Business

Govt approves 10,000-acre Long Island project; $250 mil. project up next

Yesterday the government approved a 10,000-acre development slated for South Long Island that will be built near to another project worth $250 million, that is expected to comprise a boutique resort outfitted with a waterpark with a cruise port component, Acting Prime Minister and Minister of Tourism, Investments, and Aviation Chester Cooper revealed yesterday.

Cooper, speaking to reporters before attending the weekly Cabinet meeting, explained that for the 10,000-acre development only 1,400 acres will be built up while the remaining acreage will become a nature preserve “which has the support of the Bahamas National Trust”.

Cooper added that the $250 million project will be presented to the National Economic Council (NEC) next week. He first revealed the project during his contribution to the 2022/2023 budget debate in Parliament last week.

He said of the project, “We have in the pipeline ready for approval a $250 million project for South Long Island comprised of a boutique resort, entertainment water park and boutique resort. I am particularly excited by the renewed interest I see in Long Island. We will work to shepherd these projects out of the pipeline.”

Cooper said during his budget presentation that the government expects to approve $5 billion worth of investment projects over the course of one year.

The ministry has vowed to make it easier and faster for development projects to get off the ground in the country.

Cooper added during his budget presentation: “We are also establishing a social responsibility fund into which every investor will be encouraged to contribute at least one percent of the investment to social causes, entrepreneurship and the Tourism Development Corporation.

“As I mentioned, we are undertaking a shovel ready projects initiative in which all large and small resorts and projects that were not completed or failed, we will match with appropriate investors.”

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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