Big push for US$1b Harmony Cove development to break ground in 2024
TOURISM MINISTER Edmund Bartlett has indicated that the US$1-billion Harmony Cove development is being fast-tracked and ground should be broken within the next 11 months for work to begin on the project.
Speaking with The Gleaner from Madrid, Spain, Bartlett said all indications point to a start of the Harmony Cove project in 2024.
“There are some details still to be worked out and while I cannot give a date for the groundbreaking, everything points to it happening this year,” he said.
The minister noted that the bulk of the investment funds will come from investors with a much smaller dollar amount coming from the Jamaican Government.
“I welcome the Harmony Cove project which, along with Pinnacle and other major investments in the tourism sector, will be transformative for Jamaica,” he said.
Christopher Anand, chief executive officer of Nexus Luxury Collection, said during a virtual town hall diaspora meeting hosted by Jamaica’s ambassador to the United States, Audrey Marks, that he also expects ground to be broken later this year for the project.
Anand said Harmony Cove will be situated on 2,300 acres of land in Trelawny, halfway between Montego Bay in St James and Ocho Rios, St Ann, and will be a partnership between Nexus Luxury Collection and the Government of Jamaica.
Anand said he had discussions last week with Prime Minister Andrew Holness, Finance Minister Dr Nigel Clarke and Bartlett on the project. He said the Government has given the assurance that it would undertake “certain work” that has to be carried out.
He added that, once the Government has completed the work it has to do, ground should be broken to begin construction.
According to Anand, the development will consist of a 26-storey hotel with 1,000 rooms and a 32,000 square foot full service casino. There will also be group and meeting rooms, an 18-hole championship golf course designed and developed by Tiger Woods, an entertainment music facility developed by Justin Timberlake, beach and marine activities, beachfront and pool.
He said the development would not be an all-inclusive concept but, rather, a family-oriented facility.
INITIAL PUBLIC OFFER
For financing, Anand said an initial public offer would be provided and Jamaicans will be able to purchase shares i n the development. This, according to Jamaican officials and the Nexus CEO, will be a way for Jamaicans to participate and build generational wealth moving forward.
“We want Jamaicans participating in this project and we believe that the best way is for them to invest in the project,” he said.
Anand said small investors would be the main focus for investment in the project.
He added that the project will employ some 4,000 Jamaicans at salaries much higher than what is currently being paid in the tourism industry in the island.
Anand further boasted that Harmony Cove will be a multi-phase development with phase one having a multibillion-dollar investment.
He pointed out that his company has similar projects in other locations including The Bahamas and New York in the United States.
“We are aiming to create the most large-scale resort destination in the Caribbean with this development in Jamaica,” he said as he indicated that Harmony Cove will be the third-largest resort destination in the world and will be environmentally friendly.
According to Anand, the aim is to divert from the all-inclusive concept and bring a different section of Jamaica’s tourism product to life.
Addressing diaspora participants and viewers of the town hall, he pointed out that Jamaicans overseas will also be able to invest in the project.
In the meantime, Bartlett told The Gleaner that he has signed three major agreements while in Madrid for tourism investments in the tourism sector.
These include the Palladium Development in Lucea, Hanover; a project in Richmond, St Ann, and another project in Trelawny.
The minister said that some 6,000 jobs will be created among the three projects with foreign investment of some US$2 billion.
According to Bartlett, these projects will result in high-end tourism products for the island.
He viewed all of the investments as a show of confidence in Jamaica’s economic viability.