Minister of Financial Services Ryan Pinder is applauding Albany's decision to include a financial center as part of its $140 million expansion set to begin early next year.
He called the move by the project's developers a "successful" strategy that shows foresight, seeing the connection between its clientele and the financial services industry.
"This facility will create a platform that will attract new physical presence in The Bahamas. I think it will be a very successful model, where they may sell a condo or a home to a highly successful, high net-worth individual or someone in the financial services industry who may require a family office, investments management company or some other related financial services firm that will be located right there within Albany," he told Guardian Business yesterday.
Pinder thinks constructing a facility like this speaks to the government's plans to have the financial services and tourism sectors work closely together, creating synergies.
"We see that as a way of the future. So we are very encouraged that developers like Albany see that too," he said.
When asked by Guardian Business what type of financial institutions would be interested in operating out of the Albany Financial Center, the financial services minister said that will depend on those buying real estate within the development.
Finance is just one of four growth areas Albany's expansion will focus on. Others include: health and wellness, education and sports.
Construction of the Albany Financial Center will begin in the first quarter of 2014 along with 260,000 square feet of expansion around the marina at Albany.
Guardian Business also understands that the financial center has already attracted commitments from several major financial institutions that previously had not committed to The Bahamas.
To date, the $1.3 billion project's overall scope has included between 450 and 600 residential and resort units, an 18-hole championship golf course and clubhouse, a world-class marina for mega yachts up to 240 feet, shops and cafes, a spa, fitness center, equestrian center, tennis court, an expansive water recreational facility, a beachside social area and a dining club.
Since ground was broken on the project in 2008, it has been steadily expanding through the economic downturn. The latest phase of construction began last September, which is the development of its marina residences.

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