TCI News

TCI: Government Signs Amended Development Agreement with Vista Development Ltd.

#Providenciales, June 21, 2018 – Turks and Caicos – The Turks and Caicos Islands Government has signed the Amended Development Agreement with Vista Development Ltd. for the over $100 million dollar, branded five-star resort on Grace Bay Beach.

The low density, seven storey luxury resort will be located on the 5.5 acre old Toscana site and will feature a modern contemporary design across 59 hotel rooms and 74 residential units, totaling 170 nightly rental rooms and suites, featuring breathtaking views of the ocean from every unit.  The thoughtfully designed master plan will offer guests exceptional dining choices at four restaurants and bars; health and wellness amenities at the state of the art indoor fitness facility, including an outdoor garden yoga studio and full service indoor and outdoor spa; and a full array of lifestyle options with dedicated luxury concierge services.

“As Developers, we are extremely pleased with the assistance and prompt responses of the Hon. Premier and Minister of Finance & Investment, Hon Cartwright-Robinson and her team for agreeing new timelines for the Development Agreement, which now allow us to move forward with the confidence and assurances that a development of this scope require from a local Government.  We are indeed grateful for the expertise and guidance of Ms. Rochelle Thompson, Investment Executive of Invest Turks and Caicos, who has been working with us from day one in seeing this project come this far,” said Co-Managing Director of Vista Development Ltd., Matt McDonald.

Construction of the project is set to begin in late 2018 and will emphasize the use of local contractors, providing employment for Turks and Caicos Islanders during the development phases. Set to open in 2021, the resort will also create a number of positions across many segments in the hospitality industry as they assemble their branded five-star service team.  “Pairing the built environment and superlative services, the resort is sure to raise the bar for excellence on Grace Bay Beach by many measures. We anticipate announcing the new lifestyle brand in the coming month,” said Co-Managing Director of Vista Development Ltd., Jon Siegel.

The Principal Developers, Matt McDonald and Jon Siegel, have decades of experience in successful real estate development in the TCI and the United States, and will be working with an experienced Director team of John Fair who has a 30-year track record in real estate development as a co-founder of Grace Bay Club Resort in Providenciales and local businessman Ramez Hakoura.

 

Release: Seventy Two West Ltd

 

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