The future of a planned multimillion-dollar luxury residential development in Abaco has been thrown into doubt, with the property having been placed on the market for $23 million.
Serenity Point, a 40-acre beachfront gated community 25 miles south of Marsh Harbour, is adjacent to the Schooner Bay development.
The development was designed to be a boutique, up-market real estate development, featuring its own clubhouse, infinity pool, tennis courts and 24-hour security.
The property was being developed by Anco Lands, a company headed by Alexis Nihon II, whose family are long time Bahamas residents with extensive Abaco landholdings. Construction began in 2009 and lots started to be sold from March 2010. Nihon II passed away earlier this year.
It is not clear how many individuals may have invested in the development at the time Anco Lands determined to placed it on the market, what the current developers' responsibilities to them may be now that the project is not going ahead, or what any future buyers' responsibilities may be in terms of ongoing construction of the property, if any. Realtor for the property Vicky Knowles-Andrews, of H.G. Christie real estate, was traveling yesterday and unavailable for comment.
According to the sale notice, the property currently has 24 serviced home sites with plans for 22 more. Infrastructure completed includes underground fiber optic electricity, with a newly-built substation, city water, street lights, stand-by generator, fire hydrants, roadways, a gatehouse, beach cabana, rain water holding tanks and landscaping.
A second property is also included in the sale - 100 acres of property with 2,400 feet of beachfront and utilities present. The advertisement suggests the entire area is "suited for a resort with a real estate development".
At a launch for the property in 2010, Nihon said his company's goal was to "capture the natural beauty of this spectacular location and create an exclusive community that offers residents the ultimate family retreat and long-term value." In December 2011, Serenity Point developers said they were targeting a $75-$100 million total value with the construction of 46 home sites. Serenity Point Project Manager Gustaf Hernquist suggested that a reduction of 35 percent of property values around that time had helped stimulate additional interest in the development. By January 2012, Hernquist said that despite a bad economy in the U.S., things were "starting to move a bit" in terms of interest in Serenity Point. Two beachfront lots had been sold, and deposits placed for three more, over the last two months of 2011, he said at the time.
Developers had touted access to the neighboring 220-acre Schooner Bay's amenities and facilities as a key selling point for Serenity Point.
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