Eleuthera Chamber of Commerce President Thomas Sands yesterday said that the signing of a heads of agreement for a $100 million Four Seasons development in South Eleuthera has "mind-boggling" implications for the long-suffering area's economic recovery.
Sands told Guardian Business that the signing between the government and Cotton Bay Holdings and Mine Holdings Limited on Friday for the Four Seasons development is a "game changer" for the island's economy, but cautioned both the government and local community to immediately prepare for the development to ensure a healthy and sustainable anchor project.
"The magnitude of what I foresee as a result of this announcement is just mind-boggling. It is very important that the community begins to prepare and that the government also gives the community the tools and support to upgrade and modernize its infrastructure.
"I feel that it is a game changer for the island of Eleuthera, the economy of Eleuthera and especially the economy of South Eleuthera," said Sands, noting that greater training is required to boost human capital in the area.
Colombian billionaire Dr. Luis Carlos Sarmiento, principal owner of the company responsible for developing the resort, said that he expects the resort to boost the number of annual visitors to Eleuthera to 7,000.
Sands has complete confidence in Sarmiento, stating that unlike other anchor projects in the country, the Four Seasons property would likely not suffer from concerns over securing financing. Sands stressed that a strong partnership between the developer, the community and the government was absolutely essential for the Four Seasons' longevity, given the magnitude of the project.
Prime Minister Perry Christie noted at the signing of the heads of agreement last week that the Four Seasons resort and private residences at Cotton Bay is expected to create roughly 300 permanent and 200 construction jobs. Beyond the initial wave of jobs, Sands has high hopes for the entrepreneurial opportunities the development offers Eleutherans.
"I think that the big focus from our perspective is the entrepreneurial activity. It requires the support by existing businesses and new businesses on the heels of that to make the resort successful, but also make the experience for the guests exceptional.
"I am personally excited by the potential. This is the first time in my lifetime that potentially in one phase this amount of $100 million is likely to be spent in our community. As an entrepreneur, it creates exceptional opportunities for forward thinkers. One of the challenges and voids that we all feel living in the Family Islands is the lack of traffic, and this will provide that," said Sands.
Aside from government training initiatives, Sands highlighted a number of critical infrastructural upgrades needed to bring South Eleuthera's facilities in line with guests' expectations, most notable at the Rock Sound airport, dock and clinic to support the pending development. Christie similarly addressed infrastructural concerns by stating that South Eleuthera's airport facilities at Rock Sound will be upgraded to International Air Transport Association (IATA) standards to allow for a wider suite of daily national and international flights. Although the developers have not yet provided a firm construction start date, Christie hopes that work would commence before the end of the year.
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