A top U.S. investor is looking to revive a concrete plant on Exuma and purchase a large tract of land, a move that could facilitate considerable development on the island.
In September, Guardian Business exclusively revealed that February Point is poised to sell for "eight figures" to a large foreign entity.
John McGarvey, a property developer with major interests in Florida, has now set his sights on the property across the street. While already pumping millions into the Coconut Cove Hotel, he plans to gain this strategic foothold and play a leading role in future projects.
"My inspiration is mostly from a logistics standpoint. There is a lot more we can do once we square away February Point," McGarvey told Guardian Business. "There is so much energy happening on Exuma. I can see it being mall sub-divisions, maybe in time a golf course, a sports complex, or a business center. So we're working through it. It's still in the planning stages. But it's a good piece. I like the location."
Guardian Business understands that the concrete plant, closed down more than one year ago, has been included in the sale price. Sources close to the matter said it could act as a "staging point" for general construction, particularly for February Point and its future ambitions.
The Talisker Corporation, based in Toronto, is thought to be the leading contender to acquire the luxury community. This major deal involves approximately 715 acres of "mostly vacant" land, leaving plenty of room for development.
McGarvey noted that the plant would be mostly for his own use, although synergies are beginning to form as major players flock to one of the country's most beautiful places.
The developer told Guardian Business that work is progressing well on his first project at the Coconut Cove.
McGarvey is pouring $750,000 into phase one, with a projected budget of $5.5 million over the course of several years to bolster its room and amenity offerings.
He complimented the government on its efficiency and willingness to see Exuma develop and provide new opportunities for Bahamians.
In fact, he said training needs to be "the biggest focus" for the island going forward.
"If we don't train, the world is always crashing over our heads. We want to train Exumians as craftsmen. I want to take it to the next level," he explained. "We are better off taking the population here and doing it properly."
A third project being considered by McGarvey is a "private club" on Stocking Island, Guardian Business can reveal.
McGarvey said he hopes to combine the best elements of a hotel, fractional ownership model and single-family homes. He felt most people don't have $3 million to spend on a second home these days. Instead, he wants to provide a fractional piece of paradise at $300,000.
The renting of homes on Stocking Island would be restricted, he noted, in order to give it that private club feel.
McGarvey is looking at a boutique development that fits into the landscape, through low-lying buildings with a "green focus". Solar energy would feature prominently, he said.
Exuma has benefitted from a number of new investors of late.
Peter Nicholson, the Canadian developer at Grand Isle, recently pulled the luxury community out of receivership by purchasing 31 villas.
Former race car driver Eddie Irvine has invested close to $10 million into the Exuma Yacht Club. Guardian Business also exclusively revealed that a project on Norman's Cay had entered the "execution phase", according to Minister of Investments Khaalis Rolle.
And with the additional of Talisker, an experienced resort company, Exuma could enjoy a considerable boom over then next few years.

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