‘Not too late for plans to change’

Saturday 1st November 2008, 9:55AM GMT.

THE results of the week-long public inquiry into the £350m financial district on the Waterfront could have an impact on the overall plans.

After nearly 70 written submissions and evidence from more than a dozen witnesses, the inquiry finished yesterday. But yesterday Environment Minister Freddie Cohen said that it would not be too late for him to modify the proposal, which includes building the new financial district and sinking the road from the Grand Hotel to the underpass.

Speaking from India, where he is currently on holiday, Senator Cohen said: ‘It is conceivable that the inspector could recommend refusal, in which case it would be unlikely that I would approve it without modification to ensure that it complies entirely with the masterplan that was approved by the States.’

A development agreement between preferred developers Harcourt and the Waterfront Enterprise Board will not be signed until the Treasury Minister, Terry Le Sueur, is satisfied with PricewaterhouseCoopers audit reports and Carey Olsen legal reports on court cases against Harcourt.

WEB managing director Stephen Izatt also said earlier in the year that nothing would be signed until bank guarantees are in place to protect the States interests. The Irish-based firm is currently embroiled in an eight-week battle defending itself in the Commercial Court in Dublin after three business men claimed that they own half of Liberty Wharf, Esplanade Square and Les Jardins sites.

Pictured: How the proposed Esplanade Quarter on the Waterfront could look

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1
Sean

November 3, 2008 at 2:01 pm

If the inspector recommends refusal on the grounds that the tunnel will be at certain risk of major flooding for example, then I would have thought that the plan would require more than a little modification to comply with the masterplan approved by the States.
The States are staking the future of the island on this one.
If it goes wrong then it will be a failure that will blight the whole of St Helier for decades and will make the Fort Regent white elephant look like a failed corner shop redevelopment.

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2
JT

November 3, 2008 at 6:29 pm

We are entering into a whole new world financial structure which was not envisaged prior to the recent global economic crisis. As a result it is likely that the nature of financial business undertaken is Jersey and similar locations will change and evolve.

Developers and planners involved with the Waterfront site should go back to the drawingboard once the implications of the new financial structures have impacted on the future of offshore financial sectors.

The Economic Development Minister should also reexamine his economic growth stategy as these are uncertain times and government spending should also be revisited and curtailed.

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