The government signed a heads of agreement with Eleuthera Properties Ltd. for the development of Jack’s Bay resort, golf course and marina project at the Office of the Prime Minister on Friday.
Sir Franklyn Wilson, chairman of Eleuthera Properties Ltd., said more than $100 million has been invested in the Eleuthera project already.
Phase one of the project, which is substantially completed, features a 10-hole Tiger Woods golf course, clubhouse, restaurant, beach club, tennis courts, and 18-club villas, among other amenities.
Prime Minister Dr. Hubert Minnis said the project, which currently employs roughly 100 people, will provide a much needed economic boost to the island and the country.
“This project along with others will help our national economic recovery, post the COVID-19 pandemic,” Minnis said.
“We have to be ready as a country to take advantage of when travel and tourism begin to return. The islands of The Bahamas must be prepared for a new world of hospitality and tourism.”
Minnis said 107,370 square feet of buildings have been constructed.
“The completion of phase one has allowed the recent opening of the club and the presentation of the residential product to the marketplace,” he added. “We look forward to the full unfolding and realization of Jack’s Bay over the years ahead.”
The heads of agreement signing was originally scheduled for March 17. However, it was postponed due to concerns related to the COVID-19 pandemic.
Sir Franklyn said the business model for the project encompasses a private members club and residential communities. He said it is positioned to rank among the finest such communities anywhere in the world.
The development will include 500 residences, club suites and spacious estate lots.
Asked what target market the property is pursuing, Sir Franklyn said, “The basic requirement is that you got to be able to write a check for seven or eight figures.”
Sir Franklyn said the project will spur indirect jobs in addition to the direct jobs.
Minnis said, “With the Jack’s Bay project, the Disney project, and other developments on the horizon, Eleuthera, including South Eleuthera, is about to go through an economic renaissance.”
The government signed a heads of agreement with Disney Cruise Line on March 7, 2019 for a multimillion-dollar Lighthouse Point cruise port development.