One of Barbados’ leading real estate developers believes that repeated reviews and unwillingness on the part of authorities have led to a “paralysis” of the planned redevelopment of Bridgetown over the years.
However, Sir Paul Altman is warning that with what appears to be a pent-up appetite for investment, local authorities should move with haste in attracting investors and be timelier in handing down decisions.
Reintroducing a multi-million dollar plan that was touted some 15 years ago to revitalize the capital city, Sir Paul expressed disappointment that more work wasn’t done by successive governments to sustain the island’s heritage while focusing on better use and sustainability of the capital.
Sir Paul was addressing a webinar session on Friday under the theme Heritage: A Doorway to Regeneration.
The discussion was hosted by the Barbados Town Planning Society and formed part of its Bridgetown revitalization discussions.
Sir Paul told the online audience that while there had been a start to the redevelopment of Bridgetown with the Barbados Synagogue Historic District, plans for the redevelopment of the Old Carnegie Library, Roebuck Street, Marshall Hall on Hincks Street, the Pier Head, and a buildout of Pelican Island on the Harbour Road, remained at a standstill.
Singling out the Marshall Hall area, Sir Paul said despite several studies, mapping, analysis and meetings, he was disappointed that after putting planned redevelopment plans on pause as a result of the 2008 financial crisis, there was still very little attention being given to that plan over a decade later.
The Marshall Hall redevelopment, which carried a price tag of just over US$100 million, was to include townhouses, a one-stop-shopping area for Caribbean products, hotels, a park, offices and marina.
“This has to happen,” said Sir Paul.
Explaining one of the main reasons behind a stalled redevelopment of the Marshall Hall area was “paralysis by analysis”, Sir Paul said: “I don’t suggest that they don’t need to be analyzed, but too much of that repeated review and the unwillingness to make a start leads to this paralysis, and there was no one willing to pull the trigger.”
Pointing out that if the project had started when it was introduced it would have been completed by now, Sir Paul said such a development could have been done in phases, and once started, smaller ones would follow.
Pointing to what he said was a “re-imagined plan” for the waterfront in Bridgetown, Sir Paul said “If we could start with the Screw Dock or dry dock that would help to build momentum.
“We have an investor who is keen, who is seasoned and done this type of development in Ireland,” said Sir Paul.
“Beneath this slow recovery is a volcano ready to erupt. I am seeing this as people are getting a sort of pent-up energy to go out and do something. They are anxious, and Bridgetown is better positioned to take off now than it ever was,” said Sir Paul.
“The world of information technology, smart cities and remote office, will provide the energy to revitalize Bridgetown and all of Barbados. We are sitting on the cusp of this,” said the developer.
In relation to the build out of Pelican Island to accommodate a marina, shopping area, hotels and apartments, Sir Paul said the futuristic plan was shared with Prime Minister Mia Mottley and he believed it would happen.
“The only thing I would say we need to make everything happen is someone to write and sign the cheque. So let us continue to look for those people and push all of these projects from a planning point of view and developers point of view and I look forward to seeing a lot of these projects happening,” said Sir Paul.
Stating that Barbados needed to do more to encourage both local and international investors, he said he saw no reason Government should shy away from offering concessions, adding that “they are an important part of stimulating development”.
Meanwhile, Planning Consultant Richard Gill agreed that once major developments got underway other investments would follow. However, he said what was missing in Barbados was “an implementing agency” that would complement the Barbados Tourism Investment Inc. by “pulling things together and make sure that everything is working”.
“It won’t do anything that will hold it up and frustrate the investors and send them away, but be some sort of implementation agency, perhaps with funds from the government,” suggested Gill. (marlonmadden@barbadostoday.bb)
