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by pltm
(PLTM) - The government is waiting on the developers of the Prospect Reef Hotel before any work is done on the establishment. The hotel sustained damage during the passage of hurricanes Irma and Maria.
The developers are the ICA (BVI) Group Corp, who had agreed in 2017 to pump $90M into the project.
Premier and Minister of Finance, Hon. Dr. D. Orlando Smith was asked if government would start repair works on the hotel before the redevelopment project commences.
“We have an agreement with that group to do the development, so they have some prerequisites and so they are working on those,” he told the media last week.
He added, “And as soon as they are ready with those, then we will be able to move in and do reconstruction and rehabilitation of the resort.”
He said essentially, the ICA group is pursuing their end.
On July 7 of last year, government inked an agreement with the corporation to allow for the project.
Premier Smith had stated that government in 2005 saw the need to continue with the development of the Territory’s tourism product and financial services, and the purchase of Prospect Reef gave the government an opportunity to move in that direction.
At the signing, Managing Director of ICA (BVI) Group Corp, Mr. Ali Nawaz Shaikh said it was a long road of negotiations with the government.
He had indicated that works had started and a team, including architects, engineers and master planners, were scheduled to visit the Territory at the end of July 2017.
The components of the project include the construction of 150 rooms, condos/town houses, marina, conference centre, and parking lots. There will also be dolphin attraction, infinity pool, salt water pool and villas.
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