Josefina Vino y Cocina opens in Montehiedra after $325K investment – newsismybusiness.com
Josefina Vino y Cocina, a new restaurant featuring a menu of international dishes and a lineup of fine cocktails, recently opened in the Montehiedra sector of San Juan, restaurant and municipal officials confirmed.
The restaurant entailed a $325,000 investment in improvements to the property, purchase of furniture and equipment, among others, and received incentives from the San Juan Municipal government.
The new venture will generate 38 jobs initially, with an expectation of reaching 55 in the next five years.
Through the “Emprendimiento Capital” program, the municipality granted incentives to the property for being within the San Juan city limits, Mayor Miguel Romero said.
“We’re excited to come to the commercial area of Montehiedra, to sign another incentive decree that not only made the opening of this restaurant and the creation of 38 jobs possible, but also strengthens and diversifies the gastronomic offer in this busy area in our city,” Romero said.
“We’re confident that this restaurant will continue to grow hand in hand with the residential and business community that welcomes them with the same optimism that we welcome them in the Municipality of San Juan,” he added.
Romero’s municipal administration has signed 13 decrees that have translated into a combined $9.6 million in private capital investment.
“In addition to all the indirect and induced economic activity that all this investment fosters, with this new decree there are already 446 new jobs created, which undoubtedly has a positive effect on the economy and business ecosystem in San Juan,” Romero said.
The Municipality of San Juan’s Economic Development Code allows it to impose, through ordinance, lower property tax rates than those generally established by law. It also provides that property taxes may be exempted, when the type of business or industry to which the property is dedicated, or its geographical location, merits it, he said.
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