The $25 million Heritage Village has attracted at least one key investor, Guardian Business can confirm, with more support "on the horizon" for the West Hill Street project.
Graycliff executives expect to begin construction by the end of this year.
"There are a couple of other investors thinking about it. Now that we have at least one investor on board, it is imminent," said Paolo Garzaroli, the president of Graycliff.
"It is very close on the horizon. I can see it starting before the end of this year."
Heritage Village, including a market, restaurants and attractions, is being billed as "the vision of what historic Nassau should be".
The development includes an entire stretch of West Hill Street. Whereas Heritage Village was originally divided into two phases, the decision was made by Graycliff to accelerate the plans to draw the crowds needed to give the project the right forward momentum.
Garzaroli purchased the buildings on the north side of the street four years ago in anticipation of closing down traffic in the area and creating a destination for tourists and locals.
The opening of an interactive chocolate factory, now slated for the summer, is being seen as an essential step to establishing that first attraction to get tourists excited about the area.
"Nobody is going to come here just for shopping. The chocolate factory will already start bringing people to the property. When this happens it will be a major add on. There are a lot of elements to Heritage Village that are very cultural once it is a village environment."
An events calendar will be created with at least two or three "happenings" to create structure and help drive tourism and cruise traffic.
Garzaroli told Guardian Business Heritage Village should benefit from being a "controlled environment" for families and tour groups. He said the development will "reinvigorate" the whole area, and with the recent decision by the Bacardi family to transport the Buena Vista restaurant into a rum distillery, a variety of "satellite" businesses are entirely possible.
The National Art Gallery of The Bahamas and a new studio opening by Antonius Roberts also lend the area a cultural and historic feel.
Heritage Village will include the chocolate factory, a coffee factory and a Bahamian marketplace.
Graycliff Hotel should remain the centerpiece of the development. An additional 50 to 75 rooms are planned once the development is up and running.

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