fp Turks and Caicos

The concept took off in the early 1990s in the Turks and Caicos Islands and has been the driving force behind most of the development seen in the country today.

The last 18 months put questions in many investors’ minds if the concept could hold its own in the long run, due to several — what seemed like infallible projects — failing. For various reasons, several larger developments took a turn for the worse and were forced to stop construction or close down operations, mostly due to economic weakness. Today, while a few are still struggling to get a jump start, the first true signs of success are making their way onto the market.

The grand opening of the Veranda on Feb. 1 was the first visual sign that things can and are turning around. A failed project that was able to pull itself from the ashes is now a proud gem on Providenciales. With the hope of the Shore Club also making strides towards its groundbreaking, a new energy is flowing into the local market.

“Investor confidence is building,” says Stan Hartling, CEO of the Hartling Group and developer of the up and coming Shore Club on Long Bay. He says this confidence will continue to grow as the government starts working again.

“We feel like we made a quantum leap,” Hartling said after his recent meeting with the governor and the Advisory Council. While he has been extremely frustrated at times at what seems to be a lack of progress, Hartling acknowledged his belief that the governor is finally getting to sort through the cloud of issues and begin to focus on the priorities at hand.

Hartling pointed out the airport redevelopment project as an additional positive sign for the future of the local economy. Not only will the investment of an estimated $100 million put a needed injection into the local economy, but it is also a key element in creating the international market diversity the country needs. “Because we do not have any industrial diversity, it is very important we protect ourselves with market diversity.”

Although there is more work to be done, the news is finally starting to trickle in that there is movement on the horizon.