Prime Minister David Thompson performing the groundbreaking at the 15-acre Port Ferdinand project yesterday morning with the assistance of JADA Building Inc. employee, Colin Bennett.
Marina expected to attract millions
12/12/2009
By Nicholas Cox
The 15-acre Port Ferdinand marina project in St. Peter will attract $750 million in foreign investment and provide 500 jobs while it is being constructed, and 300 when completed.
These new details on the development were revealed during a groundbreaking ceremony at the Six Men’s site yesterday morning, which was attended by Prime Minister David Thompson. Port Ferdinand, the island’s second private marina will have upon completion 120 berths, 96 condominiums in four different styles, it will be developed over a five-year period and the first units will be up for sale in 2012.
In terms of some of the difficulties being faced in the area, the Prime Minister noted, “Here in St. Peter we have the additional local challenges related to the unresolved ownership of property in Six Men’s village. I want to seize this opportunity to assure the neighbours of Port Ferdinand that my administration will renew its efforts to resolve this issue before this marina is completed. The Cabinet has already agreed to compulsorily acquire the area and will seek a planned development that is consistent with our development goals.” Thompson also said the developers planned to involve residents with discussions about the project.
He added, “Having taken into consideration all the factors related to this new development, I am proud to inform you that it is highly consistent with our vision for a Better Barbados.”
The Prime Minister then said the project was putting Barbados’ marine resources to good use, and noted that as the island becomes more crowded, we would have to look to the Caribbean Sea for solutions. He was pleased with the amount of foreign exchange, the expected diversification of the tourism product, as well as employment, especially for those with specialist skills in Barbados, that the project would bring.
The Prime Minister Thompson also lauded Jada Building Inc., which he described as a good corporate citizen, employing over 1 000 people, and a company that heeded his calls to consider layoffs as a last option. He noted, “Projects like this one will no doubt help it to ride out the recession and continue on its trajectory of growth. I would also like to stress that Jada will be carrying out extensive work to rehabilitate the sea shore along this stretch of the coast.”
Chairman of Port Ferdinand Barbados, Bjorn Bjerkhamn, who also spearheaded the creation of Port St. Charles and St. Peter’s Bay, thanked the other directors and shareholders – Philip Tempro, Gary Morse, and Sir Kyffin Simpson, for their contributions. Bjerkhamn noted of Morse, “At this time when investors are running for the hills, he is contributing to the economic well-being of Barbados, as well as helping us to keep more than 1 000 workers at Jada employed.”
He said the financing for the development and construction of Port Ferdinand would all be brought in from overseas, and together monies generated from the sale of units, $750 million would be added to the economy. Bjerkhamn also said that the project would seek to utilise local materials wherever possible, and would involve “major rehabilitation works to the seashore to stabilise and enhance it.”
He continued, “Our embarking on this venture at this time is an indication of confidence in the future of Barbados, which is one of the leaders in the Caribbean, due to our stable Government and their good economic management of the nation’s resources, which redound to the benefit of the business community in our island, and all who live in it.” The developer also called on businesses that did well in the boom years to invest some of this profit into the development of the island to ensure workers were not sent home and the development of Barbados continues.
