City businessman and owner of Muneshwer's Ltd, Amar-nauth Muneshwer, is investing over $150 million to develop the former Bettencourt site, which the company has owned for the last 16 years.
Construction has already commenced on what is expected to be a modern three-flat shopping complex at the corner of Water, America and Commerce streets and Muneshwer expects completion by year-end. The Bettencourt building had been ravaged by fire in the 1980s.
The 68-year-old businessman is not yet certain what business would be conducted out of the complex he is building. He says he has invited his six sisters, who are overseas, to return to Guyana to be a part of the investment.
But why is he motivated to invest in the city centre given the current economic, political and crime situation?
"People say I am stupid. But I have love for this country. We are at our lowest ebb and we can't go down any further. Out of every darkness there is some light and for me, we can only look up after this period. It is like we are experiencing `graha' [the Hindu definition of a temporary bad patch due to planetary influences]," the businessman said.
He said he may not be around to see Guyana blossom again, but he is confident it would happen and because of the thrifty businessman he is, he is investing so that his future generations can reap the benefit and for the name Muneshwer to live on. He has one son, Robin Muneshwer, who heads Muneshwer's Travel Service. The company also is involved in shipping and operates a hardware store.
Muneshwer returned to Guyana in 1991 and bought the six-acre Sandbach Parker Complex, which at the time was known as the Guyana National Trading Corporation. He said he has no intention of going anywhere else to live.
He said he is taking the risk of investing in Guyana and is using resources from the banking sector to execute this investment.
The new building would be named Muneshwer's as well, but the businessman said as of now, he does not intend to transfer any of the business out of the current Muneshwer's complex to that site