The principals of the Port St. George (PSG) development, slated to begin early next year on Long Island, have announced the name of the project’s financier, and explained that “significant” funds have already been spent with architects on updating and modernizing the development’s plans.
PSG Director Ian Moorcroft said in a statement that Clairfield International is arranging funding for the development, while Studio Hillier was named as the lead architect on the project.
Moorcroft, in his statement, explained that Clairfield has decided that $500 million will be adequate to complete the PSG project, though the cumulative value of the entire development will be about $1.6 billion.
expenditure is higher than $500 million, but some revenues will begin to flow before all expenditure has been incurred, thus making $500 million adequate,” said Moorcroft.
He also pointed out that land acquisition and utilities infrastructure amounted to $110 million.
Moorcroft and Jonathan Houghton, who are the founding directors of the PSG project, began preparations for the development more than ten years ago.
Documents acquired by Guardian Business reveal that on May 9, 2007 the project was given the green light in principal by the Bahamas Investment Authority. On June 20, 2008, the project was given the all-clear to proceed. But the project was grounded by the global recession.
Ten years later Moorcroft and Houghton have reached an agreement with Star Resort Group Inc. to assume the responsibility of delivering and marketing Port St. George.
“Going forward that task is to be carried out by StarPort Resorts Inc, a special purpose vehicle under the same ownership and direction as Star Resort Group Inc,” Moorcroft said.
“StarPort Resorts has brought considerable experience, connections and talent to the task of proceeding with Port St. George.”
The ten-year-old BIA approvals did not require PSG to entire into a heads of agreement with the government, as it said: “Please note that the government is not minded to consider a casino component as part of this development, nor does it intend to negotiate a heads of agreement.”
The approval letter also explained that the PSG development was only to receive the concessions afforded to this type of development as stated in existing regulations.
PSG was required to hold town hall meetings to apprise Long Islanders of its plans, which Moorcroft said was done.
Member of Parliament for Long Island Adrian Gibson said the project is likely to improve and contribute positively to the state of affairs on Long Island.