Developers claim $60M raised for road

| 19/11/2014

(CNS): Investors behind the proposed development of an 18 hole golf course, mixed use town and resort in Frank Sound claim that they have raised the $60M financing required for the public-private-partnership on the East-West arterial extension, with the Cayman government. The road project is required, the developers say, to make the North Side project a reality. Ironwood developers also revealed, this week, that they have appointed GLF Construction as the contractor to build the road, despite that firm’s previous experiences here and the dispute with the UDP administration over the cruise birthing project. Officials from the Ironwood proposed development said they are now waiting on the government go ahead and agreement to begin the road works.

Speaking on behalf of the developers, Denise Gower said, “Ironwood Development Group shares the optimism the Premier has recently “Ironwood Development Group shares the optimism the Premier has recently expressed that this public-private-partnership will be completed before the end of the year and looks forward to the completion of this infrastructure project that will literally pave the way for the future of the Cayman Islands.”

Joe Beaird, Chief Operating Officer of GLF visited Grand Cayman this week to finalize construction contracts which, Ironwood said could see the start of the road construction as early as December. Beaird, together with the Ironwood developers, met with government officials and visited the road site.

Ironwood said that GLF Construction Corporation’s “excellent business pedigree and track record” led to it securing the managing contractor for the road.  They have a proven track record of successfully undertaking large international engineering and construction projects in both the private and government sectors, together with vast experience in the port construction arena. 

“Their financial stability, bond ability and international experience enables them to oversee this venture where they will be employing local contractors to carry out the construction works,” the developers said in a release.

GLF’s most recent experiences in Cayman however, were not the best after a preliminary agreement between them and the former premier Mckeeva Bush was terminated when the then UDP leader turned his attention to Chinese partners.

Ironwood revealed that the $60million financing to pay for the road would come from CTL Capital, LLC, a New York based finance provider once the Licensing Agreement by the Cayman Islands Government has been completed.

Category: Local News

Comments (23)

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  1. Easy Rider says:

    Not sayin that this is the case here, but If you had some acreage and wanted to quarry it and could get govt to build you a highway extension, you surely would. Wouldn't you?

    IT SO EASY!

     

    • Anonymous says:

      Except that government is not going to build it for them. They will have to fund the costs of construction up front altough there is potential for them to be repaid their investment.

  2. Anonymous says:

    Maybe they will own the road, and have a toll on it.

    • Anonymous says:

      If the put a troll on it instead of a toll then I would be in favor of the proposal.  It would be a tourist attraction.  Whodatis might be able to so something other than flipping burgers.

  3. Anonymous says:

    I still fail to understand why a new road is needed at all! Look in what pathetic and disgusting condition the Newlands Bypass is 90% of the time – they can't keep that maintained, litter everywhere and it took 2 1/2 weeks to get the grass mowed! Who is going to maintain that new road?

  4. Anonymous says:

    Each person on these Islands are paying for the Northward gang to sit, be fed and watered.  As we are paying for them, get them out doing this road.  If I was paying for an employee, I would expect that employee to work!  But hey, expect and receive are two different things, right.

    • Anonymous says:

      Chain Gangs, been thinking that myself for a long time. All that trash, and idle worthless up there doing nothing. No brainer!!!

  5. Anonymous says:

    Why am I not surprised.  Right across this sorry island, people who for various reasons have been removed from jobs or contracts, are then brought back to do the same all over again.  What is in our psyche that no learning takes place.

  6. Knot S Smart says:

    Speaking of developing cant we find a developer to builda casino on the land that Mac was going to build the 'Christian Heritage Park?" That would be a win-win-win situation for PPM, Mac, and the rest of us…

  7. Anonymous says:

    The cost of building the road should be monitored.  If the developer is going to recoup the cost later it would be in their best intersest to inflate the cost in orer to recoup more.

    There are just too many ways for the people to come out on the short end of this one.

  8. Anonymous says:

    Smoke and Mirrors.

    CTL Capital do not provide equity. They procure loans against guaranteed revenue streams. So where is the equity coming from? Does it exist?

    • no matter says:

      Someone got a condo..

       

    • Anonymous says:

      From the dutywaiver on their future revenue streams – do you actually read anythgin before you post?  It is amazing to me that with high unemployment and a desire to expand the tourism product east, there is nothing but negativity from the peanut gallery.  If you are so inclined, build something yourself.

    • Anonymous says:

      Up to "the entire NRA annual budget" already earmarked, per earlier quotes from Ministers.  They're going to let our nit-whit politicians use our money.

  9. Anonymous says:

    Who are the developers?????

    Could it be Imparato and Joey O'Brien???  because the Moffetts do not have the means to do this project.

  10. Soldier crab says:

    I would have thought this would have been tendered considering government's involvement and the number of concessions provided to the developer? Why didn't the caymanian paving companies get the opportunity?

    • Anonymous says:

      Agree.  Same ole, same ole…….lessons never learnt or just back to the ole politriks…YAWN  Poor ole Cayman Islands, loved by many, destroyed by the few!

  11. RP says:

    We are not even able to pave a few miles of road in our country. That's sad and embarrassing. We're not building the freedom tower to require an internationally acclaimed developer.  Don't we have equipment, expertise, 2000 unemployed and another couple of hundred smoking weed and posting on Facebook at northward? We should be able to build a few miles of road fairly cheaply.

    • Anonymous says:

      Another development like the KEMPTON, where the workers will be imported and the money shipped out of the country (sent out).  What time of day is it in the Cayman Islands?  People, wake up, getup, speak up and act now!

      • Anonymous says:

        Maybe if they forgo the Drug Testing and requirements to have a clean record like they did at the shetty site they can hire more Caymanians..

    • anonymous says:

      Obviously not.

    • Anonymous says:

      National Road Authority can't do the job right, so bring them in and let um do what they got to do!

    • Anonymous says:

      Why are people so blind?  There is so much "unusual" stuff going on but because it is not McKeeva doing it it must be ok right?  Wow!