Dingman investment will be revitalization 'catalyst'

Wed, Aug 14th 2013, 10:16 AM

The Downtown Nassau Partnership is calling a proposed development of dining and entertainment options by Jamie Dingman at the Elizabeth on Bay Plaza a "catalyst" for downtown's revitalization.

The civic group said it is aware of a number of discussions about other possible investments in the downtown area, but noted yesterday that these are "very preliminary".

Meanwhile, the DNP said it is hopeful that the government will give "priority consideration" to draft legislation to create a business improvement district for the downtown area soon.

Speaking with Guardian Business in the wake of news that Jamie Dingman, son of billionaire investor and Bahamas resident Michael Dingman, has leased 25 percent of the units in the Elizabeth on Bay plaza, with plans to develop a selection of dining and entertainment-related offerings, DNP Project Manager Gevon Moss said that the organization is "very pleased with the upswing in investor confidence downtown".

"We understand that the focus will be on dining and entertainment. That is precisely what serves as the catalyst for bringing residents and visitors back to town. It is a critical element in the downtown's revitalization," said Moss.

The project manager revealed that the DNP is "playing a facilitating role with other prospective investors east of East Street to help ensure development projects continue to advance" and that they are in line with the guiding principles of the city's master plan.

The "east of East Street" dividing line at present designates the more and less developed and commercially active parts of Bay Street.

Moss said the DNP continues to strive to ensure that an environment is established, maintained and sustained that encourages economic development in the downtown district.

"We believe our efforts are working to that end," said Moss.

He added that the DNP is committed to beautifying and maintaining downtown, working with the government to create incentives for investment, creating parking options and working with the police to ensure there is a safe environment.

Noting other changes spearheaded by the DNP, Moss told Guardian Business that the government has given approval for the pedestrianization of Market Place before the end of the year.

With Marlborough Street now fully pedestrianized, other streets will be pedestrianized on a temporary basis when required.

"We have presented to the government recommendations for draft legislation and an operating plan around the formation of a business improvement district (BID). These are structural models which have sustained tremendous investment, revitalization and town management success in several thousand communities around the world. We are hopeful that this will be given priority consideration soon."

A business improvement district is a defined area in which businesses pay an additional tax or fee in order to fund projects in the district's boundaries. The services provided by the BID are supplemental to those provided by the government. They are often operated by non-governmental or quasi-governmental entities, such as the DNP.

BIDs have been utilized around the world to create public-private partnerships that can stimulate the revitalization of cities. In Nassau's case, a BID was envisioned as a means of providing the funding and coordination needed to address Nassau's lack of coordinated development and deteriorating state in recent years.

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