the island’s economic accomplishments, the end of Puerto Rico’s population exodus, and the conclusion of the bankruptcy which was officially announced the day of the Symposium.
In the private sector, Ricardo Alvarez-Diaz, CEO, Alvarez-Diaz & Villalon discussed some of progress of the island’s rebuilding after the 2017 hurricanes Irma and Maria. The reconstruction of the island was a constant theme throughout the day with specific examples of over 900 started projects.
The first panel, “Why Puerto Rico: Stories of Success, was a testament to the resiliency of the development community. Moderated by Andrew Carlson, SVP Country Manager, of JLL the discussion highlighted the historic growth of the island’s hospitality sector with the construction and/or renovation of over 3,000 new room keys from El Conquistador, Grand Reserve (formerly known as Coco Beach), Sheraton, AC , and many others. The panel included Federico Sanchez, President & CEO, Interlink Group.
Dan Kodsi, Brad Dean, Rafael Rojo, Andrew Carson
Dan Kodsi, CEO, Royal Palm Companies, Rafael E. Rojo, President & CEO, VRM Companies. Also in attendance was Brad Dean, CEO, Discover Puerto Rico who highlighted the island’s impressive tourism growth (ADR and occupancy rates) during the Covid 19 pandemic and new expansion of tourism throughout all U.S. feeder markets.
As Puerto Rico seeks to build back its tourism and other industries, the financial sector will invariably play a major role. One of the goals of the Puerto Rico Symposium was to facilitate the conversation of growth in both traditional banking as well as new Fintech, IFEs, and other debt/equity players. Natalia I. Zequeira, Commissioner of Financial Institutions, explained the ease of regulations and process for new financial institutions as Puerto Rico shares many of the same regulations of the U.S. states on the mainland. Ms. Zequeira also mentioned that International Financial Entities (IFE) can now participate in special opportunity projects.
Michael McDonnell, Executive Vice President, First Bank, that recently re-opened its construction division, was bullish on the island’s economic prospects and announced that the Puerto Rico will achieve positive economic growth (GDP) this year– something it has not done in over a decade. Banesco USA announced the U.S. Department of the Treasury, will invest more than $8.7 billion through ECIP in institutions across the country – Banesco USA is the only bank recipient located in Florida or Puerto Rico.
Over the last few years, we have all hear about the 80 billion dollars of relief aid that has been allocated to Puerto Rico and is coming. In the “Myth versus Reality panel: Federal Funding Opportunities on The Island,” moderator Ella Woger Nieves of Invest Puerto Rico helped lift-up the proverbial transparency veil. Manuel Laboy, the COR3 Executive Director spoke with detailed facts of the funding by agency with FEMA authorizing 5 billion for temporary work, 21 Billion for 9,000 permanent projects and 800 that are currently under construction today. He also discussed the next wave of over 900 projects that are currently under engineering and design. Much of this work will be channeled through CDBG-DR and the PR Housing Department. Maretzie Diaz, the Deputy Director PR Housing Department, explained the process for companies wanting to participate in the island’s rebuilding of housing and infrastructure. Mahdu Beriwal, Owner/founder of EIM provided first-hand knowledge of the rebuilding work in Puerto Rico.
Adam Greenfader, Ricardo Alvarez-Diaz, Pamela Pautenade, Vanessa de Mari, Alfredo Martinez, Emilion Colon
Keynote Speaker Pamela Pautenade, Ex. Deputy Secretary of HUD, was also on hand to share her experiences about the collaboration with the Puerto Rico Builders Association during the 2017 hurricanes crisis. In a moving conversation with Ricardo Alvarez-Diaz, Mrs. Pautenade explained the dedication of the island’s public and private sectors and dispelled any rumors about misuse of relief funds.
Andrew Farkas, Adam Greenfader
Puerto Rico, like much of the Caribbean is in the process of bouncing back from the Covid 19 pandemic. Adam Greenfader, who chairs the ULI Caribbean Council had a high level sit down conversation with keynote Speaker Andrew Farkas, CEO Island Capital Group. The conversation was focused on social equity and specifically what role the financial sector has in supporting the region with a particular focus on sustainability, ESG, and helping economic migrants return back to their island homes.
