In the 1950s, Laurence and David Rockefeller, two grandsons of the founder of Standard Oil, began sailing around the Caribbean, scouting for, buying up and developing massive properties. Though Laurence’s Caneel Bay resort on St. John was shuttered after Hurricane Irma in 2017, the other Rockefeller investments there—in Dorado Beach on the north coast of Puerto Rico, Little Dix Bay on Virgin Gorda, and two huge and hugely valuable private properties on St. Barthélemy, now all in other hands—remain, a testament to their wisdom, foresight, and desire to protect, sustain and profit from these stunning islands.
Now, a new wave of massive entrepreneurial investment in the region has begun. Two new projects, one at Boquerón Bay in Cabo Rojo near Puerto Rico’s southwest corner, another on two of the 365 islands and cays in the pristine Exuma archipelago of the Bahamas, both set to debut by 2028, are poised to emulate, if not surpass, the pioneering efforts of the Rockefellers.
Both are targeting the ultra-high-net-worth population of Palm Beach County, pitching ultra-luxe, ultra-private amenity-stuffed escapes just hours by yacht or jet from the east coast of Florida. And they’ve enlisted the heaviest of hospitality guns—Mandarin Oriental, Bulgari, Rosewood and Aman—to ensure those UHNW individuals take heed.
Yntegra Group, The Exumas
Most recently, Yntegra Group, a Miami-based development investment firm led by Felipe MacLean, a cannabis entrepreneur turned private equity investor with $3 billion in deployed capital, broke ground for the $200 million Rosewood Exuma on the 124-acre East Sampson Cay. Despite its ambitious size—a 33-bungalow hotel with 69 marina slips, including two for super-yachts, a 20,000 square foot wellness center, six restaurants and bars, a children’s club and a sports facility that will offer tennis, pickleball and padel courts—the project will leave half the island untouched, and boasts that the developed portions will blend in seamlessly through landscaping focused on native plants, including trees grown in a massive new nursery.
In 2029, the second phase of Yntegra’s effort will add a Bulgari Resort and Mansions project with 64 suites and seafront villas, and 48 private homes to 220-acre Cave Cay, a few islands to the south. It will also have a marina, dining, and a Bulgari Spa and wellness center.
Yntegra is doing all the right things to “set a global standard for responsible development,” says MacLean, by using renewable energy, seeking sustainability certification, creating hundreds of jobs and pumping hundreds of millions of dollars into the Bahamian economy. Those arguments were crucial to gaining approval for the project.
Mandarin Oriental, Puerto Rico
The same principals guide the developers of Esencia, a new 2,000-acre coastal community being developed by Reuben Brothers and Three Rules Capital. The Reubens are venture capitalists whose real estate portfolio includes London’s Burlington Arcade, Century Plaza in Los Angeles, New York’s The Surrey, the W in South Beach, the Vineta in Palm Beach, and La Palma on Capri. Three Rules has developed resorts and residential projects in Puerto Rico, Mexico, Hawaii, the Dominican Republic, Portugal and New York.
Esencia’s Mandarin Oriental will have 83 villas, 106 rooms and suites, many with outdoor spaces and plunge pools, five restaurants, a spa, a beach club, a Rees Jones golf course, and children’s and outdoor activities centers. The community’s modernist-style master plan, developed by the architects Álvarez Dias & Villalón, and the land use specialists at EDSA, also includes 200 apartments with hotel services near a town center. In later phases of the project, Aman and Rosewood also plan to open hotels at Esencia.
Like Yntegra, the Reubens and Three Rules are stressing their environmental ambitions, even applying for Signature Platinum Certification from Audubon International. Jamie Reuben promises “a significant investment” will be made, “ensuring every aspect of Esencia meets the highest sustainability standards.” But they also hope to make lots of money, too. Following the trail first blazed seven decades ago by the Rockefellers, Reuben calls Puerto Rico not just one of “the world’s most beautiful destinations” but also one of its “promising growth markets.”