Above: the groundbreaking last week

By the Caribbean Journal staff

Just a few days after a $300 million project broke ground in Antigua and Barbuda, an even larger one has now launched.

The YIDA project, the agreement for which was signed just after Antigua and Barbuda Prime Minister Gaston Browne took office last June, broke ground on Guiana Island at the end of last week.

The project has an estimated investment of $740 million, according to the government.

Led by Chinese investor Yida Zhang, follows the Baha Mar as the region’s largest development project.

IT is slated to include two five-star hotels, 1,300 residential units, a casino and conference centre, a 27-hole golf course and a marina, among other features.

The “internationally-branded resort” is slated to begin before the end of this year, according to Tourism Minister Asot Michael.

The government said Yida International had already paid $70 million to help bring the project to the groundbreaking stage.

“The Guiana Island project will enlarge the number of hotel rooms, but it will be much more than a hotel,” Michael said. “Making Antigua a hub for the YIDA Group’s strategy of growing its investments in the Americas, will mean more office space, more cargo and traffic, more jobs for our youth, and more economic activity following years of economic decline.”