WHILE it is a shame Chinese investor Grant Shang appears to have pulled out of his deal to buy the Port Douglas Marina, there is still plenty to look forward to with the future development of the site.
All indications suggest current owner Meridien has other potential suitors in the wings and there is still the possibility Mr Shang will return to the negotiating table.
But even if nothing eventuates, Meridien has only one month to accept the State Government’s offer to pay millions of dollars to convert the land into freehold or else run the risk of it going to open tender.
The development of the marina is the type of cataclysmic development our region needs to instil confidence and provide employment.
As an added bonus, all money raised by the State Government with the sale should be diverted to the Waterfront development in the future.
While Mr Shang’s attempted purchase fell over in the due diligence process, his enthusiasm to get involved in the first place shows there is reason for optimism.
The Federal Government’s changes to the visa scheme to encourage wealthy overseas investors to pour their substantial resources into large-scale projects might just end up being the clincher which kickstarts our revival.