Republic Bank Breaks Ground on Multi-Million Dollar Rodney Bay City Centre Investment Project

(Castries, Saint Lucia, April 23, 2024) - On Sunday, April 21, 2024, Republic Bank (EC) Limited (RBEC) alongside the developers and Saint Lucia’s Prime Minister, Hon. Phillip J Pierre, officially turned the sod on the Rodney Bay City Centre Development at Pope’s Hill, Gros Islet.

The 14-acre project financed by Republic Bank is being developed by Blue Investment Ltd., a subsidiary of Domhad Properties Ltd. The development will comprise five multi-story buildings and incorporates commercial, retail, residential and recreational spaces.

Speaking on behalf of the developers, Director of Blue Investment Ltd., Dominic Hadeed, and General Manager of Domhad Properties Ltd., Sherwin Wilson, thanked Republic Bank for their partnership and explained that the project is expected to drive economic growth and community development by creating jobs, fostering entrepreneurship and offering a dynamic space where people can shop, work and socialize.

The multi-million-dollar project is slated to be rolled out in two phases. The first phase will be the home of RBEC Regional Headquarters and a new Rodney Branch for the Bank’s Saint Lucian customers. It is expected that the Headquarters will better enable the Bank to serve its domestic clients as well as the wider Eastern Caribbean community.

Managing Director for RBEC Tracy Bartholomew, acknowledging this significant milestone in Republic Bank (EC)'s history shared that, “In the coming weeks work will begin at this site to create a modern, state of the art commercial and retail facility. This investment on the part of the Bank represents a strong vote of confidence in Saint Lucia. The project is a testament to the Bank’s unwavering commitment to the development of the economy of Saint Lucia and to our customers here on island. It is also a demonstration of our commitment to deepening our relationship with the other Eastern Caribbean islands.”

The Bank’s Corporate Social Responsibility platform – The Power to Make a Difference Programme (PMAD) is another shining example of Republic Bank’s deep and abiding commitment to the communities that they serve. Over the past few years, the Bank has invested close to EC$1 million in grant funding and partnerships with local organizations like the Saint Lucia National Conservation Fund, and the Saint Lucia National Cricket Association. The Bank has also remained committed to supporting the growth and success of small and medium-sized enterprises (SMEs) through its Entrepreneur Business Builder (EBB) Programme that to date has helped 200 female entrepreneurs across the Region grow technology-enabled and future-proofed businesses.

“The Bank strongly believes that collaboration and partnerships build strong communities and that strong communities build strong nations. Nations in which both individuals and businesses can grow and thrive,” concluded Bartholomew.

The second phase Rodney Bay City Centre Development will be the construction of a commercial centre to include a waterfront boardwalk, a gym, office space, restaurants and bars, retail stores and condominiums.

Karen Yip Chuck, Vice President of Republic Financial Holdings Limited and Chairman of RBEC in her address to the gathering stated that, “We are happy that our Bank was able to finance this project and help this vision come to reality. Republic Bank continues to be heavily invested in the business community and will remain ready to engage with all stakeholders who share our vision as we continue to make a positive difference in the lives and communities in which we serve”.

Following the official sod turning, Prime Minister of Saint Lucia, Hon. Phillip J Pierre, spoke to the level of confidence that investors have in Saint Lucia stating “I am extremely pleased that this venture is a private sector venture which shows the level of trust and confidence in the economy of Saint Lucia.“ He further expressed the pleasure of the island’s Government and people, in the hosting of the RBEC Headquarters in Saint Lucia.

Construction on Phase 1 of the development will begin in the coming weeks and is scheduled for completion in December 2025. Republic Bank looks forward to this new chapter not only for the Bank but the positive impacts of this investment on the local community, the country and beyond.