The Esplanade car park where the finance district is to be built

HARCOURT Developments have missed the first deadline for proving that they can raise the £95 million bond to carry out the mult-million pound Esplanade Quarter project on the Waterfront.

But the Irish developer is to be given more time by the States to deliver on the insurance bond for the £350 million development – the Island’s largest ever project. It is understood that Harcourt has given insufficient documents to the States and does not have the money to deliver the bond or guarantee.

It is not known how long Harcourt has been given to pay, but Treasury Minister Philip Ozouf was expected to make a statement to Members in the States today. When contacted this morning Senator Ozouf would not comment until he had spoken to the Assembly about the matter.

Last month the minister confirmed to the JEP that Harcourt was told in April to provide the guarantee by the end of June, but he would not reveal how much it was. It is now known that the firm has been asked to put up a £95 million bond by the States.