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PROVIDENCIALES, Turks and Caicos Islands -- A memorandum of understanding (MOU) between the developers of a new $70 million hotel, casino and marina complex and the Turks and Caicos Islands government was signed by Acting Governor Patrick Boyle on Friday.

This is a first step in a process that will see Circle Holdings Ltd construct a low density, high-end hotel, complemented by a casino, residential product for rental as part of the hotel, marina, retail and entertainment area on the site of the former Third Turtle Inn, on the north shore of Providenciales.

The government has, in accordance with its published investment policy, concluded that the development is ‘A’ ranked, due to its proposed 300-400 direct jobs and anticipated revenues of around $9 million per year, as well as its social benefits.

The project will spearhead a new type of development around Turtle Cove, offering a public promenade along the marina featuring a casino, boutique, and restaurants. The marina intends to rival the best in the region and to put Providenciales back on the map for top yachting and fishing enthusiasts.

The site, recently acquired out of receivership, has 17 acres with 775 feet of frontage on the Third Turtle beach, 1,300 feet of marina frontage, and an elevated bluff with spectacular ocean views. The site was originally the location of the Third Turtle Inn, the first hotel and restaurant bar in Providenciales, reputed for its entertainment and the best port of call south of The Bahamas. The Inn has been closed since 1989.

The MOU was signed under the Turks and Caicos Islands’ new Investment Policy.

Circle Holdings Ltd now has until 31 December 2013 to apply for outline planning permission for the construction of the development, with the development being completed within 40 months of obtaining the detailed development permission.

“This announcement confirms what the Governor and I have been saying for a number of months now – the economy of the Turks and Caicos Islands is a great place for business,” said Boyle. “It is terrific news that someone with such a proven track record right here in the TCI wishes to combine forces with seasoned real estate investors and bring his knowledge and experience to a new development. Growing the economy here is a balance between established businesses investing and reinvesting and attracting overseas investment.”

“I am very excited with this project, no less by the unequivocal support it has received from all quadrants of the society, particularly from neighbours and business owners at Turtle Cove, and from the TCI government,” said Vasco Borges, managing partner of the development, who has resided and worked in real estate development and hospitality in the Turks and Caicos Islands since 2005.

“When one walks the site, it is evident why the first developers on Providenciales chose the Third Turtle beach as their home. It is unique in combining a half-moon white powder beach with marina facilities. We will now take the necessary time to design a property that best conserves and enhances nature’s beauty, and is well within the existing height and density restrictions.

“The project was greatly facilitated by the revamped Investment Unit set up by the TCI Government. The TCI government has proven they are willing to do their share in putting Turks and Caicos Islands in the investors’ mind."

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