The developers of the renovated One Ocean condominium project have welcomed an "overwhelming" response to the Paradise Island development as they plan to double their workforce in 2016. Greg Ulmer, director of marketing and sales for Replay Destinations, yesterday told Guardian Business that developers Replay Destinations (Bahamas) Ltd. had recently launched a $2 million exterior renovation project while preparing for the second phase of its condo rollout.

"It's been very encouraging regarding what's happening with the local market and what's happening in the building now. We actually got very good response and the local brokerage market was very responsive in wanting to know what was happening. I guess it picked up demand for property on Paradise Island, since there's not a lot of new inventory available," he said.

Replay Destinations purchased the former Ocean Place condominium project in July. Since then, the new developers have sold five of the eight units launched in the project's first phase and are completing construction on unfinished units.

"From a local standpoint, we have about 40 employees now and our goal is to probably double that in the next year. At the end of the day our total revenue at the building is going to be close to $100 million," said Ulmer.

He stated that the developers hope to complete exterior renovations by March 2016, while the second phase of 32 units will begin in Spring 2016. While New Providence has experienced sluggish real estate sales over the year, Ulmer believes that "pent up" demand exists for residential property on Paradise Island.

"I think that for Paradise Island it seems like there was a little bit of pent up demand for solely residential new product. You've got Ocean Club, which has done extremely well over the years, but people are looking for something new and we are going to be able to deliver that," stated Ulmer.

According to Ulmer, Replay Destinations will begin work on the third phase consisting of penthouse apartments sometime in the second half of 2016.

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