Sterling Global Financial is one week ahead of schedule on its $250 million Sterling Hurricane Hole project, as it broke ground at the Paradise Island site Friday.
Prime Minister Dr. Hubert Minnis, who spoke at the groundbreaking ceremony, said the project could be completed by June 2020.
“Sterling Hurricane Hole will enhance Paradise Island’s international reputation as a premier destination, and developments like this demonstrate that investors continue to value The Bahamas as a world-class destination and an excellent place for investment,” said Minnis.
Sterling Chairman and CEO David Kosoy explained that the project will generate about 600 jobs.
“We’re going to generate a lot of jobs, which is important to the families here in this country. And if people are happy, we’re happy; and if we’re happy, people are happy,” said Kosoy.
He added that Sterling Hurricane Hole has already attracted the interest of a dry cleaner and spirits supplier for the retail portion of the project. The project is also expected to include restaurants and a food store.
The iconic Hurricane Hole Marina will be redeveloped as part of the project, and will be outfitted to accommodate 200- to 300-foot yachts, something Kosoy said is not a market catered to extensively as yet.
Kosoy added that this new development will utilize renewable energy technology.
Hurricane Hole Marina has been ripe for development since it was under the ownership of Kerzner International, former owner of Atlantis and the One and Only Ocean Club. However, when development was being eyed by the company, economic conditions deteriorated and plans were put on hold.
Brookfield Management then acquired the property when it took possession of Kerzner’s Paradise Island assets.
The project is expected to be led by Sterling Global Development President Bill Green. When the project was initially announced, Green said Bahamian themes will be featured in the style of the new development, while it stays relevant to the Paradise Island feel.
This will be Sterling’s biggest project in The Bahamas to date, and Green said Sterling is preparing to hire for the project.
“We are preparing to hire a range of professionals, from managing director to construction director, contracts manager, field engineer and site superintendent, as well as electrical and plumbing contractor, interior designer, project accountant, administrative assistant, the full gamut,” said Green.
Education: Florida International University, BS in Journalism
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