Business

Projects valued at $170 million in the works

There are seven foreign direct investment (FDI) projects valued at more than $170 million in the works, according to the Bahamas Investment Authority.

The projects – which were revealed in The Central Bank of The Bahamas’ quarterly presentation yesterday – are on New Providence, Grand Bahama, Abaco, Andros, the Berry Islands and Bimini.

On Bimini, Genting Americas, RAV Bahamas & Phoenix Infrastructure Group have approved in principle to enter into negotiations with the government for a public-private partnership to redevelop, manage and operate the Bimini Airport.

On Grand Bahama, a group called WDS Discovery Ltd. intends to invest $102.5 million on the Discovery Bay Project, a mixed use resort development. The project involves the acquisition of approximately 30 acres of land situated at the southeast terminus of Fortune Bay Drive. It is expected to employ 80 workers at its peak and 40 incremental workers throughout.

Developers are also seeking to invest $35 million to construct a new hotel on New Providence. The HotelConsult Bahamas will be on 107 acres of land on Paradise Island, which has already been purchased for $10.3 million.

The old Paradise Harbour Club & Marina is set to be transformed to include a restaurant, bar, five bungalows, pool lounges, cabanas and the expansion of the existing dock and marina. That project will supposedly employ 100 new workers at peak and 80 incremental workers.

On Andros, developers have been approved to operate a full-scale poultry farm called Pinnacle Farm (Bahamas) Limited. Investors are looking to pump $20 million into the project and promise to employ 50 workers at peak and 50 incremental workers.

Two projects are slated for the Berry Islands. The government has agreed to issue permits to acquire land for the development of the $1.8 million Soul Fly Lodge (Bahamas) LLC fishing lodge, that would employ eight incremental workers. The other project slated for that island is the $10 million Marquis Point luxury resort. Developer Marquis Point Holdings Ltd. plans to acquire land at Great Harbour to develop a property consisting of a 20 room-guest luxury resort and an eight-room employee housing complex. It is expected to employ ten incremental workers.

On Abaco, Navigare Yachting Bahamas Ltd. plans to invest $1 million on the establishment of an operations office at the Conch Inn in Marsh Harbour, for the purpose of leasing yachts to local customers for recreational purposes. That project is expected to employ six incremental workers.

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Paige McCartney

Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas. Paige started working as a business reporter in August 2016. Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News

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