The Norman Island development project which is being signed from an agreement between the government and local company, Audubon Holdings Limited, is slated to have a cost that is upwards of $200 million.
“It isn’t really a budgeted figure,” noted German-American businessman Dr Henry Jarecki, who owns Norman Island and who is the board Chairman of Audubon Holdings. He said the cost of the development will largely be dependent on the state of the economy over the next few years.
The businessman was speaking on Thursday at the agreement signing between government and Audubon, which is a local real estate holding and development company.
The project will see the development of three potential 20 to 30-room hotels and will provide ownership opportunities for 75 to 100 residences.
Development will also include the addition of another restaurant on the island, a floating pool, a beach bar, a water sports centre, as well as a spa, an observatory, and boat slips for day visitors and residents.
Still environmentally conscious
Though a variety of facilities are being introduced to the privately-owned outer island, developers have noted that it will all be done in an environmentally conscious way.
Developers also said they anticipate that more than half of the island will remain as ‘green space’ so that Norman Island’s natural beauty and resources such as its popular caves are preserved.
“This project offers an exciting opportunity to create hundreds of business opportunities and good jobs and establish a model for environmentally sustainable development. We are committed to making sure this project benefits all the people of the BVI,” Dr Jarecki said.
Premier Dr D Orlando Smith, who was one of the signatories for local government, said the development agreement marks what he described as “an exciting time for the BVI and its resurgence in the tourism industry”.
“As we continue to re-introduce and re-invent our tourism products and services, it is imperative that we take the necessary steps to ensure that we create products that are environmentally sustainable and attractive to our residents and visitors alike,” Dr Smith said.
The first phase of the project may begin sometime next year.
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