Above: a rendering of the Third Turtle Resort and Marina

By the Caribbean Journal staff

A $100 million hotel project is coming to the Turks and Caicos Islands.

The development agreement for the “Third Turtle Resort and Marina,” which would be located in Turtle Cove in Providenciales, was signed at a Cabinet meeting on Wednesday.

The developers of the project are Circle Holdings, who are creating what they’re calling an “ultra-luxury” boutique experience.

The hotel would sit on 775 feet of beachfront and include a marina with 1,300 feet of frontage. The project would include 140 suites, including seven penthouse suites and rooftop pools and gardens.

The property would also include a casino, a 7,000-square-foot sport and event facility, a branded spa and a cigar and rum lounge.

A statement from the office of Governor Peter Beckingham said the project was expected to create between 300 and 400 jobs and bring in around $9 million a year in tax revenues to the government.

“This is a tremendous investment boost to the TCI economy coming just one week after Standard & Poor’s gave this nation a BBB+ credit rating,” Beckingham said. “It shows that the TCI is open for business, provides the stability and confidence that investors require. This announcement certainly bolsters the Islands’ position as one of the most vibrant economies in the region.”

The project has received outline development permission, subject to final planning approval.

“Following hard on the heels of the Shore Club development, this second major project is providing multi-million dollar investment in the TCI and provides real opportunities our people and businesses,” Premier Dr Rufus Ewing said.

It is slated to start construction next year and open in the 2016/2017 tourist season.

“The travel industry feedback to our plans has been fantastic,” said Vasco N F Borges, owner & CEO of Circle Holdings.