Harmonisation Limited has wrapped up negotiations with Tavistock Group, an American investment firm, for the development of the multibillion luxury Harmony Cove resort, sold as Jamaica's most ambitious tourism project ever.

Invitations have already been issued for a September 28 signing ceremony to be held at the sprawling Harmony Cove site in Trelawny, but persons knowledgeable about the deal were reluctant to comment, saying the announcements would come from the politicians.

"The invitations are out," said one public sector boss, who is among the invitees.

"I have already seen mine," said a company president.

Negotiations

The negotiations between Harmonisation and Tavistock centred on how the joint venture would be structured, as well as established how much of the master plan for Harmony Cove was doable.

Initially conceptualised by Kingsley Thomas - whose multiple roles included his being chair of Harmonisation and National Housing Trust, as well as managing director of the Development Bank of Jamaica prior to his resignation to take up a private sector job - the resort complex was meant to be a US$1.2 billion ($79 billion) project with multiple hotels, high-end luxury villas, golf course, a marina and waterfall, and an accompanying private airport.

But even before the negotiations with Tavistock had made serious headway, it was whispered that the plan would be scaled down to more manageable proportions. Yesterday, sources in the know said there were amendments to the initial plan but suggested they did not depart "substantially" from the original concept.

The Financial Gleaner also understands that there has been 'significant' adjustment to the indicative price of the deal signed by the Richard Byles led Harmonisation.

Byles did not return several calls for comment, but Financial Gleaner sources say the state company's equity contribution to the joint venture substantially remained land for development, while Tavistock will put in capital.

Sources also say there has been a slight departure from the original deal, saying a 900-acre land reserve acquired and secured across the from the beachfront site road "to discourage squatters" had been thrown into the pot.

Now, instead of a 1,494-acre beachfront development, Harmony Cove will likely range across almost 2,400 acres.

The development is already assured of water supply. The National Water Commission, facilitated by the Martha Brae scheme it is now building out, had estimated the cost of that supply deal at US$5 million ($330 million).

NWC president EG Hunter would not comment officially on the figure, saying only that whatever discussions preceded the current deal would have to be reviewed with the contracted developer.

"We had those discussions two and a half years ago with Kingsley Thomas, Earl Samuels and Hugh Reid," said Hunter.

Samuels is head of NHT, and Reid one of is executives.

Byles, who is also the chair of NWC, replaced Thomas at Harmonisation two years ago.

Ñ lavern.clarke@gleanerjm.com