Editorial
The Ritz Carlton Approval:A Win-Win for all
For three years, the 300 million dollar,world-class, five-star resort planned for one of the best stretcheson Seven Mile Beach, has failed to gain headway, owing to a seriesof legal actions won and lost by opposing sides - namely the NationalTrust of the Cayman Islands and the group developing the Ritz-Carltonproject.
Although many return visitors and investors have expressed theirdesire to see the Cayman Islands remain as it was years ago, thisjurisdiction has also been missing out on many who will not complain- but welcome premier accommodations and services that The Ritzis renowned for worldwide.
Claiming to be among the five largest financial centres in theworld, without the infrastructure to match other competing destinations- will leave the Cayman Islands behind. We must bring our productup to the standards expected by the many influential visitorsand business people who want the very best, when they visit, investand play here - with their families and associates.
The National Trust did fight a just fight - by objecting to andwinning rounds in their quest to protect the fast-disappearingvirgin space that has attracted many here in the first place.
Judging from the conditions imposed by the Central Planning Authority(CPA) in giving approval to the developers, the National Trustand the developers themselves have, in fact, both come out winners.
It has been said that the art of winning is compromise, and thatis what the CPA has done by giving approval for this vast developmentto proceed.
The Leader of Government Business, who is also the Minister ofPlanning, the Hon. Kurt Tibbetts, has himself served on the CPA,therefore, his comments in our lead story confirm that he is inagreement with the CPA's decision.
In support of Mr. Tibbetts, the Deputy Leader of Government Businessand Tourism Minister, has also voiced his approval - with theadmonition that while he is satisfied that the Ritz project willbe moving ahead, he will be supporting future developments forfar more modest hotel projects, which could involve local developers.
Another project facing close scrutiny by the National Trust andconscionable objectors, is awaiting final approval for developmentwhich could cost up to a billion dollars, is the Dart master project.
Whether in tandem or separately, the Ritz- Carlton, and the proposedDart projects, will no doubt sustain the economic stability ofGrand Cayman, with the attendant spin-offs accruing to the SisterIslands.
It is worthwhile repeating here, that the first set of condominiumapartments were built at Spanish Bay in West Bay. When the 'Kingof Condominium' developers - Brian Butler - and others startedtheir projects along Seven Mile Beach, the Spanish Bay Developersleft Grand Cayman and went to Little Cayman and built cottagesthere - because, they claimed that Grand Cayman was developingtoo fast.
Now, they have also left Little Cayman.
It has been said in some quarters that Cayman's economy has alsoreached to the point of zero growth. The only ones who will benefitfrom this stalled state will be those who have made their fortunesand salted it away right here in fixed deposit accounts and otherplaces.
The territory's economy needs a boost, and the government of theday is charged with the responsibility of making it happen.
The stalled Ritz Carlton project brought many stringent requirementsfor future developments to light. The approval to proceed withthis project has got to be a good thing for one and all.