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  • 1 year ago
A decade-long dream may finally become a reality as the invaders bay project moves forward.

Vishanna Phagoo tells us more in our Inside Business segment.
Transcript
00:00The Invaders Bay Project, a major development initiative, is one step closer to fruition
00:19as Udicot, the urban development corporation of Trinidad and Tobago Ltd, has issued a call
00:25for potential investors.
00:27A site visit was originally scheduled for Friday 19 July, but has been postponed at
00:33the request of interested investors, with a new date yet to be announced.
00:39This latest development is part of a saga that began over 10 years ago.
00:44In August 2012, then Planning Minister Dr. Bo Tewari announced that the Cabinet had granted
00:51him permission to begin negotiations with Dachin Commercial Development Ltd, headed
00:57by businessman Derek Chin, to lease land for a Streets of the World entertainment and
01:03shopping complex.
01:04Additional negotiations were planned with Jerry Joseph of Marina Development Group for
01:10a cruise ship complex.
01:11However, the project's progress was faced with legal challenges.
01:16In 2022, Udicot began infrastructure construction on the nearly 24 hectares of reclaimed land
01:24at Invaders Bay, awarding a $70 million contract to Namalco Construction Services Ltd.
01:30Derek Chin says he is still interested in the proposed development and intends to resubmit
01:36his plans for the Streets of the World project.
01:39Chin says he believes the $2 billion project will change the country dramatically into
01:45a tourist destination and showcase local cuisine, steel pans and other local music.
01:50However, Corporate Secretary of the Fisherman and Friends of the Sea Gary Abood has criticized
01:57the lack of consultation over the revitalized project.
02:01Abood added that though he is not against new developments in TNT, he believes that
02:06the government is abandoning inner-city centers.
02:09Udicot has given potential investors until August 15 to submit their proposals for the
02:15project.
02:16The reclaimed land is divided into 13 parcels, including office and commercial space, hotel
02:22accommodation, high-rise residential units, and a marina.
02:26Vishana Pargu, for InsideBusiness.
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