Prime Minister and Minister of Finance the Rt. Hon. Perry Christie said the proposed $94 million luxury resort development project on South Cat Cay, in the Bimini Islands chain, is "another manifestation of the confidence of foreign direct investors in the Government and future of the Bahamian economy".
"It represents a wonderful addition to the attractive Bahamas tourism product, with very close proximity to the affluent South Florida market, and a large number of other wealthy residents and visitors being attracted from South America and Europe to Florida," Prime Minister Christie said December 14, 2015 at the signing of the Heads of Agreement between the Government of The Bahamas and South Cat Cay Properties (Bahamas) Limited, at the Office of the Prime Minister.
Also present were members of the Government's Cabinet.
Prime Minister Christie pointed out that the project will comprise a 53-room, five-star branded boutique hotel with related amenities; 29 marina condo units; 37 residential units; a 137-slip marina; restaurants; shops and recreational facilities. The resort will also include an "upmarket" residential community.
Partners in the project are Floridians Dr. and Mrs. Enrique Murciano and Mr. Ernesto Andrew Estrada Fernandez Salvador, a citizen of Ecuador. Prime Minister Christie noted that the latter partner's family has a "40-year history in The Bahamas," with a home in Lyford Cay and extensive assets in The Bahamas.
"Building designs will combine the unique features of Bahamian and modern architecture. Both the construction and landscaping will be carried out in accordance with the highest international environmental standards," Prime Minister Christie added. "Comprehensive environmental impact studies and environmental management plans will be implemented and carefully monitored".
He noted that during the course of construction in two phases, it is estimated that some 75 Bahamians will be employed, and upon completion and build out, some 170 permanent jobs will be created.
"In addition to the $94 million capital investment by the developers, their economic impact assessment projects over $200 million in real estate sales over the first five years, which will significantly benefit government revenues, suppliers and employment," Prime Minister Christie pointed out.
Facilities will also be provided by the developer for the accommodation of customs, immigration, police and other public offices, he added.
"The Company advises that the project will bring considerable benefit to Biminites in the form of employment and entrepreneurial opportunities generated by proposed retail space and excursions in the marina village," Prime Minister Christie stated. "The Company plans to purchase Bimini-built skiffs for bone-fishing excursions led by Bahamian guides.
"A Bahamian will operate a ferry service to and from Bimini; an artist in residence programme will expose Bahamian artists to new techniques; a recording space will dedicate studio time for local musicians and local cooks will be provided with classical training."
Additionally, he said, a fund is being established for primary and secondary educational facilities in Bimini to further long-term environmental awareness. It is also proposed that a marine sanctuary will be created to the southeast of South Cat Cay to complement the educational initiative, he added.
"We look forward to working closely with those families-- who are the developers-- who plan to move ahead with construction as soon as they receive the necessary permits from the relevant Government agencies," Prime Minister Christie said.
By: Eric Rose - Bahamas Information Services
