One of Barbados real estate moguls is asserting his position that the way forward for the islands’ multi-million dollar property development industry lies with creating in the island as a regional hub, reclamation of land and redevelopment.
Paul Altman a long-time realtor in the Caribbean and managing director of Altman Real Estate, one of the island’s leading real estate firm, made this argument at the Barbados Chamber of Commerce and Industry on March 31 2010.
According to him the geographic location of Barbados, it as one of the best locations for regional firms to be headquartered in the region. He noted that places like Warrens and Newton could provide some of the best locations around the island to house international firms as well. But he said, “such places have to defined as locations for such businesses.” While noting that some government agencies hold ideas to their chest and do not pass them on to the private sector, he indicated that the time has come to share those ideas with the private sector.”
On the issue of reclamation of land Altman once again argued, “Just as in 1960 we had reclamation to add to the space that is now the Bridgetown port, and the surrounding area.” He noted that Barbados continues such development along the west coast of the island and even development of an island just offshore that can also generate commerce.” He noted that building a bridge would facilitate transport. Altman said, “It can pay for itself…create an arm for the port which needs to be expanded, it will be on the west coast so it can handle mid-storey buildings and it can also serve as a sheltered marina which would bring added revenue.”
Concerning redevelopment, the real estate magnate argued that we need to be careful with that approach. He noted that the city and towns are ripe for redevelopment. He highlighted many areas in Bridgetown like Hincks Street and Speigstown and Oistins as prime opportunities for redevelopment. Moreover Altman put forward his argument that there needs to be movement on the Pierhead project. While noting that there is a place for heritage sites in redevelopment once it is done right.
