A major luxury development valued at more than US$2 billion is moving ahead on Puerto Rico’s southwest coast after receiving approval for its master plan.

The development team behind Esencia, Reuben Brothers and Three Rules Capital, said construction is now poised to begin on the project, which will span more than 2,000 acres and include three miles of beaches overlooking the Caribbean Sea.

Esencia is expected to combine luxury hotels with fully serviced private residences, with Mandarin Oriental and Rosewood Hotels and Resorts among the hospitality brands involved. Additional partners are expected to be announced this summer.

The project is projected to generate more than 17,000 direct, indirect and induced jobs and contribute over US$7 billion in long-term economic activity.

Construction will begin with the first hotel, an initial collection of residences, resilient infrastructure and new amenities for the surrounding community. Formal sales are expected to begin in the fourth quarter of this year, with the first residents and guests anticipated to arrive in late 2029.

Once completed, Esencia is planned to include 500 luxury hotel rooms and suites and 1,200 private residences, including villas, homesites and condominium residences. Prices are expected to range from about US$2 million to more than US$20 million.

The developers said the project has already attracted significant interest from potential buyers, with nearly 70 per cent of inquiries coming from Puerto Rico.

Esencia is also being positioned as a major conservation and sustainability project. More than 75 per cent of the development will be dedicated to conservation, green space, recreation and community uses.

Plans include restoring more than 33 acres of wetlands, rehabilitating coastal dunes and mangrove ecosystems and expanding bird habitats.

Audubon International has accepted Esencia to pursue its Signature Platinum Certification, the organisation’s highest and rarest distinction. If completed as planned, Esencia would become the largest project of its kind to receive the certification.

The development will also feature its own renewable energy, water and other infrastructure, allowing it to operate independently from municipal systems.

The planned closed-loop water system will include stormwater capture and greywater recycling, while the development is designed to generate surplus power that can support Puerto Rico’s local electricity grid.

Esencia will include a seaside town centre with retail, restaurants and entertainment, as well as a bilingual K-12 private school, a 24/7 medical and wellness centre, an organic farm and a private airfield.

Residents and guests will also have access to two beach clubs, more than 20 miles of nature trails, a racquet and field club, an equestrian centre and two championship golf courses. One of the courses will be an ocean-view design by golf architect Rees Jones.

The master plan was developed by Puerto Rico-based Álvarez-Díaz & Villalón in collaboration with global landscape architecture firm EDSA.

Mandarin Oriental, Puerto Rico, which was previously announced, is being designed by Marcio Kogan’s Studio MK27.

Reuben Brothers principal Jamie Reuben said the developers want Esencia to showcase Puerto Rico’s natural beauty while preserving the area for the local community.

“Our ambition has always been to create a destination that celebrates the island’s extraordinary natural beauty and heritage, preserve it for the local community and strengthen its presence as one of the world’s most compelling destinations,” Reuben said.

Three Rules Capital CEO and managing partner Will Bennett said the project had been years in the making, with the developers focused on ensuring the development was carried out responsibly.

“This has been years in the making. As we look to the horizon, we always said we would only do this if we could do it right,” Bennett said.

Three Rules Capital chief operating officer and partner Roberto Ruiz Vargas said the project had undergone extensive research, community engagement and environmental and planning reviews.

Esencia will be located in Cabo Rojo, a coastal community known for its beaches, bioluminescent bays and stargazing.

The development is within driving distance of three international airports — Luis Muñoz Marín International Airport, Mercedita International Airport in Ponce and Rafael Hernández International Airport in Aguadilla.

The developers said the private airfield currently operating at Esencia is about a 20-minute air transfer from the San Juan metropolitan area.