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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