The government signed a heads of agreement with Cotton Bay Holdings and Mine Holdings Limited yesterday for a $100 million development in Eleuthera that is expected to create about 300 permanent and 200 construction jobs, Prime Minister Christie announced.

The project, which will be a Four Seasons resort and private residences at Cotton Bay, is expected to significantly boost Eleuthera's economy, the prime minister said.

"Cotton Bay and Mine Holdings will undertake a $100 million dollar development in a five star, 115-room resort hotel and private residential subdivision with 40 lots, a renovated 18-hole world famous Robert Trench Jones designed golf course, spa and recreational facilities, several restaurants and bars, a commercial shopping center and employee housing situated on 320 acres," Christie said.

The project will also involve investment in additional residential subdivisions comprising 200 lots and villas, and other amenities.

Christie said as a result of the project, South Eleuthera airport facilities will be upgraded to International Air Transport Association (IATA) standards and allow for day and night commercial and private international flights, with refueling and adequate passenger and luggage facilities as well as improved local emergency services to meet the brand of Four Seasons and other significant touristic developments taking place in the immediate future.

"The day is finally here and it is my own considered view that this day will mark the beginning of the renaissance of tourism on the beautiful island of Eleuthera, which in its heyday was the envy of our region," Christie said.

Colombian billionaire Dr. Luis Carlos Sarmiento, principal owner of the company that is responsible for developing the resort, said in addition to creating hundreds of jobs, the development would also increase the number of yearly visitors to the island.

"[There is] an expected increase in the number of visitors to the island to an estimated 7,000 per annum," he said.

A start-up date for construction was not revealed yesterday, but Christie said he hopes the project will begin in the near future.

"I shall be appealing to Dr. Sarmiento to use his considerable resources on earlier start up of construction by year end," Christie said.

"We are prepared to facilitate all the necessary approvals to make that happen. This is a project on which I personally, along with my investment team, have negotiated and worked tirelessly to successfully conclude the heads of agreement with the developer and the operator."

Christie said the development will incorporate local Bahamian artwork, employ Bahamian musicians and entertainers and utilize and feature Bahamian grown agricultural products, produced in Eleuthera and other parts of The Bahamas, including the Bahamas Agriculture and Marine Science Institute.

Christie foreshadowed the Eleuthera development in February when he predicted that between 7,500 and 8,000 new jobs would be created in The Bahamas by the end of the year.

Christie outlined investment prospects on Grand Bahama, Bimini, Andros, Abaco and New Providence that he said will generate thousands of new jobs.

Last month Christie announced the expansion of the Baker's Bay project on Great Guana Cay, where he announced the creation of 250 jobs.

Christie has been criticized for his optimism about the economy amid rising crime and high unemployment.

He said yesterday that a "brighter day is dawning".

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