{"id":182877,"date":"2026-04-01T23:45:12","date_gmt":"2026-04-01T23:45:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/182877\/"},"modified":"2026-04-01T23:45:12","modified_gmt":"2026-04-01T23:45:12","slug":"nyc-puerto-ricans-call-on-jpmorganchase-to-cut-ties-with-luxury-mega-resort-project","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/182877\/","title":{"rendered":"NYC Puerto Ricans Call on JPMorganChase to Cut Ties with Luxury Mega-Resort Project\u00a0"},"content":{"rendered":"<p>Outside the JPMorganChase headquarters in Midtown Manhattan, the original Puerto Rican national anthem\u2014created by Lola Rodr\u00edguez de T\u00edo in 1868 to mobilize Puerto Ricans against Spanish colonization on the island\u2014could be heard from the more than 150 demonstrators. Today, this song is not being sung to oppose past colonial subjugation, but to resist a modern-day colonial project funded by foreign corporations in New York City.\u00a0<\/p>\n<p>The Esencia mega-development is described as a \u201cnew residential and hospitality community set on the breathtaking western coast of Puerto Rico, spanning 2,000 tropical acres and 3 miles of pristine beachfront,\u201d according to the Esencia website. The 2,000 tropical acres that the site refers to are located in <a href=\"https:\/\/www.brikstravelguides.com\/puerto-rico-travel-guides\/the-ultimate-cabo-rojo-travel-guide\" rel=\"nofollow noopener\" target=\"_blank\">Cabo Rojo<\/a>, an area along the western coast of Puerto Rico that is home to protected dry forest ecosystems, public beaches, wildlife reserves, and a community that has recently contended with rising housing costs and fragile infrastructure.\u00a0<\/p>\n<p>The NY Contra Esencia coalition of environmental justice and Puerto Rican diaspora organizations mobilized to demand that JPMorganChase immediately rescind their financial support for the Esencia project on March 27. This demonstration was a part of a broader mobilization effort by more than 80 organizations from Defiende a Cabo Rojo Coalition (DaCR), consisting of Cabo Roje\u00f1o community members and other activists in Puerto Rico, and a growing movement spanning from the island to its diaspora in the United States.<\/p>\n<p>Jason Cruz, president of Victory in Puerto Rico, began the demonstration by announcing \u201cwe are all Cabo Roje\u00f1o today,\u201d as he asserted that Puerto Ricans in the greater diaspora must \u201camplify [the community of Cabo Rojo\u2019s] voices from right here, where the money is coming from to do this project.\u201d Davina Resto, a member of the Diaspora Pa\u2019lante Collective, echoed the importance of organizing in New York, as she relayed that \u201cthe diaspora is everything to Puerto Rico and [we often think about how] we\u2019re here in the belly of the beast.\u201d\u00a0<\/p>\n<p>The Esencia project was initially proposed in 2024 by the Reuben Brothers and Three Rules Capital as a $2 billion plan along Boquer\u00f3n Bay. In a statement by Defiende a Cabo Rojo Coalition, Jeremias Celde\u00f1o conveyed that \u201cthis private ultra luxury city would include 1,132 residences, priced between $2 million and $20 million, along with 520 hotel units, two golf courses, and multiple additional structures\u201d in \u201can area of great archaeological, cultural, and historical importance to our indigenous people, and to the working class of Cabo Rojo.\u201d\u00a0<\/p>\n<p>While the government-run Puerto Rico Tourism Company has approved almost $498 million in tax credits for the hotel component of the complex, these funds will not alleviate any of the water and electricity scarcity problems that are detrimental to the communities in Cabo Rojo, according to reporting from <a href=\"https:\/\/periodismoinvestigativo.com\/2025\/10\/esencia-residential-project-tax-breaks-puerto-rico\/#:~:text=The%20luxury%20residences%20at%20Esencia%20are%20being,coast%2C%20according%20to%20the%20project&#039;s%20website%20.\" rel=\"nofollow noopener\" target=\"_blank\">The Centro de Periodismo Investigativo<\/a>. Celde\u00f1o and Defiende a Cabo Rojo maintain that the \u201cproject would also divert water from residents, business owners, farmers, and fishermen who are already affected by water shortages in the region, [while exposing] communities to harmful toxins [and increasing] their vulnerability to climate change.\u201d\u00a0<\/p>\n<p>The NY Contra Esencia coalition contends that the development is projected to use up to 1.5 million gallons of fresh water every day.<\/p>\n<p>In a press release from NY Contra Esencia, the coalition contends that the development is projected to use up to 1.5 million gallons of fresh water every day, thus sparking concern over the availability of resources for the surrounding community of Cabo Rojo. Resto indicated that Cabo Rojo\u2019s can not handle this scale of development without having a detrimental effect on the existing community.