Cabinet grants Prospect Reef developers ‘extension’ till March
What remains of the Prospect Reef Resort on Tortola. (BVI News photo)
While there is no visible progress in the redevelopment of the state-owned Prospect Reef Resort, discussions are apparently still being had between government and the agreed developers, ICA (BVI) Group Corporation.
Their latest discussion appears to be in relation to a request from the developers for government to grant them an ‘extension’.
That is according to government’s report on a ‘special meeting’ held by Cabinet on November 30. The report didn’t specify what exactly was being extended.
The report said: “Cabinet decided that, in accordance with the recommendations of the Premier and Minister of Finance, the request by ICA (BVI) Group Corp for an additional extension of nine months from June 30, 2018, to March 31, 2019, be granted with respect to Prospect Reef Resort.”
In July last year, the developer signed a $90 million agreement to redevelop the government-owned resort.
Components of the project include the construction of 150 rooms, condos/townhouses, a marina, conference centre, parking lots, a dolphin attraction, infinity pool, salt water pool, and villas.
The redevelopment promises hundreds of jobs, the government has said.
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Who is ICA (BVI) Group Corp. ? Sounds sleazy
The government is in dire need of offices and an Admin building. It is the ideal location to construct a secondary Admini building besides the main one on Wickams Cay. This will certainly reduce government expenditure on renting office space. It will be a centralized area to find most government departments rather than inquiring where to find such and such a government dept, office etc with ample parking. It is already government owned. No sense risking money in a project that has a greater chance of failing rather than being a success. Most importantly it is PRIORITY that is needed and not a want.
You sound so stupid! Is that the highest and best use for that site? No vision at all! I can see that you would even put agriculture down there.
That’s a great suggestion!
Why would people who are fiscally responsible take waterfront property to use for government buildings. How stupid can you be. You use waterfront property for its highest and best use. In other words for you dumba***s, you use it to generate income. The present government building should be knocked down and made available to a viable (non local developer) to create shops, hotel and condos that would generate money and add to tourism. This Territory is sinking and you all instead of trying to keep it floating add boulders to help it sink faster
and it will be given to the investment club just before election
So the taxpayer will be responsible to pay $ 90 Million to the developer to rebuilt a white Elephant. The contracts are already signed so just wait for the amount the BVI-taxpayer will have to pay for breach of contract as soon as they find a way to not develop and blame the Government. Obviously the company does not have the money to do the development otherwise they would not have asked for an extension. Anybody investing any money will want at least a 5 % yearly return on their investment how is this place going to make a profit or 4.5 Million a year??? Inquiring mind wants to know.
That guy is famous for not delivering developments. Basic reasearch tells you this. If pier park cost what it cost, there’s no way a decent development is going there for 90m. Get a proper seasoned developer in with proper management to de,iced a world class modern facility. Doesn’t need to be massive but something tastefully BVI that we can be proud of and will stand the test of time. Something to showcase understated luxury and lead in sustainability, for visitors and residents alike.
Thankfully, many persons in this country do not share similar views like ” Dimwit”, or else only whites and their lofty ideals of development would be dotting our shorelines.
Thankfully, there are enough of us who still own oceanfront properties in this country and have realized the need to preserve such for future generations and not for fleeting illusions of wealth.
Many of those who were a pound foolish and a penny wise did just that-sold their lands- and their heirs are now struggling to own lands whiLe possessing very little,if any, monetary gains!
Hmmm,,, sounds like a BVI Investment Club initiative. Be careful what you ultimately get.