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Feinstein group announces start of Stake Bank construction

Posted: Thursday, July 19, 2018. 11:11 a.m. CST.

By BBN Staff: The Feinstein Group, led by investor Michael Feinstein, has announced that the long-awaited Stake Bank cruise port facility off the coast of Belize city, is now poised to begin the construction phase as all financial and government-related matters have been finalized.

According to a release sent out this morning, the Feinstein Group says Stake Bank Enterprises Ltd. has engaged with Atlantic Bank as the financing arranger and settled all negotiations with the government of Belize. It adds that it has signed off for the funding, which is now firmly in place with an International Consortium.

Construction is expected to last between 18-24 months. The company expects that a number of employment opportunities will be created during the construction period. Stake Bank island will consist of approximately 70,000 square feet of shopping, restaurants, a waterpark, beach and leisure areas. There will also be a marina to facilitate tenders to and from the mainland.

Tenders will remain in place for smaller cruise ships, however, the larger cruise ships will now be able to dock at Stake Bank. This is expected to provide a tremendous boost to the already flourishing tourism industry in Belize as there had been previous concerns that Belize didn’t have any such existing facility to accommodate larger cruise ships. With the Stake Bank development, that issue will now be resolved.

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