The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The developers behind a proposed multi-million dollar resort and real estate development on Long Island “have not pulled out”, and are looking to establish a permanent presence and take over marina operations at the adjacent Stella Maris Resort “next month”.

Joel Friese, Stella Maris’s general manager, told Tribune Business that the UK investors behind the $110 million Port St George project, which was first unveiled in 2007-2008, remained determined to proceed with the development.

Well-placed to know, given that Stella Maris’s sister company, Long Island Developers Ltd, was selling the property earmarked to Port St George to the investors, Mr Friese said: “They are still in the process of going ahead with the project.

“It is hard going for them because of the economic downturn, but they have not pulled out.

“Beginning next month, they will have a permanent presence on the island, and more than likely will be taking over operations at our marina. That’s the first step, and they will be proceeding from there.”

Mr Friese added that the Port St George investors also planned to begin small-scale construction on some model home sites.

He disclosed, though, that while the land transaction for Port St George had obtained all the necessary approvals, “it’s not 100 per cent done as yet”.

When it was unveiled in 2007-2008, Port St George was billed as creating over 300 jobs on a 951.4 acre site in northern Long Island. It featured plans for a boutique hotel with 146 suites/villas; 60 boutique villas; more than 300 residential lots and 331 multi-family lots; and marinas with numerous boat slips; plus golf courses, a Town Centre and other resort/community amenities.

Ian Moorcroft, one of the Port St George principals who lives in Andorra, previously told Tribune Business that the project was projected to have an annual economic impact of between $54-$90 million.

He and his partner, Jonathan Houghton, had also signed a 25-year management agreement for the development with Langham Hotels International, and some 875 construction workers were forecast to be employed over the build-out phase.

Acknowledging that Port St George would have “a big impact for construction” if it got going, Mr Friese told Tribune Business: “Many of the Long Island construction crews in the last two years have been doing work in Eleuthera, because there are few jobs in Long Island.

“That [Port St George] would keep the construction jobs at home, which would keep the guys at home, and that would create more jobs.

“More homes would be constructed, marina operations and with additions to the tourism product with larger hotels, a general increase in jobs available would be seen.

“We at Stella Maris do have people inquiring almost daily for jobs positions on Long Island.”