Bridge Investment Group has been keeping Tinian’s economy afloat with the construction of the office building of the Commonwealth Ports Authority and harbor facility near Kammer Beach. Construction is almost done after Bridge Investment worked out with CPA to lease the property.
Aside from offices of the Tinian CPA, the facility includes two steel warehouses and a brown tree snake facility. The total cost of the infrastructure is $3 million.
Bridge Investment chief executive officer Philip Mendiola-Long said they chose to build the infrastructure as part of their service to the island instead of applying for the qualified certificate tax program.
“As an investor, we felt that we are putting more burden on the local government if we applied for the QC program. Instead, we chose to invest more in the community by building these infrastructures,” Mendiola-Long told Saipan Tribune.
Bridge Investment is also planning to revive the ferry service to and from Saipan. Economic activity on Tinian would slowly increase once the harbor opens, giving CPA additional revenue on wharfage fees and other taxes by cargo ships that would dock.
Mendiola-Long said that Bridge Investment has also employed local workers in the projects that they are developingd. “Our workers are 80 percent local. We felt that it is our responsibility to help the community that would support us once we are done with our projects.”
They also bought materials and their other needs locally, goods and products that amounted close to $300,000 that circulated within the community.
Mendiola-Long said they are not opposed to the U.S. military’s activity on Tinian, especially since two-thirds of the island is already allotted for them. Bombings and other live-fire training exercises that would use high-powered munitions are, however, things they don’t want to take place in the community.
Bridge Investment plans to build two hotels on Tinian where they would bring in the Wyndham brand for one of their projects. Wyndham Hotels & Resorts is the second largest hotel group in the world. Alter City Group is also planning to build a multi-billion dollar resort in Puntan Diablo,
These projects are projected to offset the economic losses Tinian experienced after the closure of the Tinian Dynasty Hotel & Casino last year.