Investors have no word on when long-awaited Pierhead project can begin

Uncertainty now surrounds the start of the highly-anticipated multi-million-dollar Pierhead Development Project that was slated to begin this year.

Real estate mogul Sir Paul Altman, one of the key stakeholders in the project that has been in the pipeline for the past 20 years, indicated on Wednesday that the developers were ready to get the venture off the ground but for “all the legal and planning” processes required by Government.

When Prime Minister Mia Mottley addressed the official opening of The Golden Square Freedom Park in The City in November last year, she indicated that both the proposed mega Pierhead venture and the Hyatt Resort should commence this year.

But neither Sir Paul nor Senior Minister responsible for Infrastructural Projects [Town Planning] Dr William Duguid was willing to suggest a possible start date for The City project that is expected to revitalise Bridgetown, create new business opportunities for small entrepreneurs, boost the economy, and attract major investment to Barbados.

“It is the same old, same old. It is taking longer than expected to get all your planning permission and so on. So we are just pushing ahead day by day with all of the various legal planning et cetera,” Sir Paul told Barbados TODAY when asked for an update.

Asked for an approximate start date for the undertaking, the businessman replied: “If you can tell me how long the government department takes to process and how long it takes to do the Environmental Impact Assessments and Social Assessments, with this assessment and that assessment…if you can answer those questions for me, I will give you the answer from my side. Those are the missing parts.”

“There is nobody keeping it back. It is following the regular process. That’s the best I could describe it,” said the managing director of Altman Real Estate who referred to the proposed scheme as Limegrove Lifestyle Centre on steroids.

“Over 80 per cent of the perimeter of that property is waterfront. So you would assume that if you got 80 per cent of the boundary being water that a lot of water comes into play. So you have boats, a beach, savannahs with a beach restaurant…. Fifty per cent of the people who will come there will come by water taxi and boat,” the prominent real estate developer said in identifying some of the features of the Pierhead Project.

Minister Duguid to get a status report on the long-mooted investment initiative, he disclosed that much work still had to be done within his Ministry before approval could be granted.

“The project is going through the planning process and with large developments, impacts on many things have to be considered – everything from demolition to construction has to be considered,” he declared.

“We are working on it to facilitate as best we can, the project in its entirety.”

Asked specifically if he expected construction to commence before year-end, Duguid responded: “Cannot say at this time. But I am working on it.”

The theme for the overall project is live, work, and play.

The ambitious venture had envisioned an expansive marina for luxury yacht owners and an accompanying condo facility, luxury branded stores, bars, entertainment facilities, and a hotel complex.

It is set to encompass about 10.8 acres comprising lands from Fort Willoughby, proceeding westward, including the Dry Dock, along the Wharf, along the Chamberlain Bridge, Cavan’s Lane, and on to Bay Street and up to Parfitt Alley.

Most of the store operators along the Lower Bay Street stretch and in the complex on Cavans Lane that houses more than a dozen small shops of varying types reported only hearing either rumours or news through the “grapevine” about the project. However, there were mixed feelings regarding the impact the initiative was likely to have on their businesses.

One businesswoman on Lower Bay Street welcomed it and its economic spinoffs for her craft shop operation and the country as a whole.

However, the owner of a nearby business complained that the closure of the car park to make way for the venture would create even more headaches in Bridgetown, which is already starved of adequate parking spaces.

Just across the road on Cavans Lane, a female employee of a souvenir shop said she knew her employers would close the store’s doors, and lamented that all the businesses in the complex would likely follow suit.

Another worker at a nearby store that had been in business for some 20 years, was unsure of her future with the company should the owner reopen elsewhere or be given an opportunity to be integrated into the upcoming project.

Recently, the Massy Store at the Pierhead closed down to pave the way for the scheme.
emmanueljoseph@barbadostoday.bb