prime beef

One of the most controversial aspects of life in Lotarot is the projected development of Beef Island by Hong Kong investor Raymond Hung. The project calls for a hotel and convention centre along with an 18-hole golf course and a marina with 200 slips including docking facilities for super yachts. All of this development is to take place in a fragile ecosystem and in areas already designated as fragile and protected--saltwater ponds and the like. Some folks say that the mangroves here are the finest kayaking in the BVI. To many this projected development is seen as an unmitigated disaster about to unfold in an extraordinarily lovely environment. To others it is a time for a turn at the trough. "Who benefits?" is a good question.
Recently the Hong Kong Stock Exchange released a press statement by Hung and his partners regarding
"the agreement entered into by and among Quorum, InterIsle, Applied Enterprises and Applied
Toys on 11 August 2006 in relation to the joint venture arrangement to develop the property in Beef Island, the British Virgin Islands. The Directors announce that the parties have mutually agreed to postpone
the Closing Date from 30 November 2006 to the expected date of which is no later than 31 January 2007."
The reason for the delay is that:
"Since more time is required by the banks to conduct due diligence on the Project, a formal agreement has not yet been reached between the parties in respect of the Initial Loan."

The full text is here.

LATER:
A town-hall style meeting was held recently on the very subject of the Beef Island Development. "I'm prepared to join any group at anytime to prevent this development from happening," said Keith Flax, a former Legislative Council speaker, as the audience applauded. "I'm one that will stand on the front line."

See report here.

And here

MUCH LATER:
$80 million resort project on Beef Island approved
By ANGELA BURNS-PIPER
Tuesday, February 13th 2007


TORTOLA - Hong Kong investor Raymond Hung has received the government's approval to construct an $80 million golf and country club on Beef Island.

The approval process and negotiations were tough and lengthy, Chief Minister Orlando Smith said during a Monday press briefing at his office. The government was not prepared to simply rush ahead and make mistakes it would later regret, he said.

Smith said his government's development policies are based on two critical principles: that new projects are critical to the long-term strength of the BVI and that projects be conducted according to the strictest standards for environmental protection, community contribution and corporate responsibility.

Hung plans to build a five-star luxury resort hotel and spa; an 18-hole Jack Nicklaus signature golf course; residential marina with megayacht basin; marina village; low-density residential lots and villas; and a commercial center in Trellis Bay.

His proposal had been opposed by many residents, who voiced their objections during public hearings and in the media.

Smith said the comments received from hundreds of residents were central to the development of his government's position on the project.

"It has taken a long time to get to this day, and an enormous amount of hard work has been done by many people both on the government side and on the developer's side, but both sides were committed to one shared goal: to come up with a development plan that would allow this vital project to go forward, and to do so in a way that keeps the interests of the people of the BVI first," he said.

Residents expressed that environmental protection was paramount, the Smith said. He said that as a result, strong environmental protections are now in place that require the developer to take steps to make sure that an absolute minimal amount of damage is done in the construction and maintenance of the development.

"The people also told us that they did not want this project to be too big. Rather, the people wanted it to be in keeping with the traditions of the BVI of smaller hotels," Smith said. "And so as part of the final agreement, we had the developer slash the number of planned units by more than 10 percent, from 663 to 600, and in terms of the marina, there was in the development plan two marinas proposed - one inner and one outer - and the outer marina has been dropped."

He said that as part of the final agreement, the developer has made a commitment to giving first preference for all major contracts to local companies and to employing local people at all levels of the company.

"And perhaps most significantly, the developer has made a commitment to make an annual contribution of $75,000 to the community college to sponsor training programs for our young people," Smith said.

In his overview of the project at a meeting last year at the East End/Long Look community center, architect Timothy Peck said 55 percent of the Beef Island property will remain green space. Other planned environmental considerations include enhancement of the Hans Creek ecosystem through the retention of the red mangroves; a 190-acre nature preserve on Mount Alma; and a protected marine habitat.