Prospect Reef rehabilitation stalled because of legal concerns
Premier Andrew Fahie said the government has been unable to progress with the Prospect Reef Resort due to some legal concerns.
Fahie said the nature of the legal issues means he cannot disclose the specificity of the situation; however, he hopes this is the final hurdle in the situation.
“Prospect Reef seems to be an entangled weave. Every time you straighten out one thing with Prospect Reef another thing comes up. I say that in that parable because there are other legal concerns that have been raised lately,” the Premier said.
“I don’t want to say too much until we pass that hurdle which hopefully would be our last hurdle with Prospect Reef. We have made great progress although it doesn’t look that way in terms of physical movement there was a lot of legal entanglement and measures that we had to passed regarding Prospect Reef. Hopefully, this is the last one,” Fahie added.
The Premier said if this issue is the final hurdle, then residents will hear more on the direction the government will be taking with the resort.
Fahie also used the opportunity to praise the board that was put in place for what he considers outstanding work.
“I do commend the board for all that it has to do because the work the board has done is not one that we can publicise given that it was more of a legal nature with the legal issues that were involved with Prospect Reef in some areas. However, we will get there, just as we got there with the Elmore Stoutt High School,” the Fahie said.
Back in 2019, the newly minted Premier and Minister of Finance during his 2020 budget presentation had pledged to breathe new life into the resort, which was devastated by the hurricanes, before he his tenure as Premier ends.
Fahie said getting the state-owned resort back into operation would increase the territory’s room availability for tourism purposes.
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Sell this albatross. God knows the BVI needs the money. This is a business the government knows nothing about…
Leave resort management to professionals. Let them buy the place and sink or swim on their own.
This is another distraction, focus on schools and hospitals please. That’s what the real people here need.
Perhaps that’s the idea. Who wants to buy property steeped in legal entanglement? Get that sorted then sell it. Right now it’s not marketable.
Make the touch decision
Prime land, possibly the very best location close to town for a hotel or resort or up-market condos.
But why would an investor get involved when it’s already been sold to numerous Time-Share owners?
Even if this is resolved, what would be the cost to level the area and build something special with its own marina? Then there’s the red-tape, waiting months for approval, planning permission, trade license, work permits…. and so on.
The poor governance here will scare off the serious investors we desperately need and it’ll eventually be picked up at a bargain price well positioned locals.
An outside investors business now has to be over 50% BVIslander owned. It has to be agreed first by an investment committee, with full disclosure of the investors accounts. If they get approved, then they will be permitted to apply for a Trade Licence (Having already given away their entire buisness idea and strategy) and then see if they are approved. (Or if someone else now uses the idea.) Then if the business is successful before they can sell the business they have to seek approval. Scare off? no need to scare off? No one in their right mind would embark on such a foolish investment which they may or may not ever be able to cash in. IT is so ridiculous. They have also helped by streamlined and simplified investment by turning what was a very tedious one step process in to a now committee dependent two step process. Time to step forward BVI Investors no one else coming any time soon.
all the outside investors need is a website and good PR to fool our credulous government into giving taxpayers millions all over again.
Maybe Andrew and the company will buy it.
A prime location simply gone to waste
Legal Concerns ? Were they concerned when they stole the property from the time share holders years ago ?
Maybe the people who are behind the company who sold the time-shares should use their other properties to transfer the time-shares to.
D** eyesore in town
Govt screwed a lot of time share owners out of their investments and then ran the place into the ground. Another of Nature’s Dirty Secrets. Scumbags.