Urbaniza, a Miami- Brazil group of real estate companies, is developing a masterplan for a Free Zone in the Caribbean island of Grenada.
The Government of Grenada granted Urbaniza a 60-year Concession (with a 60 year extension option) to create a privately owned and operated Duty Free Zone. The Duty Free Zone concession in Grenada is exclusive to Urbaniza, and the project will include a Duty Free Port.
“This will be the only duty free port in the Caribbean,” Urbaniza Director Cristiane Bomeny tells TMI. “This is a project not just for Grenada, but for the U.S., the U.K., Cuba and the rest of the region. It is an international project from Grenada,” she explains. “It will also benefit all levels of the population on the island.”
Located in the Windward Islands below the hurricane belt, Grenada is the most accessible free port in the Caribbean basin, says Bomeny. “Grenada is a gateway to South America and the project looks to create a network of services, business opportunities and amenities.”
In August 2015, Grenada passed The Free Trade and Processing Zone Act, which granted Urbaniza the rights to develop a Free Zone and a Container Port, with auxiliary facilities, and touristic, commercial and cultural projects.
“Under the expanded agreement, Urbaniza may declare a ‘delimited space’ anywhere in the territory of Grenada as a free zone area and license other companies to develop the property. This could be inside the airport, port, as well as any other place of interest for the Concessionaire,” says Bomeny.
“We are 100% privately-owned and operate under a business-to-business philosophy. We are offering a new business model that will become a benchmark for trading and networking. It will allow integration of a variety of diverse industries, expand trade opportunities and minimize bureaucratic regulations,” she says.
The project is also very sensitive to the surrounding ecosystem and will have a high sustainability aspect. Buildings will be interwoven into the landscape, integrating the natural topography and organic building forms.
“Grenada offers companies a virgin business platform which permits new business to be developed. It also has a highly educated and friendly population, which is a key feature for development.”
Urbaniza is also involved with a redevelopment of The Carenage, the picturesque horseshoe shaped harbor that winds around the back side of a small peninsula jutting into Grenada’s St. George’s Bay.
The Carenage Revitalization/Development will be a multi-functional project that will include condo-apartments for short and long term rentals; a boutique hotel, commercial use, retails, and restaurants.
“Our plan is to promote the urban, cultural and architectural development of the area while protecting environmental awareness,” says Bomeny.
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