CATEGORY:INVESTMENT
-------------------------


By Trevor Thwaites
Inside Grenada correspondent
Monday November 20,2006



ST. GEORGE’S, Grenada - The $1.3 billion Port Louis Project - encompassing the Lagoon, Ballast Ground, areas around the Mount Pandy Beach, and parts of Belmont - is now officially underway.

Heavy duty equipment has started work on the project, expected to be completed in at least six years. Developer, Peter de Savary, and Tourism Minister, the Hon Brenda Hood, last week Saturday turned the sod, during a groundbreaking and tree-planting ceremony for the project at the Lagoon in Belmont.

Several dignitaries including Prime Minister Dr. Keith Mitchell, ministers of Government, opposition leader the Hon. Tillman Thomas, members of the Diplomatic Corp and leading business officials were on for the groundbreaking ceremony.

De Savary’s mother – 90-year old Vee Walters, wife Laurna and Stepfather John Walters were also present. De Savary, who outlined the project, said that he is working diligently to make it a flagship in the region. “I want it to be something that is talked about around the world”, he said.

With tourism the leading economic earner, competition has been fierce as countries attempt to develop top attractions and grab the competitive edge.

Noting this, De Savary is keen to make the Port Louis Project one of the hallmarks in the region - something truly special - “Action speaks louder than words and I have put my money where my mouth is”, he said.

The Project involves the construction of a 21st century Marina that will accommodate at least 300 of the worlds’ biggest yachts, a world class five star hotel with 125 rooms and a wide range of options for investors, travelers, holiday makers, yachtsmen and prospective homeowners.

De Savary is hopeful that with improved airlift into Grenada, the Project will have an international appeal. He also announced plans for the development of the Cinnamon Hill Hotel and Restaurant in Grand Anse and Mt Edgecombe in Victoria St Marks.

Over US$300 million are being spent on the Cinnamon Hill Project, which De Savary said, will be ready around April next year in time of the ICC Cricket World Cup 2007. It involves the renovation of some 22 villas.

The Billionaire Businessman said that he is very much impressed with the warmth and friendly attitude of the Grenadian people, which has given him the added confidence to move on and complete a successful project that will cater for all Grenadians. “It will be community oriented with the involvement of everyone”, he said.

Tourism Minister the Hon Brenda Hood, Finance Minister the Hon Anthony Boatswain and Prime Minister Dr Keith Mitchell, who spoke at the ceremony, welcomed the project.

The tourism minister described the project as a catalyst for the industry that was ravaged by Hurricane Ivan. She said that it will help to propel the country on the part to sustainable tourism development. She praised the developer for choosing Grenada.

Finance Minister Boatswain who spoke on behalf of the Prime Minister, who had problems with his voice, said that the project is a watershed in the country’s economic development. He indicated that it was happening is because of confidence investors have in the peace and stability of the country.

Dr Mitchell, who managed a few words referred to the project as a glorious opportunity that the country must harness. “We all must join together to make it work”, he said.

The project will be developed in stages with the Marina being the first part (due for completion expected in the two years). The villas, homes and shopping centres should in place by around the fourth and fifth years. According to plans the five star hotel that will replace the old Islander Hotel will be completed between the fifth and sixth year of the project.