New agreement with 'defined timeline' signed for stalled Harmony Cove project

The Government of Jamaica, through Harmonisation Limited, has entered into a definitive framework agreement with the Tavistock Group for the development of the stalled Harmony Cove project as a major integrated resort in Trelawny.  

A media release from the Ministry of Finance on Friday said Tavistock Group has indicated that the investment capital and start-up costs associated with the project will be approximately US$1 billion.

The Harmony Cove project was conceived two decades ago but has been stalled due to lack of funding.

The finance ministry says the joint venture agreement for development of Harmony Cove has been significantly revised and updated to reflect a balance of responsibilities and interests between the Government of Jamaica and global private investors.

It says the agreement now includes a defined timeline with development milestones.

Minister of Finance and the Public Service, Dr Nigel Clarke says “We are pleased that the parties were willing to update the agreements to reflect the current fiscal environment, while re-affirming the commitment to bringing this landmark investment to Jamaica." 

The ministry says Tavistock Group and Harmonisation Limited will begin work immediately, through Harmony Cove Limited, with the appointment of leading global architectural, engineering, and construction management firms to finalise and implement the agreed development plan.

Clarke says the arrangement stands as evidence of the attractiveness of Jamaica as a destination for investment and development. 

"Our hope is that this project and its structured framework for working with government, will catalyse other comparable large-scale projects in the future," he says.

Since 2010, Jamaica has been trying to get a casino market going in Jamaica, but every effort to date has failed.

Harmony Cove was one of two projects approved in the first selection of preliminary developers, but none of the projects got off the ground in the stipulated periods.

Harmony Cove was originally costed at US$7.5 billion, according to government disclosures.

The mega-resort will comprise a series of hotels and casino, golf courses, luxury spa, marina facilities, commercial developments, private residences and other amenities.

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