Premier: Prospect Reef Developer By Early 2027; Other Major Developments In Pipeline

A developer for Prospect Reef is expected to be identified in early 2027, while other major tourism developments are in the pipeline, Premier and Minister of Finance Dr. Natalio Wheatley has said.

Responding to questions in the House of Assembly last week, the Premier outlined the next steps for the redevelopment of Prospect Reef but said he could not give a completion or opening date.

The target to identify a developer falls in the first quarter of 2027, an election year, although negotiations, planning approvals and financing would still have to be completed before construction could begin.

Cabinet has endorsed recommendations from the Prospect Reef Management Company to proceed with proposals. The Government is preparing to issue a request for proposals to investors shortlisted through an earlier expression-of-interest process.

“Our objective is a high-quality hotel with proper conference facilities,” the Premier said, explaining that the property should serve tourism alongside the territory’s legal, financial services and business travel markets.

A land issue had slowed progress. He said he had initiated a process through the Ministry of Environment, Natural Resources and Climate Change to transfer the land from the Government to the Prospect Reef Management Company.

Once a preferred developer is identified, the board will recommend an investor to the Government, followed by a Cabinet paper seeking approval to enter negotiations on a development agreement.

Detailed designs, statutory planning approvals, financing arrangements and other conditions must then be settled.

“I would anticipate that we will be able to have our developer identified in the first quarter of 2027,” the Premier said. However, he added: “I can’t quantify the time it will take to do that right now.”

Other Major Developments Moving Forward

Beyond Prospect Reef, the Premier pointed to resort and marina investments at various stages, including projects associated with Eustatia, Biras Creek, Mosquito Island, JOMA and an unnamed development in West End.

He also highlighted Nanny Cay’s expansion, prospects at Village Cay, properties reopened following major renovations, and the development of Brandywine Bay as a tourist attraction.

“Quite a number of them are actually in planning stage. They actually have plans that they’re seeking to go through the approval process,” he said.

While the projects were at different stages, the Premier maintained that those he identified represented firm investment prospects.

“I’ve only mentioned serious developments that will be moving forward,” he said.