Government gives multi-million-dollar Pierhead Development Project construction approval

After more than 20 years in the making and a change of investors, the multi-million-dollar Pierhead Development Project in the City has been given the green light to start construction.

News of this came on Wednesday from Senior Minister of Infrastructural Projects and Town Planning Dr William Duguid.

When asked by Barbados TODAY for an update on the project, Duguid replied “they have permission”, though adding that he was not in a position at this stage to say when the ambitious venture will get off the ground.

While not singling out the Pierhead developers, he added: “I gave permission to so many people that don’t start. You’d be amazed…because two things happen – people run you down for the permission, get the permission, and then what happens is…they use the permission to go and get the financing.”

“The financers don’t give financing without permission. When they get the permission, then they now [have] to start the process that appropriately satisfies the financiers. So, I give permission, then there is a lag because financing then has to come in…. It’s just like when you are going to build a house. The bank is not looking at you until you can show that you have planning permission because they are not going to finance you building a house against planning permission and then nobody is better off. The same thing with a hotel,” the senior minister explained in an exclusive interview with Barbados TODAY.

When contacted, real estate mogul and one of the stakeholders in the project, Sir Paul Altman confirmed that planning approval had recently been given for the long-mooted development to begin. But he, too, could not yet say when it would start.

Last year, Sir Paul told Barbados TODAY the investors were ready to begin construction except for “all the legal and planning processes required by the government”.

The project is expected to revitalise Bridgetown, create new business opportunities for small entrepreneurs, boost the economy, and attract major investment to Barbados.

The managing director of Altman Real Estate has referred to the 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’ve 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.

The 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.

emmanueljoseph@barbadostoday.bb