Developers acquire funding for Long Island development
Member of Parliament for Long Island Adrian Gibson said a $1.5 billion project, which recently acquired funding from international corporate finance firm Clairfield International, might be the catalyst that brings Long Islanders back home, jumpstarts the island’s economy, and determines what the island’s new airport design could look like.
Adrian Gibson, who is also chairman of the Water and Sewerage Corporation, said he is optimistic that the project will come to fruition and that it will be the economic starter that spurs more investment on Long Island.
According to Gibson, the project would be developed in stages and could come with some sort of healthcare facility, something badly needed in central Bahamas. He added that the project has been in the making for about ten years.
Travel and tourism-related website Caribjournal.com debuted the story, revealing that Star Resort Group has unveiled plans to deliver the Port St. George project on behalf of owners PSG Limited.
“Long Island is finally getting a piece of the investment and development,” said Gibson.
“We have stood and observed as our sister island Exuma developed, and we have not had some of that development.
“If this comes to fruition, it means that many of our people will return home and persons will be encouraged to open businesses and invest,” he added.
Caribjournal.com explained the particulars of the investment, saying: “The mixed-used Port St. George will span 2.25 miles of Long Island shorefront, with 4,200 feet of shoreline on the Exuma Sound and 2,000 feet of Atlantic frontage, for a total of 882 acres.
“It will be headlined by a five-star hotel and spa, along with 515 luxury residences, a 640-berth full-service marina a yacht club, a beach club and a golf course, among other amenities.
“The real estate offerings will include 500 condominiums and townhomes and 15 luxury villas.
“According to Star Resort Group, the project will also have a significant eco focus, with plans to eventually operate entirely off the grid through solar tiles and storage batteries.”
With improvements to Long Island’s water supply underway and plans going into full gear for a new airport next year, Gibson said Long Island is poised to have its socioeconomic fate changed for the better.
“The response from Long Islanders has been positive,” he said.
“People are eager to return home and get a job in their native environment. If this comes to fruition, this will be one of the biggest, most notable investments in the history of the Family Islands.”