Aside from the $28.2 million Sandy Beach Homes Affordable Housing Project in Chalan Kanoa that is expected to be done by December, parcels of lands including those on Capital Hill and Chalan Galaide are being cleared for new construction projects.
Speaker Eli D. Cabrera, R-Saipan, said foreign investors will build condominiums in those locations.
He said last month, the administration met with the heads of permitting agencies to see how they could assist the investors in the best way possible.
Noting that these are major projects the CNMI economy needs, Cabrera said “there’s something we need to do in the permitting process” to accommodate new investors.
The Attorney General’s Office, according to AG Edward Buckingham, is expediting the review of government contracts.
Inos said the revenue from these projects cannot be taken into account yet.
A plan is still a plan, he added, so it is going take a while before the CNMI can actually see new economic activities.
Whether these new projects will contribute to the economy, Inos said, depends on the business plans of the developers. He noted that a lot of proposed investments in the past did not materialize.
Even the ongoing development on Isa Drive is just a clearing activity, Inos said.
The military buildup on Guam has made a lot of people “excited,” but now it seem to be on hold, he added.
Meanwhile, he said, the government is struggling with its cash flow and will continue to experience delayed paydays.
