Approval for a $30 million development in Eleuthera is being welcomed whole-heartedly by its soon to be next-door neighbor, Cotton Bay Estates.
Franklyn Wilson, chairman of the high-profile project, revealed that Luis Carlos Sarmiento, a Columbian billionaire, has reignited his ambitions on the island to construct a luxury resort.
With an estimated net worth of $10.5 billion, the banking mogul's project, combined with Cotton Bay Estates, has the capacity to "without question create the golfing capital of The Bahamas and the Caribbean".
World-class golf courses designed by professionals are intended to be the centerpieces of the neighboring resorts.
In its final cabinet meeting before the election, the government reportedly approved the Columbian's $30 million project to build an 80-room resort, golf course, spa, shopping area, restaurant and bar.
"If it happens it will be fantastic for our property," Wilson said.
"It would mean Eleuthera will have the two best golf courses right next to each other - the two best in the Caribbean. It is a tremendous thing for Eleuthera Properties Ltd."
According to Wilson, Sarmiento purchased the old Cotton Bay Club from Eleuthera Properties Ltd. in 1995. While there were plans for a "significant development", Sarmiento didn't share the same vision of the government. Any disagreements have apparently been resolved, however, and Guardian Business understands that Sarmiento has been negotiating with the Four Seasons to run the new resort.
After the approval, Ingraham said the project would mean more government investment in Eleuthera to bolster public infrastructure.The airport, roads and utilities may be poised for expansion, creating further stimulus to the economy and employment opportunities.
Wilson told Guardian Business that Cotton Bay Estates and Sarmiento's project have agreed to "significant cooperation".
"Firstly, if they have a golf course, and we do, clearly it makes us work together to find ways to let the golfing world know that these exist. Second, we'll talk to the same market - high-end luxury. They do not have a marina, whereas we do. A lot of people who come will want access to a world-class marina," he added.
Wilson felt the issue of water supply is a challenge both developments must tackle. The rise of both resorts has the capacity to reduce costs, he explained , through their "synergies".
"The two of us together will be exceptional for The Bahamas," he said.
Wilson, who is also the chairman of Arawak Homes, told Guardian Business last month that Cotton Bay Estates remains undeterred despite some recent setbacks.
"Eight figures" have so far been invested in the project, although he has expressed reluctance to place a specific timeline on the $200 million development's completion date.
He emphasized that Cotton Bay benefits from some "very deep pockets".
Located five miles south of Rock Sound, Starwood Hotels & Resorts first signed an agreement with Eleuthera Properties Ltd. in 2005 to develop the massive project. Comprising more than 100 estate lots, a clubhouse, a private marina and an 18-hole golf course, it was heralded as one of the largest projects ever undertaken by a group of Bahamian investors.

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