A group of Bahamians led by Dwight Smith, the head of the police staff association, is leading an ambitious effort to purchase the Abaco Club at Winding Bay, as part of a plan to implement a multimillion-dollar "Bahamian capital development project" which would see thousands of homes built throughout The Bahamas, while the Abaco property is redeveloped into one which includes an Olympic training facility and a stem cell research project.
Smith said that funds from the Security Forces of the Bahamas Pension Trust, a pension plan established just under two years ago to cover members of the enforcement forces in The Bahamas such as police, immigration and customs officers, would be used to fund mortgages for those seeking to buy the homes that would be developed throughout the Bahamian islands as part of an effort to provide greater amounts of affordable housing for Bahamians.
Exactly how realistic their efforts might be remains an open question, however Smith and others associated with the project claim to have established a competent management team who would lead the initiative and to have received positive feedback from potential financiers in the United States.
A copy of a letter indicating the same was seen by Guardian Business, although its authenticity could not be verified.
A group of representatives from the Pension Trust recently visited the Abaco Club property, which is now for sale as well as being the subject of a legal dispute after home owners sued the Marriott Vacations Worldwide Corp over alleged breaches of duty relating to allegations of poor maintenance, among a variety of concerns, and claim to have held discussions with the owners about purchasing the property which they believe may have prompted the homeowners decision to go public with their lawsuit.
The lawsuit also alleges that the homeowners are concerned about the owner's plans to sell the property, which Marriott Vacations has indicated could be worth around $28 million, to a group which plans to undertake a large-scale re-development of the property.
There was no indication in their lawsuit or from Marriott Vacations as to who this group might be.
Guardian Business has been informed that plans are now in place on the part of the representatives of the Security Forces of The Bahamas Pension Trust to meet with the Minister of State for Investments, Khaalis Rolle, about their intentions and to seek government support.
An extensive report, also seen by Guardian Business, has been compiled by Randolph John of the Construction Services Group in The Bahamas indicating the full extent of the group's plans and its likely cost, which is in the hundreds of millions.
Smith said that the group has spoken to a group of doctors who are interested in spearheading the stem cell facility, and sees the Olympic facility as likely to create a reliable source of revenue for the group as they move ahead with their residential development plans.
Plans are in place to put aside $9 million in funding to establish a physical office for the Security Forces of The Bahamas Pension Trust from which it would offer a range of financial services for members, Guardian Business was informed.
Meanwhile, the Trust plans to make the investment a public one ultimately, with Bahamians able to buy in via an initial public offering.
Smith said the overall intention is to make the development an inclusive one which addresses existing needs in The Bahamas.
"Our plan is to do the best to help the country at large," he stated.

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