Club Med developer seeks extension on deal
Developers hoping to create a world-class cultural centre, hotel and housing development at the closed Club Med site have requested an extension to their exclusivity deal with Government, has learned.
The Toronto-based Quorum Group had a six-month exclusivity agreement which has just expired and it presented its plans to Cabinet?s hotel development committee on Monday.
Consortium leader Wanda Dorosz said the ball was now in the court of Government, which owns the site.has been informed that Government now wants the development to contain fewer condominiums than originally planned, which Quorum fears will make the project almost impossible to finance.
Ms Dorosz would not comment when asked about this yesterday.
Speaking from Toronto, she said the group wants Government to also give them a non-binding framework agreement, so they can move on with the project and take it to a formal level.
Because of scheduling problems, the group was unable to present to Cabinet?s hotel development committee before the deadline expired last Saturday, but they did make their proposal on Monday.
?We presented them with our due diligence report and final master plan for the cultural village, hotel and housing and we requested an extension of the exclusivity agreement,? said Mrs. Dorosz.
?We asked for approval in principle for a non-binding framework agreement so that we can go to the next step of a binding agreement, final due diligence and financial commitment.
?That is what we requested and they are reviewing it and we are looking forward to their response.
?We have their attention, we?ve had their attention all through. We have put a very solid document before them and it?s now their judgment as to the merits.
?Now it is up to them to say what they think.
?I continue to think it is exciting for St. George?s and we?ve had an outstanding, positive response from the community.?
Ms Webb was off the Island yesterday and could not be contacted for comment.
