Featured Project

St. George's Renaissance Project

Following the successful completion of the cruise ship jetty, the Esplanade Mall and the Bruce Street Mall, Zublin has entered into discussions with Government on how best to improve the social and economic conditions existing in the Town of St. George.

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Press Release

St. George's Renaissance Project

The Rational, the Specifics and the Benefits

January 11, 2010:

1. The St. George’s Renaissance Project embarks from the idea that Cruise Tourism has to be considered as one of the most important engines of growth for the economy of Grenada, positively effecting all sectors of economy;

1. Grenada is in an urgent need of stimulation of the economy giving an unemployment rate of over 30%, which is still on the rise; every cruise ship call generates average between 10 and 15 jobs. Presently 200 ships call to St George’s allowing 3000 people to feed their families. Why not double the numbers??

1. The ever growing cruise industry delivers the potential for a further growth of cruise tourism to Grenada; this is an extremely flexible industry which can adopt new infrastructure rather quickly;

1. Since the new Melville Street Cruise ship facilities have been come operational cruise tourism has grown with some 40%; Individual passengers spending have increased from US$17 per passengers day in 2000 to almost US$ 50 in 2008;

1. However: the average individual spending per passengers day at a destination in the Caribbean Region was over US$ 100 in 2008; so there is huge upward potential;

1. Concerns of cruise ship companies are that Grenada notwithstanding the enormous improvements made in recent years still offers to less attractions with a too low quality to passengers;

1. So the ambition should be to let the numbers grow and double as well as the individual spending; the question is how?

1. Use the biggest asset Grenada has, and that is that St.George’s is a port of entry for cruise ships with cruise ships docking right in the Centre of Town, a town in a beautiful setting and a huge potential to be a major tourist attraction once it has undergone a major refit to improve urban environment and restore its historical heritage. That is where the St.George’s Renaissance Project is all about!

1. The Project emphasizes on the simultaneous development of new tourist attractions in town as a result of a major refit of the Old Market Square and The Carenage together an improved traffic situation, as well as the development of an extension of the existing tourist entertainment facilities around the present cruise port including the construction of a second cruise ship along the Melville Street. It is the understanding that such investments will trigger third party investment of local and regional businesses along the Carenage. It also will stimulate stay over tourism and set conditions for further development of eco tourism in the country side. Grenada will develop from an eco tourism destination only to a improved eco tourism destination as well as a shopping and high end entertainment destination;

Project aims:

1. The realization of a land reclamation of approximately 3 acres behind the new bus station to allow for:
1. Extension of present bus station;
2. Relocation vegetable and commodities market from existing Old Market Square; as such meat market, fish market and vegetable are concentrated around the bus station;
3. Restoration of the Old Market square in its historical settings, a public gathering place with terraces and music tent, and accommodating a unique spice market in the existing historical and renovated buildings;

1. The realization of an 8 Acre Land Reclamation adjacent to the existing cruise port on its south side towards the St.George’s Point, to allow for:
1. The construction of a second cruise ship jetty
2. The extension of the existing shopping facilities and the integration with a new 75 room 4 star business hotel, a convention centre with a theatre of the arts and a casino as such offering a high end entertainment complex primarily focusing at the cruise industry, but an asset to stimulate stay over tourism as well;

1. The construction of a Ring Road around St.George’s Point, to allow for:
1. Transforming the Sendall Tunnel into a safe and unique pedestrian walk way, bringing The Carenage much closer and more safely to the Cruise Ship Facilities as a tourist attraction on its own;
2. An improvement of the traffic situation in town, even allowing for more pedestrian area’s and the development of pedestrian heritage tours in town;

1. A major uplift and reconstruction of the infrastructure along The Carenage in order to:
1. Accommodate an improved traffic flow;
2. Accommodate businesses;
3. To address the drainage problems and renew quay walls and utilities;
4. To provide for a unique pedestrian boulevard connecting the southern end of The Carenage all the way to the Melville Street area;

Investment

1. The Project should be preferably realized as a Public Private Partnership;
2. Total investment are estimated on approximately EC$ 450 million, of which EC$ 280 million is secured by Zublin as the private party and of which EC$ 150 million is considered as financeable by the Public Sector in the form of grants and export credit secured loans. A Public Private Partnership is widely considered as an extremely efficient procurement vehicle to raise the public part of the funding of PPS projects;

The benefits

1. The economic input in the economy of Grenada due to cruise tourism has risen from US$ 3,000,000 in 1999 to US$ 13,000,000 in 2008 and the St.George’s renaissance Project will stimulate a further rise to approximately US$ 50,000,000 annually as from 2016 due to boosting the numbers as well as the spending;
2. The number of jobs related to the cruise industry has risen from 1,350 in 1999 to more than 2,500 in 2008, and will further rise to far more than 4,000 in 2016;
3. The Town of St.George’s will undergo a major facelift and conditions will be set for renewed investments by third parties in town, particularly around The Carenage and around the Old Marketplace;
4. The rise in revenues and jobs will be beneficial for the whole country and for all sectors of the economy;
5. The Project will undoubted stimulate the stay over tourism to higher levels as well.

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