Above: the signing ceremony (Photo: TCIG)

By the Caribbean Journal staff

Following the Turks and Caicos Islands’ high-profile announcement of a new $224 million Ritz-Carlton hotel project, the territory has signed a deal for a similarly large $220 million hotel project with Cooper Jack Development Limited.

The deal is to build a $220 million mixed-use, 281-bedroom resort including a 100-bedroom five-star hotel, 76 condominiu units and three luxury villas, according to a government statement.

“This new luxury hotel development is indeed indicative of the confidence investors have in the TCI economy and we welcome yet another group that is keen to invest in the TCI,” said Turks and Caicos Islands Premier Dr Rufus Ewing. “Additionally, a new hotel development in the Cooper Jack area now brings about a new frontier of luxury resorts in yet another location away from the Grace Bay area, which means further diversity not only in the sector itself but also in real estate market.”

The total project site area is located on 20.92 acres in the Cooper Jack area of the island of Providenciales.

“This new development speaks directly to the investment climate in the country and also its attractiveness to high end developments,” said Finance Minister Washington Misick. “This is an exciting time in the TCI and we welcome this new development.”

The government said construction was slated to begin in the third quarter of 2015 and last for approximately two years.