New $30 million project in Warrens

The Barbados economy is getting a needed $30 million boost as real estate developer Caribbean Consultants Limited embarks on the construction of a six-storey building – One Republic Place – in Warrens, St Michael.

The structure, adjacent to the Warrens Office Complex and opposite the CGI Tower, is scheduled to open in July 2018, and will have former owners of the 50,000 square feet of land, Republic Bank (Barbados) Limited, as its anchor tenant.

The building will take up about 48,000 square feet of land space. When completed Republic Bank will occupy the ground and first floors with is retail and premium banking centre, making that office its flagship location.

Addressing a gathering at the location Monday afternoon to officially mark the start of construction, Director of Caribbean Consultants Ltd James Edghill said the modern building would employ the latest in energy efficient technologies, meeting or exceeding international criteria.

He also said about 250 jobs would be created during the construction phase.

“We have assembled the best local team of consultants and managers and will work assiduously to ensure that this project is safe, on budget and on time opening in July 2018,” Edghill said.

Caribbean Consultants Ltd edged out three other local developers for the land on a sale and lease basis from the bank.

Edghill said there had been interest from prospective tenants, who first wanted to see a structure going up before they commit.

“We are going to look to further our discussions with those tenants and try to get people on board,” he said.

Managing Director and Chief Executive Officer of Republic Bank Ian De Souza said the new development was “long in coming”.

Managing Director and Chief Executive Officer Ian De Souza turned the sod to signal the start of the project.

Republic Bank has been in Warrens since 2004, and with the development of the Warrens area the bank has witnessed favourable growth in customer base, assets and loans, prompting officials to upgrade from a sub-branch to full branch status.

“Business has continued to grow in retail banking, corporate commercial banking and most importantly in the premium banking segment. That particular segment has been growing quite nicely out of our Warrens operations. So in terms of our banking business we are very happy with this new project and we are very excited about it,” De Souza said.

The bank’s executive explained that after exploring a number of possibilities for the use of the land, the bank decided invite bids for a sale and lease agreement, which would help the struggling economy.

“This project will . . . in its own way provide impetus into the construction sector and by extension the economy of Barbados. We know that the more projects of this nature Barbados has, especially at a time like this, the more likely we are to find our way out of some of the difficulties that we have been having,” De Souza said.

The bank official told Barbados TODAY while there would be no immediate need for an increase in employment when the bank moved into the new location, there were plans to open additional branches in Barbados. However, he would not give details.

6 Responses to New $30 million project in Warrens

  1. Wayne T Griffith
    Wayne T Griffith January 17, 2017 at 3:32 am

    I was hoping that area became a park. Warrens needs a well maintained public garden amongst the several concrete buildings

    Reply
    • Leroy January 17, 2017 at 4:32 am

      You crazy,,,Who makes $ with a park?

      Reply
  2. Harry January 17, 2017 at 8:02 am

    Leroy good thing the people who decided to develope Central Park in NY city didn’t share your views. Yes Warrens could do with a well kept green area.

    Reply
  3. Peter January 17, 2017 at 11:07 am

    Leroy, I fully agree with you. Harry and Wayne do not seemingly have any business sense. Who uses parks and how often? Central Park in NYC is an exact replica of Hyde Park in London. I know , I lived and worked there. Harry and Wayne. Learn something here. That new property will employ over 1,000 people all told. Businesses, Restaurants, security, cleaning and a lot more. It will earn over $q10,000.00 per sq. meter on all floors combined. Property value will exceed 100,Million dollars. A park will earn zilch, and will be an expense to maintain. There are parks all around Barbados. One just up the hill there at the turn off to West Terrace. Is that used? UWI students can’t even smoke their weed there. Warrens is now a business center. Think man THINK.

    Reply
  4. kathy-Ann Clarke January 17, 2017 at 2:39 pm

    Warrens Town !

    Reply
  5. Gearbox1964 January 17, 2017 at 4:37 pm

    I agree with Wayne and Harry. Money isn’t everything, and a green area would add beauty, shade, and healthy feeling among all the concrete structures. Walking or driving thru a concrete jungle gives me an unhealthy feeling…I experience it whenever I am in Manhattan. Central Park is like an oasis of life among the dead concrete structures.

    Reply

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