"IN 2007, the Barbados Tourism Investment Inc. (BTII) continued its work with the private sector in developing its properties. Included on that list of properties was tender procurement for the Pierhead Development Project.
The Pierhead Development Project, which was conceptualised in 1999 and was estimated at $130 million, had a projected time frame of five to seven years with investors coming on board early in 2000.
However, in 2007, the BTII said it had initiated a BOLT [Built Operation Lease and Transfer] Tender Procurement Process during the period under review, with a view to finding a partner to assist it in the construction of the Marina component of the Pierhead Development Project.
This process was ongoing at the end of the reporting period.
In addition, BTII was continuing discussions with its private sector partners concerning the development of the land-based component of the project, following the signing of the Management Agreement with the Le Meridien Hotel chain..."
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Conceptualised in 1999 but in 2008 there is still nothing constructed on the site except a parking lot. Clearly the last government dropped the ball on this one. The new government has taken over at a time of tight credit which may take years to recover by which time their time in office may also be up. The only glimmer of hope for this project is that the land is now owned by Trinidadians who may bring more money, if not also urgency, to the table.
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