The space comprises 70 acres of prime real estate.
Speaking at the weekly post Cabinet media briefing Tewarie said negotiations will be initiated with Invaders Bay Marina Limited to determine how the Cruise Ship Complex could be included in the overall development.
He added that negotiations would include discussions of possible low-risk public-private partnership arrangements.
"Cabinet also recommended that negotiations be initiated with DaeChin Commercial Development Limited to determine the company's interest in leasing a smaller core area for the streets of the world development at market-determined lease rates," Tewarie said.
He noted that two investors have already been identified for the project but some of the land will be negotiated.
"What that means is that a significant proportion of Invaders Bay remains open for commercialisation and therefore Cabinet has also agreed that based on the recommendations of the Committee, that the remaining unallocated land at Invaders Bay be made available for development through the issuance of a new Request For Proposals that we will put out," the minister explained.
He noted that two investors have already been identified for the project but some of the land will be negotiated.
"What that means is that a significant proportion of Invaders Bay remains open for commercialisation and therefore Cabinet has also agreed that based on the recommendations of the Committee, that the remaining unallocated land at Invaders Bay be made available for development through the issuance of a new Request For Proposals that we will put out," the minister explained.
He said negotiations would begin with two parties that present a low risk proposition to Government involving private sector investment for portions of the land of Invaders Bay. He added that the rest of it will now be available and be put out so that other people can make investment proposals.
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