Condominiums and shops are being planned on the site of ACL Shipping, Guardian Business can reveal, signaling fresh investment downtown as containers and industry begin their relocation to Arawak Cay. The development is part of a joint-venture that will result in a "multi-use facility", according to Ray Thompson, the owner of ACL Shipping. While Thompson was not at liberty to discuss the full details, he confirmed that the property has been earmarked.
"There is a joint-venture being discussed, but I'm not at liberty to discuss all those involved," he told Guardian Business. "But it's a multi-use facility, both residential and commercial. It'll be a big project." The announcement is one of the first major moves that could spark the revitalization of downtown Nassau.
The Downtown Nassau Partnership (DNP), led by co-chairs Charles Klonaris and Vernice Walkine, is now looking to the first phase of its ambitious project. As the charred site of the temporary straw market is swept away, and vendors take up position in the new facility down the road, the aim is to convert this area into a town square and "green space". Pompey Museum could undergo a revamp and be linked to the new development, and patios, restaurants and other shops are expected to gradually be introduced.
"That's the vision for the area," Klonaris told Guardian Business. "If it is to work it needs to be a combination of residential, retail and even boutique hotels. All of these properties are important for the transformation of the city." Klonaris felt there were also problems with development going forward. One such problem is the difficulty with dictating policy and ensuring standards. Although not referring to this project specifically, he said the DNP will have little control over what goes into these valuable lots.
"It's hard to dictate policy on private property. For someone to go in and do it properly will mean mega bucks," Klonaris added. Winston Rolle, the chairman of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), said one of the objectives of the DNP is to make downtown a living space. In other words, for it to be successful, Bahamians must return to downtown as residents. Coupled with plenty of goods and services, downtown can be restored as a vibrant community.
"It needs to be a living space to justify the activities 24/7," he said. "The only way that will happen is if people live there. You can't have it where at 5 p.m. everything goes dead." Rolle added that the residences or condominiums built downtown should represent a healthy mix in terms of prices, allowing a wide cross section of Bahamians and foreigners to purchase property.
Thompson was unable to confirm the nature of the residences and retail shops being eyed for the ACL Shipping site. He told Guardian Business that details remain sketchy as the joint-venture secures all of the necessary permits to move forward.
The potential, however, is very high. "As long as shipping was in this area, it wasn't taking it into a higher level. It wasn't feasible," he said. "Now that this is happening, all of the land will be freed up for other use. The changes are exciting."
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