March 13, 2018
At 10 stories, it is hard to ignore ONE OCEAN on Paradise Island just as it is hard to ignore the turnaround story of the high-rise property that went from stalled eyesore to vision to reality and is now what one real estate investor called “the best investment opportunity currently available on Paradise Island.”
Today, developers who salvaged, saved and revived the once-stalled 79-unit development reported they are targeting early May for completion of Phase 2. That’s good news for the residents who have occupied the premises with a view – and a price, the sound of jack hammers and other construction equipment as more than 100 workmen toiled daily for more than a year to make up for what was left unfinished when the building faced foreclosure.
In 2015, Vancouver-based RePlay purchased 52 of the 79 units left unfinished when the original developer defaulted. RePlay, a company best known for marrying financial acumen with planning, designing, building and operating resorts, faced more issues than a politician. But the growing firm whose past projects were marked by success and whose future includes design and management of the much-anticipated Rosewood Half Moon Bay in Antigua set about transforming the tale of the building that for years dominated skyline and conversation. Working with its in-house construction team and Cavalier Construction, they poured some $50 million into the project. Now they are about to unveil a newly furnished model. They have already seen prices appreciate and expect to be the belle of the ball when the penthouse with two-storey glass views is complete next month.
“We have been called the Cinderella story of Paradise Island,” said Myles Newell, Director of Sales & Marketing. “We believe that with all the vision, work and hard dollars that we have invested in this residential community, it will set a standard for luxury living within walking distance of the Four Seasons at Ocean Club, Atlantis and the other amenities that continue to make Paradise Island so highly desirable. There are many places that offer luxury but there is no place that combines the elegance of One Ocean with the lifestyle of Paradise Island. For persons who like to travel and want a lock-and-go lifestyle or for those who live here year-round, this is the total package.” That total package includes underground parking, 24-hour security and concierge service, fitness centre, large infinity pool on Nassau harbour, meeting and thousands of square feet of common outdoor space as well as residences featuring large balconies, top brand appliances and the finest finishes.
The turnaround story is not the fluff of fairy tales. Elevator shafts had to be rebuilt, large chillers replaced, common areas gutted, redesigned, redone and furnished. “It was not easy for residents. We worked closely with them but there were times when we had to move in a certain direction in order for the job to be done right and there were days when patience was tried,” said Newell. “Now that we are drawing closer to the vision becoming reality, there is a growing pride in being part of One Ocean.” It is already paying off. A 2-bedroom unit recently re-sold for 29% over the late 2015 purchase price and the seller sold to buy a larger unit on a higher floor.
“One Ocean is by far the best investment opportunity currently available on Paradise Island,” said Dexter Avney, President, R.E. Properties Caribbean Investment Company. “With the combination of the prime location, upscale finishes and aggressive price per square foot, it is not a surprise that Replay has been able to sell so many units. Our investment company and partners have invested in several One Ocean units and we anticipate a strong ROI from both the rental market and the future appreciation.”
ONE OCEAN, the $50 million, 79-unit project on Paradise Island reinvigorated by Vancouver based RePlay Destinations, is on target for phase two completion in early May.
Bedroom views at ONE OCEAN, the 79-unit development on Paradise Island developed by RePlay Destinations.