by Linda Straker
- Mt Hartman Project one of 3 projects presently under construction
- CBI project that will cost US$2.9 billion will be constructed in 4 phases
- Project within land designated as a sanctuary for endangered Grenada Dove
The Chinese company investing billions in the Mt Hartman Resort project is expected to pay no less than US$55 million for ownership of the land, but they will not receive land ownership documents until all the money is paid to the Government of Grenada.
“I am relatively confident with the people there; they have already invested in an enormous sum. Government has received some serious money, at least US$20 million already that is cash in the bank for the sale of the land. We expect another US$35 million in the not too distance future,” Prime Minister Dr Keith Mitchell said during a special interview with journalists.
He did not provide the acreage of the land nor the timeline set for the final payment. An approved Citizenship by Investment (CBI) project that will cost US$2.9 billion will be constructed in 4 phases. It will include among other things, hotels and spas, health facilities, a shopping centre and a marina.
“They will not invest that kind of money and not stay because if they invest and not perform, they tend to lose those resources. They will not own the land until they make a complete payment.” The Prime Minister admitted that initially, he had some doubts because of the past history with that location and investors.
Several investors began working on that project which is in the southern peninsula within the land designated as a sanctuary for the endangered Grenada Dove. All projects failed to materialise the promised hotel property because investors encountered financial challenges.
Dr Mitchell said that currently there several activities ongoing on the project site which include engineering and survey work. “A lot of money is being spent there by the developers and we are confident, based on the research we have done, that the individuals do have the resources to meet their responsibilities,” he said.
The Mt Hartman Project is one of 3 major tourism development projects that are presently under construction. The government anticipates that these projects will play a significant role to propel employment during the construction phase as the country feels the negative fiscal effects of Covid-19.
Upon completion, it is also anticipated that these projects will lead to an increase in permanent employment for hundreds in the hospitality sector.
It would be great if these investors start to pay open invoices from their subcontractors. We are one of many that are waiting for it already for more than 3 years. What about credibility ?