Sterling Global execs pay working courtesy call on Public Works minister, director
Executives of Sterling Global Financial met with Minister of Public Works Desmond Bannister and Director of Public Works Melanie Roach on May 8 to review draft master plans that will transform a 13-acre site on Paradise Island into a mixed-use tropical urban landscape with residential, retail, dining and professional office space overlooking a renovated, world-class Hurricane Hole marina and Nassau Harbour.
The meeting with the ministry was the first in a series that Sterling plans to schedule as part of a commitment to collaboration, environmental sensitivity and consultation as it nears the groundbreaking of the largest development on Paradise Island since Atlantis Phase 4.
The 300,000-square-foot, $250 million project is expected to be built in three phases over a five-year period, a schedule that Sterling Global Advisors Managing Director and former Minister of State for Investments Khaalis Rolle called “very ambitious” and said would provide hundreds of construction-related jobs and dozens of entrepreneurial opportunities.
“We are working extremely hard to deliver a first-class development where you can live, work and be entertained,” said Rolle. “I want to assure you that we will commit sufficient human and capital resources to ensure that this project is executed to world-class standards. We will cut no corners in protecting the environment or in the quality of our construction,” he stressed.
“Sterling has been working quietly in the background, and quite possibly is the largest provider of both debt and equity funding for projects under construction in The Bahamas right now,” said Stephen Tiller, Sterling president. “We have provided funding for One Cable Beach, the Marriott Courtyard on West Bay Street, Thirty Six on Paradise Island, Beach House Villas, Matt Lowe Cay in Abaco, Sky Beach in Eleuthera, Ocean Terraces on West Bay Street, and we are currently financing projects in London, Boston and Miami, but we are really excited about this project on Paradise Island because it is home for so many of us at Sterling.”
Both Minister of Public Works Desmond Bannister and Director of Public Works Melanie Roach encouraged Sterling to engage the government and its agencies in discussions regarding its plans and outlined some of the regulatory requirements the company would have to satisfy to receive approval to begin construction.
Local Paradise Island residents have been greeting the plan with great interest since it was introduced just over one month ago. The promise of new restaurants, shopping and residential options topped the list for several long-time residents. Sterling said the development, which that will include mixed-use, multi-story buildings with retail on the ground floors, office space on second floors and residences with harbor and marina views on the top floors, would not compete with Atlantis but would complement the offerings.
Sterling Global Financial is headquartered on East Bay Street and also operates one of the oldest trust companies in the Cayman Islands. The company, whose chairman, David Kosoy, has partnered with the Bahamas Financial Services Board to promote The Bahamas as a secure and significant place in which to do business, is also a leader in global blockchain asset management.