(Barbados Nation) BDS$1.7 billion! That’s the amount Prime Minister David Thompson says the Pickering Town Centre project in St Lucy is expected to contribute to Barbados’ economy.
Thompson made this disclosure on Saturday during the ground-breaking ceremony for the project which he predicted would positively transform that northern parish.
He told those gathered that at a time when foreign investment was desperately needed, there were enormous benefits that would accrue to the island from the “catalytic development”.
He explained that out of the money to be earned, property sales to non-residents would account for BDS$1 billion of the overall figure.
The Prime Minister added that the project would also employ 600 people at the peak of construction and provide sustainable employment opportunities for 300 to support the residential and business aspects of the development.
“Government will realise increases in revenue during and after the construction phase from payroll taxes, property taxes, VAT, income tax and transport services.
“There will be new and varied investment opportunities during and after the development phase for St Lucy and the greater Barbadian community,” he said.
Thompson added the project was consistent with the Physical Development Plan of Barbados. He noted it complied with the agreed planning regulations and recognised the boundaries of the national park that stretched from Consett Point, St John, to Archer’s Bay, St Lucy.
Earmarked
He said St Lucy had been earmarked for development from the inception of the Democratic Labour Party, not because of preferential treatment, but because of the right of every parish to a share of the national cake.
He explained that originally the focus was on developing the adjoining Nesfield site, but for a variety of reasons that project did not get off the ground. He added that when the Pickering Plantation lands became available for sale in 2007, it was viewed as the ideal opportunity to initiate and develop plans for the area.
Thompson said there would be a spin-off effect that would involve the opening up of heritage sites and the careful enhancement of existing sites such as River Bay, Cove Bay and Archer’s Bay. He added major development would also take place at Harrison’s Point and North Point.
He noted that the project would also result in the expansion of Speightstown, Six Men’s, “Moon Town” [Half Moon Fort] and surrounding areas. He stressed the project was a private sector initiative by local and overseas investors who had refused to pander to the policy of political tribalism that had been encouraged in Barbados.
Describing the project as the delivery of a major promise made in the February 2008 Throne Speech, Thompson said: “This [ensures] that this beautiful parish ceases to be among the Cinderella parishes of Barbados.”