Incentives under Harmony Cove agreement to be shared with Cabinet next week
Published:Monday | February 3, 2025 | 5:05 PMLester Hinds/Gleaner Writer
The long-awaited Harmony Cove project is expected to move one step closer to getting off the ground, with Cabinet slated to receive a document outlining the financial incentives under the agreement for review.
The Government of Jamaica, through Harmonisation Limited, had entered into a definitive framework agreement with the Tavistock Group for the development of the Harmony Cove project as a major integrated resort in Trelawny.
Last July, the Ministry of Finance and the Public Service said Tavistock Group had indicated that the investment capital and start-up costs associated with the project would be approximately US$1 billion.
The Harmony Cove project was conceived two decades ago but has been stalled due to lack of funding.
It is a luxury resort development in Trelawny that is a collaboration between Nexus Luxury Collection and the Government of Jamaica. The project is a joint venture between Harmonisation Limited, a government-owned entity, and Tavistock Group, a private investment company.
ALL ISSUES RESOLVED
According to the finance ministry, 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.
Last night, Finance Minister Fayval Williams disclosed that the agreement had been signed as all issues had been worked out, and that the document would go to Cabinet on Monday.
Williams was speaking on the Let’s Connect diaspora town hall meeting hosted by Jamaica’s Ambassador to the United States, Audrey Marks.
Peter Carrington, a partner in Nexus Luxury, thanked Prime Minister Andrew Holness and Minister Williams for moving the project forward.
“We are looking to bring Harmony Cove to life,” he told participants in the town hall.
Carrington had previously told The Gleaner that groundbreaking for the project would be in the second half of this year, 21 years after it was first announced.
Last year, Christopher Anand, the chief executive officer (CEO) of Nexus Luxury Collection, said the development would consist of a 26-storey hotel with 1,000 rooms,a 32,000 square foot full-service casino; group and meeting rooms; an 18-hole championship golf course designed and developed by Tiger Woods; an entertainment music facility developed by Justin Timberlake; a beach and marine activities, a beachfront and a pool.
He said the development would not be an all-inclusive concept but rather a family-oriented facility.
For financing, Anand said an IPO would be offered and Jamaicans wiould be able to purchase shares in the development.
“We want Jamaicans participating in this project, and we believe that the best way is for them to invest in the project,” he said.
He said small investors would be targeted for investment in the project
The Nexus Luxury Collection CEO said the project will employ some 4,000 Jamaicans at salaries much higher than what is currently being paid in the tourism industry in the island.