The government of St. Vincent and the Grenadines has granted an extension of three years to the developers of Black Sands Resort for their alien landholding license. This extension aims to facilitate the timely completion of the initial phase of the resort.
On September 7, at a parliamentary session, Minister of Tourism Carlos James delivered a report regarding the progress of the resort’s development.
PACE Developments, a Canadian investment company, initiated the project in 2017 but has failed to fulfill their commitment of completing any aspect of the resort within the anticipated construction period of 24 to 30 months.
Based on James’ account, the entirety of the project’s funding is being provided by a Canadian investor, with no financial contributions made by either the government or the residents of St. Vincent and the Grenadines towards the construction of the facility.
The concerns voiced by the Opposition Leader on the pace of building have been acknowledged and shared by the tourism minister, who has also communicated these issues to the investors involved.
“The three-year extension granted on the alien landholding license serves as a clear indicator to investors that they now have a three-year timeframe to effectively consolidate their resources in order to successfully accomplish the initial phase of this project”.
“The extension also takes into account the fact that the investors have already invested millions in Phase one of the project, which used local labor and materials obtained from local businesses. The technical officials on the construction site have informed us that they are currently building the road network and infrastructure around the villas, as well as looking into the installation of the windows and doors, which will be installed by a local company, Kendra’s Aluminum Products.”
James asserts that a multitude of projects, encompassing not only tourism but also any building endeavor with a pre-pandemic budget, have been adversely affected by supply chain challenges, escalating material and transportation expenses, and inflationary pressures. “It is well recognized among individuals of sound judgment that any budget created before the occurrence of the epidemic and the Russia-Ukraine situation necessitates a reassessment and revision”.
“We accept that there have been challenges, and we are working closely with developers to provide them with local support to alleviate some of their concerns,” James said.
“By and large, they have recalculated the cost in terms of the investment on the project, and they have more or less given the government a report about new financing, and they are hoping to see the completion of this project”, the minister stated.
