fp Turks and Caicos

After almost two years of what the government dubbed a "substantial due diligence exercise," developer Stan Hartling was given the go ahead for his long awaited Shore Club development in Long Bay on Providenciales.

On July 1, the Turks and Caicos government announced that a development agreement has been finalised, launching what Hartling hopes is the dawn of a new era. “It is a sign that the country is open for business again,” Hartling told the fp.

The interim government put a halt to the project shortly after it took over the country in August 2009, when a Civil Recovery Team of lawyers hired by the government began a thorough review of the project and others in the pipeline. The government said Hartling cooperated fully with its review.

“As a result of that exercise, certain civil claims which (government) felt it had and which the developer disputed, have now been resolved by a settlement agreement,” the government said. (see below for more information)

Putting the discussions behind him, Hartling said his team is looking forward to becoming a finely tuned machine again.

It could be just a matter of months before a shovel will hit the ground on the northeastern end of Long Bay Beach where the first $60 million in investment is expected to take place. “We have some work to do to get back on track, but we believe realistically we will have a shovel in the ground between October and December,” Hartling said.

He said his team has already started reconnecting with its financiers and purchasers who have patiently waited out the review. “We were able to sell a good portion of the project in a challenging time,” an enthusiastic Hartling commented.

The new chapter of the Shore Club does not only start with the development agreement, but also will include exciting new products for the market.

The first resort development on Long Bay Beach, the Shore Club was planned to be an 82 unit condo/hotel development once all phases are completed. In February 2010, Hartling told the fp that the first phase would include 38 units ranging in price from $1.3 to $2.3 million, of which almost $40 million had already been sold.

“We are giving strong consideration to test other products that address demands for private services such as private chefs and butlers,” Hartling revealed. Hartling said he is considering adding high end villas in the $5-6 million range. This will have the advantage of reducing the density even further and adding exclusivity to the product, he said.

Using trends of more families traveling together which he has seen recently in the TCI, Hartling says private villas attached to a resort can offer a niche product of privacy plus services.

“This will offer guests the chance to stay together in a larger villa with a private pool, while having a butler and chef at their disposal," he explained. "At the same time, they can still access the hotel pool and services such as the restaurant and spa.” Hartling was bubbling with enthusiasm for the new project and the positive sign it represents for the TCI.

“My goal now is to show other potential investors there is a market demand,” he said. Tourism hit a slump in 2009-10 due to worldwide economic pressure, but 2011 is looking to be a record year for the industry.

“We are seeing very strong returns on the tourism side and along with the development of the airport, opportunity is there again,” he said.