Marinas a key part of Cuba's expansion plans
By IBI Magazine/David Robinson
As part of its strategy to develop and broaden its economy, Cuba is openly seeking foreign investment for tourism projects with a particular emphasis on marinas and golf courses. To date Cuba has one internationally known marina and two golf courses. There are already a series of projects in various stages of development, including new marina capacity.
In another significant move to attract foreign investors for tourism schemes, the Cuban State Council has issued a decree allowing 99-year leases on state-owned land to be provided to overseas investors for residential construction. This is important as the financial viability of any marina-related development would need things such as condominiums to make then work.
It is reported that negotiations between the Cuban government and potential investors in respect of 16 golf courses will start in January, but a number of projects are already further ahead than this. At least four projects are more advanced and three of these include marinas.
Foster & Partners is reported to be designing a resort for a British-Spanish group at Bahia Honda in the western Pinar del Rio province that will include a 200-berth marina and three golf courses. The project will feature some 2,000 residential units.
At Varadero in Matanzas province to the east of Havana, the $400m Carbonera Country Club is planned by Esencia Hotels & Resorts, a UK group. This will have a marina, an 18-hole golf course and 730 residential units.
A third marina features in a resort development located at Jibaco, some 80km east of Havana. This will include three golf courses, a marina village and it is planned by Leisure Canada of Vancouver.
Referring to the 99-year lease decree, Miami lawyer and researcher of Cuban real estate law Antonio Zamora was quoted by the Cuba Standard as saying: "I think this action is very significant for several reasons. First and foremost, it happened. It signals that the Raśl Castro government is moving to open up the economy towards the Vietnam model. Fidel and his group are not opposed or cannot stop the moves."
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(3 September 2010)
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