Work is underway to build a new road to the site of a future five-star resort development in Bodden Town. Government and the developer were on hand this morning to mark the latest milestone in the years-long efforts to bring the Beach Bay project, now known as St. James Point, from concept to reality.
The metaphor of a long road was not lost on attendees.
At the junction of past and future for the St. James Point development, premier Alden McLaughlin looked back at the path that paved the way to today.
“It took us almost two years to come to an agreement with the group about what the concessions package should look like and what the project should look like but I believe that that time has been time well spent, and now we are in a position where the project can move forward swiftly,” said Mr. McLaughlin.
As crews begin to smooth the dirt along the new road, more than $50 million have been spent on the project to date, and another $200 million more are expected to be pumped into the economy by the end of the project’s first phase.
“This will bring significant employment to Cayman, not just during the construction stage, but it is estimated that there will be more than 375 jobs created as a result of the development of the hotel and condominium infrastructure,” said the Premier.
Mr. McLaughlin told Cayman 27 and other media at Thursday’s (10 March) press event that the investment will be a major boost to the economy as a whole. He estimates the GDP will see a 2% bump just from the Beach bay project.
He said it’s welcome news for the eastern districts, and told Cayman 27 it justified government’s giving up of 25 million in concessions to the developers.
“Government has given considerable concessions to the developers because we believe in the importance on this project, not just for the Cayman Islands as a whole, but particularly the development of the eastern districts, and the development of the tourism infrastructure in the eastern districts,” said Mr. McLaughlin.
The hope is, the roadway will be free of obstacles for the St. James Point project, and it will deliver on its promise of jobs and government revenues for decades to come.
Government said the project is a success story of its go east initiative. The resort hopes to be open for business by the fall of 2018.