Mega ‘River Place’ complex set to transform East Bank corridor

Arguably one of the largest retail investments in Guyana, the new River Place Commercial Complex from Unicomer (Guyana) is set to transform the entire East Bank Demerara corridor.

The new complex, which will be constructed at Farm, will boast 25,000 square feet of retail space ably accommodating a new Court Mega Store, an Ashley Home Store and numerous other businesses from restaurants to retail outlets that will delight Guyanese.

The first two phases of the project cost about US$33 million. In the future, a hotel could also be developed at the space.

The ground-breaking ceremony for the complex was done on Friday. According to the Sub-regional Managing Director for Unicomer Guyana and the Dutch Caribbean, Vincent Gordon, the new facility should be opened in about 18 months time.

And Gordon posited, “It is one of the single largest retail investments to date in Guyana’s history.”

He wasn’t the only person touting the project.

The Inter-American Development Bank (IDB) Group Country Representative for Guyana, Lorena Solorzano Salazar described the project as a “transformative” one that will help “shape the East Bank Demerara corridor.”

The IDB is a funding partner for the project. In April, a US$25 million loan was inked between the IDB’s private sector arm, IDB Invest, and Redstart Guyana, the real estate development and property management division of the Unicomer Group.

Guyana’s Minister of Tourism, Industry and Commerce Oneidge Walrond also backed the project, noting that it adds to the new set of “high standard” developments all across Guyana. And for her, the sizable investment signals businesses’ confidence in the management of the local economy.

The Unicomer Group, known best for the Courts stores, has been in Guyana for more than three decades. Vice President of Unicomer Caribbean, Errol Le Blanc said the company has been able to expand and invest in Guyana over the years because of the support it continues to receive daily.