The Pearl of the Caribbean will occupy a 700-acre site on the south end of the island. Plans include a casino, horse racetrack, resort and shopping mall complex, free trade zone, entertainment and leisure venues, and housing.
The project is designed to attract investment and tourism from China, Southeast Asia and Russia, as well as other countries where newly wealthy investors are seeking opportunities for their money.
The agreement is between several government agencies charged under the St. Lucia Citizenship by Investment Program, launched in January, and DSH Caribbean Star Limited. Construction is expected to begin in 2017.