Harmony Cove development expected to break ground this year

The developers of Harmony Cove, a US$1 billion investment in Jamaica's tourism sector, expect to break ground later this year.

This was announced last night by the Chief Executive Officer of Nexus Luxury Collection, Christopher Anand, during a virtual town hall Diaspora meeting hosted by Jamaica's Ambassador to the United States, Audrey Marks.

Anand said Harmony Cove will be situated on 2,300 acres of land in Trelawny and will be a partnership between Nexus Luxury Collection and the Government of Jamaica.

Anand said he had discussions last week with Prime Minister Andrew Holness, Finance Minister Dr Nigel Clarke, and Tourism Minister Ed Bartlett on the project.

He said that the government has given the assurance that it will undertake certain work that has to be carried out.

He said that once the government has completed that, ground should be broken later this year to begin construction.

He said that the development will consist of a 26-storey hotel with 1,000 rooms, a large casino, group and meeting rooms, and an 18-hole championship golf course designed and developed by Tiger Woods.

It will also have an entertainment music facility developed by American pop star Justin Timberlake, beach and marine activities, a beachfront and a pool.

He said that the development will not be an all-inclusive concept but rather a family-oriented facility.

For financing, Anand said an initial public offer (IPO) will be put to the market and Jamaicans will be able to purchase shares in the development.

“We want Jamaicans participating in this project and we believe that the best way is for them to invest in the project,” he said.

He said that small investors will be targeted for investment in the project.

The Nexus Luxury Collection CEO said that the project will employ some 4,000 Jamaicans at salaries much higher than what is currently being paid in the local tourism industry.

He said that Harmony Cove will be a multi-phase development with phase one having a multi-billion-dollar investment.

He pointed out that his company has similar projects in the Bahamas, New York and elsewhere.

“We are aiming to create the most large-scale resort destination in the Caribbean with this development in Jamaica,” he said.

He said that Harmony Cove will be the third largest resort destination and will be environmentally friendly.

He said that the aim is to diversify from the all-inclusive concept and bring a different segment of Jamaica's tourism product to life.

He said that Jamaicans overseas will also be targeted for investment in the project.

- Lester Hinds

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