BASSETERRE, St. Kitts – The demolition of a building on the former Angelus Resort property yesterday (July 10) marked the first step in the development of a residential project undertaken by the developers of the Royal St. Kitts Beach Resort Ltd.
The single largest private investor in the tourism industry in St. Kitts, The Developer, secured the licensing for the project from Marriott International earlier this year, and has named Century 21 Island Realty as the exclusive sales agent for the project. The new project, dubbed Marriott Residences, is a whole ownership residential project to be developed on the 30-acre site of the former Angelus Resort and is to be integrated with the existing St. Kitts Marriott Resort.
Each phase of the proposed development will comprise of a stand-alone building of approximately 100,000 square feet, offering a variety of floor plans from studio units of 700 square feet, to a four-bedroom penthouse unit of 3,500 square feet.
During a brief demolition ceremony held yesterday, Lu Galasso, speaking on behalf of owner Vic De Zen and his partners, said he is pleased to mark the next step in the progress of the development of the Marriott Residences with the demolition of the unfinished building structure on the property.
He added that the branding of the product acknowledges the confidence that The Developer, the Marriott and Century 21 Island Realty have in the Federation, despite the challenges facing the two islands due to the global financial crisis.
“This proposed project is a natural extension to the existing St. Kitts Marriott Resort and Royal Beach Casino. The St. Kitts traveler will have access to a full range of Marriott branded products in one complex, ranging from a short stay of several nights at the Marriott hotel, to fractional ownership of a week or more at the Marriott Vacation Club International, to a whole ownership experience with the Marriott Residences,” Galasso said.
Prime Minister of the Federation Hon. Dr. Denzil Douglas said the demolition ceremony reaffirms a pledge he made to himself several years ago to strive to promote beneficial initiatives regardless of the immediate circumstances. He added that as the region struggles, especially with tourism developments, the nation is moving forward with much promise.
“Logic and reason and all the evidence throughout the region tell us that new projects are simply not on the cards and that major tourism projects are contracting...definitely not expanding. Yet, here we are today on the threshold of yet another chapter in the partnership between the Marriott Hotel, the Government and people of St. Kitts-Nevis. This is a chapter that I welcome.”
Douglas, who also serves as Minister of Tourism, said the partnership between the Government and De Zen has been one of mutual benefit. He noted that to the developer the islands represent good investment opportunities while, to the Federation, the developers represent jobs and economic stimuli.
He stressed that he can envisage only benefits and opportunities coming out of the new Marriott-branded initiative.
“I look and I do not see a building that is to be demolished. I see hundreds of jobs. I look and I see contracts for our local entrepreneurs. I look and I see an expanded market for our farmers, opportunities for our florists, greater demand for our taxi operators and car rental agencies,” he said.
Ownership of the Angelus property had caused controversial legal battles in the past after the Government had moved to acquire the property from fraudulent owners. The Royal St. Kitts Beach Resort Ltd. subsequently invested US $125 million to acquire the property on April 17 of this year.
According to the Prime Minister, an agent from the Resort Acquisitions and Developments Ltd. is in contact with the former owners to see how best they can be compensated.
