В Гренаде началось строительство нового комплекса для студентов и туристов с участием местных землевладельцев

by Roxanne Thompson - 23-unit development targeted to open in 2028 - Local landowner retains ownership stake - 70% local workforce projected during construction RIEAST Developments officially broke ground on Hideaway Too, a new 23-unit tourism and student accommodation project, on 21 August in True Blue, with opening targeted for January 2028. Beyond adding accommodation capacity near St George’s University (SGU), the development also highlights an approach to local property ownership based on equity rather than outright sale. When local landowner Ernest Sanderson approached Chairman and President of RIEAST Developments Dr Richard A Nixon about buying the family property, Nixon said he advised Sanderson to develop it together. Sanderson contributed the land as equity, retaining an ongoing ownership stake in the company. Nixon said his approach is about helping Grenadians grow and develop what they have. For shareholder Stephen Scoon, whose family is originally from Gouyave, the project also carries a personal legacy. Scoon said his late father was Grenadian and that investing in Grenada was especially meaningful because his family had not previously been able to do anything with the land of his father’s homeland. The financing structure for Hideaway Too differs from that of Nixon’s previous development. When asked during an interview whether Hideaway Too is a Citizenship by Investment (CBI) project, Nixon said it is not currently being developed under the programme, although the company has not ruled out CBI in the future. While Hideaway True Blue was structured under the CBI programme, Nixon said Hideaway Too is being financed primarily through shareholder equity and commercial financing from Republic Bank. Manager of Corporate Banking Devon Thornhill said the bank’s decision to finance the project was based on several factors, including the investors’ equity contribution, the development’s prime location for student accommodation, and the investors’ experience and proven track record in successfully managing phase one of the project. Nixon said he never defaulted on the first project’s financing, including during the Covid-19 pandemic, and credited that history with helping build Republic Bank’s confidence in the second phase. Nixon said the project is expected to maintain a workforce of approximately 70% local workers and 30% foreign workers, a structure he said was intended to support skills transfer and provide jobs for Grenadians. Construction by Grenada State Engineers is expected to take approximately 18 months, leading into the planned January 2028 opening.