Four candidates, who each bring "a distinct and different concept to the table" for the development of the key 383-acre South Ocean resort property, have been shortlisted ahead of expectations of a preferred bidder being picked by early next week, according to the company leading the effort to finalize a sale of the property.
Remaining tight-lipped about the identities of the candidates to purchase the resort in southwest New Providence, Jeremy Seabridge, partner with lead development consultants Southern Cross Developments, told Guardian Business that they are all "very strong" contenders.
Southern Cross Developments was hired to develop a master plan for South Ocean, which ultimately envisaged the property being used as a prospective site for two upscale resorts, a casino, marina, golf course, retail village and more. The plan was proposed to represent a "highest use" of the property, which is considered possibly the last remaining major resort site in New Providence.
However, given the fact that each of the candidates is now bringing a different concept for the property to the mix, it would appear that bidders did not feel constrained to stick with the master plan already proposed, and it is yet to be revealed what types of development proposals have been put forward.
Since creating the plan, Southern Cross Developments has been involved in a process which began last year to solicit and later whittle down the bids, after it signed a listing agreement with U.S.-based CBRE, a leading real estate brokerage, in September 2013.
Bahamian interests were said to be among the over 40 groups that signed confidentiality agreements earlier this year to become involved in the sales process.
While it is not clear if it is the only local company to have bid on the property, Albany confirmed to The Tribune that it was among those seeking to purchase the property, which is adjacent to its own development, as part of a joint venture.
Seabridge has confirmed that the government has been closely involved with the sales effort, and has now met with "most" of the four short-listed candidates.
With the likelihood of a successful completion of the resort development, which has laid dormant for over ten years, high on the list of criteria for the government once a sale of the property is executed, Albany's familiarity and track record of progress and expansion on its current development will surely stand it in good stead with the government.
However, it is quite possible that other bidders may have similarly successful records of development elsewhere.
Seabridge said that all of the bidders shortlisted provide different offerings when it comes to the "cultural, development and economic impact of their plans for the property".
"The Canadian Commercial Workers Industry Pension Plan (CCWIPP, which owns the property) and Southern Cross are working diligently through the selection process and are aligned with the government in its efforts to identify the group with the best offer, and the ability to see its development plans through to completion. We continue to work closely with the Office of the Prime Minister with the collective efforts focused on concluding the selection process by March 18, 2014," said Seabridge.
The process to finalize the preferred bidder is now understood to be in a highly sensitive phase.

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