\u00a0<\/p>\n<p>\u201cA huge mega-project like this is going to come and destroy 2,000 acres and suck up the water and energy from that small town. It\u2019s just gonna cause more havoc and displace more people and they don\u2019t want that, so the communities definitely don\u2019t support this,\u201d Resto said.<\/p>\n<p>This pattern of exploitation of resources and environmental degradation from foreign investors can be linked to various tourism projects in the Caribbean. One speaker, Pia, while reading from a statement by Climate Trace Puerto Rico, stated that the Esencia project is \u201cnot only extracting wealth, but they are extracting resources.\u201d\u00a0<\/p>\n<p>As Cruz led the demonstration from speaker to speaker, he declared that \u201cthe [days] of corporations of the United States bullying Puerto Rico [are] over because Puerto Rico is rising up.\u201d He then introduced Eric Ramos, a member of the Puerto Rican Independence Party, who grew up in Cabo Rojo. Ramos chose to address the crowd in Spanish, while he referred to the history of continual displacement and intrusion on Puerto Rico by foreign interests. He stressed that \u201cthe big interests are still there. And they are investors, they are lenders, and they are vultures.\u201d\u00a0<\/p>\n<p>Foreign investment in the Esencia project is concentrated in New York, including JPMorganChase and The Mandarin Oriental Hotel Group. Pia noted that NY Contra Esencia must be persistent in strengthening the coalition in New York City, in order to mobilize against the interests that are headquartered here. She indicated that the coalition will continue to align their action with \u201chow things [are moving] forward on the island, because that is where more momentum is, just given their proximity.\u201d\u00a0<\/p>\n<p>In regards to the coming months for the NY Contra Esencia coalition, Resto expressed that \u201cit\u2019s [going to] be really important to put a lot of pressure on political figures [in Puerto Rico] to stop the permits from going through,\u201d while \u201cshowing up at places, like JPMorganChase, who are financing projects like this.\u201d Though construction has not begun on the Esencia project yet, developers noted in their initial proposal for the site that they predict construction will be finished as soon as 2027.<\/p>\n<p>The demonstration Friday represents a part of the Defiende a Cabo Rojo Coalition\u2019s campaign for an \u201cPa\u2019 la Calle Contra Esencia\u201d march (out in the streets against Esencia). In Puerto Rico, Defiende a Cabo Rojo Coalition held their own national march in San Juan on Saturday, March 28.\u00a0<\/p>\n<p>As the Puerto Rican national anthem, La Borinque\u00f1a, echoed across the facade of the JPMorganChase building for a second time, the protesters raised their fists in solidarity with the community of Cabo Rojo against the Esencia project. The words of Lola Rodr\u00edguez de T\u00edo could be heard emanating from the crowd in unison: \u201cAwake from this dream, it is time to fight! \/ Despierta de ese sue\u00f1o, que es hora de luchar.\u201d<\/p>\n<p>The Indypendent\u00a0is a New York City-based\u00a0<a href=\"https:\/\/indypendent.org\/issue\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">newspaper<\/a>,\u00a0website and\u00a0<a href=\"https:\/\/soundcloud.com\/the-indypendent\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">weekly\u00a0radio show<\/a>. All of our work is\u00a0made possible by\u00a0readers like you. During this holiday season, please consider making\u00a0a\u00a0<a href=\"https:\/\/indypendent.org\/donate\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">recurring or one-time\u00a0donation<\/a>\u00a0today or\u00a0<a href=\"https:\/\/indypendent.org\/subscribe\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">subscribe<\/a>\u00a0to our monthly print edition and get every copy sent straight to your home.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Outside the JPMorganChase headquarters in Midtown Manhattan, the original Puerto Rican national anthem\u2014created by Lola Rodr\u00edguez de T\u00edo&hellip;\n","protected":false},"author":2,"featured_media":182878,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[98,100,99,9,24,63],"class_list":{"0":"post-182877","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-brooklyn","8":"tag-brooklyn","9":"tag-brooklyn-headlines","10":"tag-brooklyn-news","11":"tag-new-york","12":"tag-new-york-city","13":"tag-nyc"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/182877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=182877"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/182877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/182878"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=182877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=182877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=182877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}