Senator Jim Perchard says that rather than trying to ‘force through’ the plans for a new financial district in uncertain economic times, they should be shelved until the time is right.
Harcourt have been given a deadline of the end of June to come up with a £95m bond to prove that they can carry out the project. If they make the deadline, Treasury Minister Philip Ozouf will make a decision on the reports on their capacity, the deal itself and the legal background to a lawsuit against the developers in America.
The 14-block Esplanade Square development will mix new offices, flats, shops and bars, and will provide two floors of underground parking beneath the area now covered by the Esplanade car park.
But Senator Perchard says that until the demand for thousands of square feet of office space can be proved, and until developers can raise enough cash to carry out the scheme, the States should leave the scheme on the shelf for a couple of years.
