Premier Dr. Orlando Smith supports Dr. Henry Jarecki’s plan to develop Norman Island.
In a message delivered to the Beacon last week through government Communications Director Arliene Penn, Dr. Smith said he was pleased about the plans, which he noted could offer both construction and long-term employment, as well as adding rooms to the territory’s hotel stock.
“Tourism is a highly competitive market and we continue to see that other destinations are aggressively seeking out visitors and continuously raising the bar in terms of service, marketing and other incentives and they are upgrading and expanding,” Ms. Penn wrote, “and the BVI needs to be a part of this rapidly advancing tourism landscape.”
Last month, Dr. Jarecki said he plans to develop the infrastructure necessary to support 75 to 100 lots, most of which will not contain pre-assigned development — paving the way for individual buyers to construct rental homes or permanent residences.
The New York investor, who also owns Guana Island, did float the idea that a hotelier could purchase a few of the lots to establish a hotel on the island. That specific development would not be his, however, he explained.
Development details
To develop Norman, Dr. Jarecki said he plans to utilise Bullock Mannelly Partners, an Atlanta-based commercial real estate firm.
BMP previously developed Baker’s Bay Golf & Ocean Club, a $600 million-plus residential community on Great Guana Cay in The Bahamas.
Bakers Bay contains nearly 400 lots, a 184-slip marina, a spa/beach/golf club, and an 18-hole golf course, according to the BMP website.
BMP structured the equity venture for the project between a large North American hedge fund and Discovery Land Company, a San Francisco-based golf resort developer, BMP’s website reports.
Dr. Jarecki noted that there are no plans for a golf course on Norman and that it isn’t likely they would employ DLC.
The investor said he envisions the project lasting five to 10 years and costing hundreds of millions of dollars.