Work on the St George’s marina project is expected to begin this summer – but the estimated cost of the project has risen by almost 50 per cent.

Lieutenant-Colonel David Burch, the Minister of Public Works, told the House of Assembly this morning that the project was originally hoped to be completed by next month at a cost of $2.75 million.

However he said Brunel Ltd, the structural engineers involved in the project, have warned the cost estimates had risen to $4.1 million, a rise of 49 per cent, with work now expected to be finished in December.

Colonel Burch said: “The value of the bid submitted is significantly in excess of the original project estimate.

“As a result Brunel Ltd entered into detailed discussions with the bidder to determine if there were allowances or other unknown risk items within the scheme that might be eliminated to reduce costs.

“Through this process they have received a revised bid for the works of $3,045,511. Savings were achieved in the general items, marine works and most significantly in the precast Concrete works section of the pricing document.”

However he said the $3 million figure did not include $465,000 in contingency and management fees and $600,000 for advanced purchase and transportation of materials.

Colonel Burch said: “The budgetary increase is significant and reflects both the current inflationary price cycle and the increase in construction work content of the project through design development.

“The current inflationary pressures have significantly increased material and shipping costs across the board.

“As a result of these changes, the scheduled completion date of June 2022 has now been extended to an anticipated completion date of December 2022. Construction is set to begin in July 2022.”

He added that while the increased cost for the project was not ideal, the completed marina would help the “economic renaissance” in St George’s along with the St Regis Hotel and other initiatives.

Colonel Burch said work on the strategic plan for the town has progressed well, and public consultation is expected to take place soon.

Plans to develop a marina in St George’s have been discussed for well over a decade.

Last November, the Government announced a leasing arrangement had been made between the Corporation of St George and the developer through a private public partnership.

Plans for the marina include an improved dock area for visiting yachts, a newly repaired dock on the south side of Ordnance Island, ten berths for superyachts, a marina reception lounge, a duty-free fuel dock and sewage pumping equipment.