To begin with, it is legitimate to ask whether a deep recession can be the right time to embark on a project which, if it is to be successful, will require sufficient eager tenants to occupy more than 600,000 square feet of office space and 400 apartments.
However, even if that objection can be countered on the grounds that by the time the development is finished the recession is likely to be a thing of the past and, in any case, spending is exactly what is required to boost the economy, concerns remain. Notably, we must be absolutely certain that Harcourt Developments, who have been lined up to handle the project, have the resources to do the job.
What with overseas court cases and allegations – since denied – about unpaid bills submitted by Transport and Technical Services, it is easy to understand why so many people remain uneasy about the progress of this phase of work on the Waterfront.
It is now evident that the uneasiness extends to government, Treasury Minister Philip Ozouf having confirmed that Harcourt have been told that they must deposit a very substantial bond – understood to be £95 million – by the end of June to demonstrate that they are the appropriate developers for what would be the largest single project ever undertaken in the Island. Senator Ozouf has quite rightly said that the States – and, indeed, the Island – must not find itself in a position where it takes unacceptable risks. In spite of this commendable caution, the Senator still believes that Harcourt will ultimately deliver what has been promised.
Nevertheless, the government’s cards are now firmly on the table and it is up to the developers to meet the timetable and conditions that have been set, or withdraw.
The very fact that a bond has been demanded might, of course, sound even louder alarm bells in some people’s minds, but even if a degree of suspicion is still warranted, it can only be reassuring that no one is charging blindly ahead with plans which are on a massive scale by Island standards and which will, if a success, do much to change the identity not only of the Waterfront but also the whole of St Helier.