In the last few years Puerto Rico has become known as blockchain capital of the world. While thousands of tech savvy individuals have moved to the island to take advantage of federal tax incentives they have inadvertently created a new economic driver for the Puerto Rico.
In our “Fintech & Financial Innovation panel in Puerto Rico, Moderator Nathan Whigham, Founder & President, EN Capital discussed the growth of this huge industry. Rodrick Miller, CEO, Invest Puerto Rico, explained what his group is doing to change the paradigm in Puerto Rico from selling tax incentives to focusing on the island’s quality of labor, education system, and proficiency in bio science and other innovations. Stephen Inglis, CEO, Importal explained his new portal to monetize tax credits and Yael Tamar, CEO & Co-founder, SolidBlock explained how her company is integrating real estate and blockchain.
After a marathon day of conversation it was amazing to see the room still full for our last panel “Growth Industries and Tax Incentives” moderated by Carla Campos and an all-star team including Jorge Ruiz Montilla, McConnel Valdez, Francisco Luis, of Kevane Grant Thornton and Rogelio “Roy” Carrasquillo, of the Carrasquillo Law Group. In this panel, specific programs like the Tourism Tax Incentive were explained in detail and there was robust conversation regarding how these incentives have created new jobs in manufacturing, life sciences, construction, and agro-science.
On behalf of all of us at the Puerto Rico Builders Association and The Urban Land Institute SE Florida/ Caribbean, thank you to all of the people and sponsors that made The Puerto Rico Symposium possible. We are all hopeful that together both the public and private sector can create long lasting sustainable economic growth.
For more information about investing in Puerto Rico visit our web site or contact us.
Last week The Puerto Rico Builders Association held its 70th year conference in San Juan Puerto Rico. The historic event was inaugurated with a conversation on Financing the Next Great Economic Construction Boom. The panel included Michael McDonald, Executive Vice President and Group Director at Firstbank, Luis Alemañy President and CEO at the Economic Development Bank of Puerto Rico, and Eric Delgado Business Banking Relationship Manager at Acrecent Financial Corporation and Adam Greenfader, Managing Partner at AG&T.
It was clear from the conference panelists, that after more than fifteen years of stagnate growth, Puerto Rico appears ready to build back better. Billions of dollars of FEMA and CDBG-DR funds are being allocated in what will be the largest government funding program in US history. While much of the Federal funds will be used to subsidize projects, the group was in agreement that there is a huge need for private investment and capital to bridge the financing gapMichael McDonald, Executive Vice President and Group Director at Firstbank, made the historic announcement that the bank is opening up its construction division. Several members from the newly formed team were present in the packed room including Carlos Navarro and Mei Li Tsai Rivera. “There is no better indicator of an economy that is ready to grow that when a bank reopens its construction division”, quoted Alfredo Martínez-Álvarez, Jr., Chairman of the Puerto Rico Builders Association.
Equally promising, Luis Alemañy President and CEO at the Economic Development Bank of Puerto Rico, was asked about the much awaited CDBG-DR funding. Mr. Alemañy explained that the Economic Development Bank of Puerto Rico has already started allocating over $225 Million dollars to small entrepreneurs. The group was especially receptive to the fact that the grants are being disbursed in $50,000 tranches and does not require repayment.
Since 2008, Puerto Rico has gone from twelve financial institutions to less than four. Eric Delgado Business Banking Relationship Manager at Acrecent Financial Corporation, sees a new role for niche lenders filling that gap in Puerto Rico. He specifically discussed how Acrecent can play a role in funding new construction projects. “We are able to get to funding much faster than traditional banks and also have the capacity for higher loan to coast ratios. Both Firstbank and Acrecent mentioned that capital is seeking anywhere from 25%-35% of project equity.
“As Puerto Rico gets ready to build thousands of much needed homes, critical infrastructure and other key projects, it will be up to both private and public institutions to step up and provide the much needed capital and leadership”, quoted Adam Greenfader of AG&T. All of the panelist were in agreement that the island in the next few years is ready for strong growth. They specifically mentioned that in addition to the more than 8 billion dollars of Federal Grants, Puerto Rico has one of the most robust tax incentives and credit programs in the world. The hospitality incentive with a 40% tax credit was specifically highlighted as a very strong component of any capital stack today.
