- RUDOLPH BROWN/CHIEF PHOTOGRAPHER
The president and CEO of Life of Jamaica, Richard Byles (left) and the managing partner of Tavistock Group, Chrisopher Anand (second left), present Prime Minister, P.J.Patterson (second right) and the Minister of Development, Dr. Paul Robertson, the MoU for the Harmony Cove Resort Development.
THE GOVERNMENT-owned COMPANY, Harmonisation Limited, last week signed a memorandum of understanding (MoU) to enter into an exclusive negotiation period through the end of March with the private investment company, Tavistock Group, to lead the planned development of Harmony Cove.
The development is envisioned to include a major resort, exclusive residential golf club community, retail centre, marina, and a host of world-class sporting amenities when completed.
During this period, both Harmonisation and Tavistock will be collaborating to execute a number of activities which will lead to an agreement incorporating the terms, conditions and parameters for the development of the Harmony Cove project.
INTERNATIONAL APPEAL
"We both plan to create and build a first-class mixed-use development that will have international appeal and be a tremendous boost to the Jamaican economy," said the chairman of Harmonsation Limited, Richard Byles.
The exclusive period to develop an overall plan is viewed to be critical to the long-term success of such a large and complex development. "With Tavistock Group we have selected a well capitalised partner who has deep experience and international reach to help us develop one of the finest destinations in the world at Harmony Cove," added Byles.
"We are pleased to enter into this agreement and pursue a collaborative approach with the Jamaican Government to devise a mutually attractive and beneficial development plan for Jamaicans and tourists that will make Harmony Cove an exciting and dynamic resort destination on the beautiful island of Jamaica," said the managing partner of the Tavistock Group, Christopher Anand.
JOINT VENTURE ARRANGEMENT
The due diligence period and studies will outline the basis on which to proceed via a joint venture arrangement between Harmonisation Limited and Tavistock Group.
Tavistock Group was chosen by way of a selective tender process and subsequent evaluation of partner submissions. "Tavistock Group is an extraordinary partner with an unparalleled reputation for doing projects with excellence," added Byles.
