By Mondo Times editors
Boulder Colorado USA
Posted on February 4, 2010 at 11:43am

New Development Plans for Controversial Cook Islands Sheraton Property

-- The Cook Islands News reported on January 30, 2010:

"New developers are in the wings saying they want to develop the famous ‘Sheraton’ ruins in Vaimaanga.

New Zealand based development company Mirage Group Ltd hopes to complete the construction of the ill-fated Sheraton – which amounts to a complex of derelict buildings on the ten-hectare Vaimaanga property owned by Takitumu paramount chief Pa Marie Ariki.

Prime minister Jim Marurai says the latest investors interested in the controversial property made a presentation to cabinet on Tuesday. He says cabinet has agreed to have government to fast-track several investment processes for the company including the Business Trade Investment Board foreign investor’s approval, the leases approval tribunal process, and the environmental impact assessment for the new development.

Pa Ariki terminated the previous lease on the property last September after local developer Tim Tepaki’s joint venture redevelopment plans fell over and she was no longer being paid fees owed to her."

The full story:
http://www.cinews.co.ck/2010/February/Wed03/local.htm#1001300113

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