The Legendary Marina Resort at Bluewater Cay is expected to have a workforce of about 220 people – 80 percent Bahamian and 20 percent foreign – the project’s environmental impact assessment (EIA) explains.
The EIA also contends that the $80 million project is expected to raise home values in the Yamacraw constituency, where it is closest to.
“The value of homes and lots in the area range from an estimated $85,000-$495,000,” the EIA states.
“This may increase due to the project. Homes in urban locations with proximity to employers, restaurants, mass transit, shopping, and recreation hold high value and can positively affect home value.
“Furthermore, in the international property industry, it is understood that certain elements add immediate value to a property. For instance, properties with an ocean view may be worth ten to 15 percent more than a home a block away. Marinas may be the most valuable asset.”
The EIA says the development has the potential to create $158 million in revenue for the government over 25 years. It adds that those revenues could outpace the concessions the project would be given by a ratio of two to four.
“The development of the Legendary Marina Resort at Bluewater Cay has the potential to stimulate the New Providence economy, as well as the economy of wider Bahamas,” the EIA said.
“The most potentially adverse impacts result from the land reclamation and dredging, which will both cause large amounts of turbidity, and this will also change the existing environment, causing an impact on the flora and fauna.
“Nevertheless, the potentially adverse environmental impacts identified are expected to be managed, reduced, and in some cases even mitigated through the EMP [environment management plan] to be produced for the construction and operation phases of the project.
“The developer, Legendary Marine Bluewater Cay Ltd., is committed to minimizing the adverse environmental impact of the project’s activities, while maximizing the environmental and social benefits of the proposed development through mitigation measures.”
The EIA explains that the project will enhance the development area, a site currently used for illegal dumping, where stolen boats have been found.
The development will bring another gated community to the growing southeastern part of New Providence.
“The project will enhance the surrounding environment by bringing a security presence to the area and cleaning up a blighted site,” the EIA said.
“The developer is also proposing to dredge the very shallow entrance to Yamacraw Lake, which will allow residents to access the lake with their vessels and enhance the water circulation and exchange flow with the sea, thus enhancing the water quality of the lake.”
Aside from the restoration of mangrove and shoreline areas, the developers have committed to constructing unimpeded public beach access.
“This access will be outside of the security perimeter of the planned development and will connect to Fox Hill Road,” the EIA said.
“The developer understands the development of the proposed sandy beach at the current rocky shore and black mangrove habitat will have negative ecological impact. This impact will be mitigated by the construction of a living shoreline along the groynes/jetty that separates the beach from the development.”