Vertical construction on the. $750 million Ritz-Carlton Rose Island resort is expected to begin within the next three to four months, The Tribune was told yesterday, pushing the project's completion date to the 2010 first half rather than the 2009 deadline the developers had initially hoped for.

Russell Miller, the Ritz-Carlton Rose Island's general manager, explained, that workers were currently dredging the marina on the property. Some of the fill from that will be used in the vertical construction, expected to start in the 2008 first half.
Mr Miller added that workers were also in the process of completely renovating the old Harbour Club on East Bay Street, which once completed will be the ferry terminal that will serve as the arrival and departure lounge for resort guests.

It will also accommodate access for 600-800 full time employees, who will need to be transported in three trips, given the three shifts worked by staff.

Six of the Harbour Club's rooms are being renovated and, once completed, will become office space for Mr Miller and several staff members during construction, plus provide some temporary accommodations for workers as well. The initial Heads of Agreement for the resort was signed between Ritz-Carlton and the Government on February 13, 2006.A supplemental Heads of Agreement was signed on April 11, 2007, to reflectthe transfer of 70 per cent of Marriott's stake in the development to the Miami based GenCom Group, the investment group headed by Karim Alibhai, which is the majority shareholder.

Marriot retained a 20 per cent shate in the resort, with the 10 per cent share in the resort spilt by three other investors. At the peak of construction, 900 jobs will be created. The project is to include a collection of more than 400 dwellings, including a luxury resort, private -residences and a sheltered marina to dock luxury boats and yachts.

Source: The Tribune