Billionaire investor Michael Lee Chin, chairman of Portland Holdings and National Commercial Bank (NCB), has put on hold an ambitious $20-billion development plan in Portland as uncertainties continue about the economy and the tourism sector in particular.

“I don’t know where this situation will be another 10 or 20 months from now, so I want to make sure that the tourism business is [viable],” Lee Chin told the Sunday Observer last Tuesday. “The problem is that Port Antonio is not [like] MoBay, so we have to be building brand recognition.”

Lee Chin’s plan for Portland surrounds a conversion of the Trident Hotel, reopening the Blue Lagoon, rebuilding the Titchfield Hotel, constructing a resort on Navy Island as well as numerous civic upgrades for the parish.

But earlier this year he stopped the US$20-million refurbishing work on the Trident Hotel that would see the property that has hosted world celebrities and European royalty, offering some 15 luxury villas in phase 1 of the project.

Portland Holdings bought the property from architect Earl Levy in the early 2000s.

Reopening of the landmark Portland hotel was scheduled for the 2009-2010 tourist season. However, the plan to upgrade the property to a “refined luxury Caribbean resort” now depends on the duration of the current global economic recession, according to Lee Chin.

Also placed on hold is a US$200-million joint venture negotiation with the Port Authority to rebuild the Titchfield Hotel and open a resort on the stately Navy Island that sits majestically in the Port Antonio harbour.

“What I am trying to do is to increase the amount of traffic that goes there [Portland], but in this economic climate it is tough,” Lee Chin contended.

He also lamented the state of roads in Portland, adding that access to the parish was in a terrible state.

“It doesn’t make sense putting in any more money right now if there are so many question marks,” said Lee Chin.

Much of the success of the development in Portland revolves around the rehabilitation of the Ken Jones Aerodrome that is expected to allow easier access for jetsetters into the parish.

“We are one of the biggest forces pushing for its construction,” Portland Holdings point man Mark McIntosh said. “In order for it to happen successfully, an airport is essential. It not only opens up Port Antonio but the entire corridor.”

In 2007, minister of tourism Ed Bartlett announced an expansion of the Ken Jones Aerodrome as part of the Government’s plans to develop Portland as a tourist resort. However, a highly-placed source in the Ministry of Transport and Works confirmed last week that the aerodrome will not be expanded.

“There is not going to be any work on Ken Jones as the runway cannot be extended,” the source said. “There will be only preliminary work on the terminal until an alternate at Duckenfield (St Thomas) is done”.

Portland, its coastline dotted with resort gems such as Frenchman’s Cove and Dragon Bay, was at the forefront in the birth of Jamaica’s tourism industry over 100 years ago when the banana trade opened up the verdant north-eastern coast parish to the world.

Dragon Bay Hotel, now owned by hotel magnate Gordon ‘Butch’ Stewart, is closed for a US$100-million upgrading into a six diamond spa resort.

Blue Lagoon, another pearl in the string of Portland’s scenic destinations, is also closed, and although a sign outside the resort says reopening in 2009, it only reflects Lee Chin’s intention when he bought the property.

Blue Lagoon was rife with encroachment problems and was actually shut down by former owner Valrie Marzouca before it was acquired by Lee Chin.

“We are considering significant plans to upgrade and market it (Blue Lagoon) as a world class destination,” McIntosh told the Sunday Observer.

In the interim, however, there is ready access only to the small jetty leading to the turquoise, 200-foot lagoon that folk tales insist is bottomless. There, eager residents man bamboo rafts and small canoes taking willing sightseers on a tour of the world-famous attraction.

“The boss gave us permission to do the tours,” a man clad only in shorts told the Sunday Observer. “We have been here long time and asked if we could continue to do the trips since people still come here,” he added.

McIntosh confirmed that Portland Holdings created project-based opportunities for people who traditionally depended on the Lagoon for survival.

But that aside, not even photographs of the picturesque lagoon are now willingly permitted.

“You can’t come on the property and take pictures without permission from head office,” the caretaker told the Sunday Observer, adding that she was uncertain when the resort would reopen.

Lee Chin’s vision for the parish of his birth is a return to the days when Portland was the Mecca for local tourism. “The passion is still there,” he said.

At the same time, he seeks to increase the opportunities for residents in the parish while keeping its laid-back ambience.

His optimistic plans to change the look and life of Port Antonio even include the removal of overhead electric wires in the town, using underground cables instead.

“We are working with the JPS to scope and cost out full burial of power lines,” McIntosh told the Sunday Observer, adding that Portland Holdings was working with all stakeholders in the parish to create a model community in the capital, Port Antonio.

Lee Chin’s investments were also expected to bring upgrades in the National Water Commission’s service for the town to support the projected increase in demand.

Through NCB, Lee Chin has already built a new courthouse for the parish capital and refurbished the old courthouse in the town square for a combined $410 million.

The tradition-rich old court house that featured in the 1986 movie Club Paradise is now a national heritage site and serves as an NCB branch.

In the meantime, Portlanders who were last year upbeat about Lee Chin’s improvements, which they envisaged would bring needed jobs and revenue to the parish, are now uncertain about their economic future.

“There is a level of disappointment. There were people who were employed there (Trident site) so the effect is immediate,” a prominent Port Antonio businessman said, adding that hopes for long-term employment also appeared to be dashed.

“With the hype that surrounded the announcements, only to see it stopped, people are now getting frustrated,” he added.