The private sector is continuing its effort to help quench Barbados’ thirst for investment.
As debate over the construction of a new Hyatt hotel in the heart of Bridgetown persists, real estate officials are searching far and wide for someone to acquire 32 acres of Christ Church land for $40 million.
BARBADOS BUSINESS AUTHORITY learnt that the beachfront property known as “The Fairy Valley Project” is located in the Paragon/Long Beach area is being sold with planning permission for a major tourism development.
The sale proposal, which has been circulated here and overseas, stated: “We are pleased to announce the sale of The Fairy Valley Project, Paragon, Christ Church which is currently approved to have a 350 unit hotel/resort plus multiple villas. The gradual slope of the 32 acres of beachfront land can allow all units to have direct ocean views.
“There is also the option of seeking approval for slot machines. The project owners are offering all 32-acres complete with architectural plans.”
In their sales pitch, the realtors told potential investors that “most exciting are the tax credits available for the building and ongoing operation of the project”.
“To entice developers, the Government is offering a 20 to 25 year ‘tax holiday’. That is, depending on the investment, the developers will have between 20 to 25 years to recuperate their expenses to build and run a resort or other development, before having to pay taxes,” they said.
The sales offer document added: “Many other successful resorts are built on the island, most notably Sandals, which is a few miles away, as well as Hilton, Radisson, and the Marriot. What makes this project so valuable is its location on Long Beach.
There was a public uproar about six years ago when private developers proposed the construction of a major development in the Chancery Lane/Long Beach area. It was to have included a beachfront hotel, villas, condominiums, retail shops but was eventually shelved after major opposition from some Government agencies, residents and other Barbadians who were concerned about its environmental impact. (SC)
