American Company Wins Bid for Harmony Cove Development

The government has selected Tavistock Group, an American private investment company - as the successful bidder for the development of the Harmony Cove project in Trelawny.

The company had already signed a Memorandum of Understanding (MOU) with the government-owned Harmonization Limited, which is being used by the administration to spearhead the project, estimated to cost $1.3 billion.

The MOU will facilitate an exclusive negotiation period, ending at the end of March, between Harmonization Limited and Tavistock. During this period, both companies will seek to execute a number of activities which will lead to an agreement incorporating the terms, conditions and parameters for the development of the project.

In a statement yesterday, Harmonization Limited said the due diligence period and studies will outline the basis on which they will proceed via a joint venture arrangement between the two companies.

A copy of the MOU was handed to Prime Minister P J Patterson yesterday at the Jamaica Pegasus Hotel in Kingston. He expressed his delight that the development would be able to take place under his watch.

“This is a great sign to all of Jamaica,” he said. “One to which I attach considerable importance and regard as evidence of success of the policies pursued for the development of Jamaica and help to encourage foreign investors to help us realise our full potential.”

Meanwhile, Christopher Anand, managing director of the Tavistock Group, said he was elated that his company was selected to take on such a promising development.

“We pride ourselves on creating a development that is of a first class nature,” he told Patterson.

The 2,400-acre beachfront property will be developed to house three large hotels, another three smaller, more intimate hotels, villas, 200 upscale residences, a private airport, a marina and two championship golf courses.

Tavistock is a private investment company with diverse holdings in commercial and residential real estate, financial services, as well as oil and gas investments.