While we were at CN last month (Feb 2011) we could see construction taking place at the north point of Bloody Bay (just past the 2nd "R" resort). This newspaper article describes recent "ground breaking" at the property, though our understanding is the ground clearing has been going on for 5 to 6 months.
There was another article about this a year ago or so. We had envisioned something a bit further down the road, but it is definitely visible from CN.
Like other construction (Dolphin Cove, Lucea's "F" mega-resort, etc.) we lament the apparent environmental impact (we certainly preferred the view of the trees to the current exposed land), but note that on the plus side Jamaica needs all the employment it can get.
The article states that the property is "targeted at hotel and banking executives in the resort area".
For those curious about the construction, here is more information: