Less than three weeks after concrete trucks moved in for the first pour, Sterling Hurricane Hole announced today that Phase 1 of Sterling Commons is fully leased with Commonwealth Brewery’s retail division, 700 Wines & Spirits, contracting to create a flagship store and pushing leasing for Phase 2 ahead of schedule.
Sterling Commons, along with the iconic marina that will double in size, are being called the centrepieces of Hurricane Hole’s $350 Million redevelopment on Paradise Island.
“Interest in the retail, restaurant and office space has significantly exceeded space available,” said Khaalis Rolle, Vice President, Sterling Development. “We are especially pleased that a leading company like 700 Wines and Spirits shares our positive outlook. We believe Sterling Commons and Hurricane Hole will provide a welcome amenity to all of Paradise Island.
According to Jurgen Mulder, Commonwealth Brewery Ltd. Managing Director, leasing space in Sterling Commons marks a company milestone, complementing its retail growth plan.
“To date, we do not have a footprint on Paradise Island and this will give us a significant presence in an immensely popular shopping neighbourhood,” said Mulder. “We like the setting, the attractive look of the plans along with the location and its proximity to a megayacht marina, shops and restaurants. The store will be one of the largest in the wines and spirits company’s portfolio.”
Sterling Commons retail, office and residential units constitute Phase 1 of the overall Sterling Hurricane Hole development. The project is expected to provide 600 construction jobs and another 500 permanent jobs once the mixed-use development is complete. Eighty percent of the first phase of residential is sold and phase 2 residences will be available for sale later this year.
The centerpiece will be the complete reconstruction of the iconic Hurricane Hole Marina, including new infrastructure, docks of up to 500 feet in length, and ancillary facilities capable of providing full services for yachts and mega-yachts.
Acting Prime Minister K Peter Turnquest, who was on hand July 2 for the first concrete pour and commencement of Sterling Commons construction, said government is “very excited” to learn the project was two weeks ahead of schedule. He predicted Hurricane Hole’s redevelopment will be a “great economic boost,” words that echoed what the developers have been emphasizing since Sterling Chairman David Kosoy, speaking at the January groundbreaking, unveiled the scope of the project.
Sterling Global Development President Bill Green agreed, noting that the impact of the large-scale project will extend beyond P.I.
“Sterling Hurricane Hole will provide a significant economic boost, both to Paradise Island and to the broader community,” Green said. “We have a full complement of administrative, technical, sales and marketing, operations, finance and construction staff working diligently on this project. We are employing many local contractors and subcontractors and are very pleased to contribute to the local and national economy.
Among Sterling’s projects in The Bahamas are THIRTY SIX on Paradise Island, Beach House Villas on Paradise Island, Ocean Terraces on West Bay Street, Matt Lowe’s Cay in Abaco and Sky Beach Resort in Eleuthera.
About Sterling Global Financial Ltd.
Sterling Global Financial (“Sterling”) is a prominent global alternative asset manager focused on real estate. Sterling has over 50 years of experience providing clients globally with a range of services including private banking, wealth management, and real estate development and lending. With offices in the Bahamas and Cayman Islands, Sterling has over $9 billion in assets under management and administration and is a winner of multiple prestigious awards for its real estate investment funds.
Here’s to Flagship Store -- Commonwealth Brewery Ltd. executives finalize lease this week with Sterling Global Development for 5,700 square feet in Sterling Commons, Hurricane Hole. Front row, l to r, Stephen Tiller, President and COO Sterling Financial Group; Khaalis Rolle, Senior Executive Vice President, Sterling Development; Jürgen Mulder, Managing Director Commonwealth Brewery Ltd. Standing, l-r, Ron Hepburn, Retail Director, Commonwealth Brewery, and Bill Green, President Sterling Global Development Limited.
Site inspection – Sterling Global Development executives meet with execs from Commonwealth Brewery on site at Hurricane Hole, Paradise Island following finalization of lease. Commonwealth Brewery Ltd., which owns 700 Wines & Spirits, plans a new flagship store for the upscale P.I. harbourfront development. Phase 1 of Sterling Commons is 100% leased, pushing Phase 2 leasing ahead of schedule. From left, Bill Green, President Sterling Global Development Limited; Jürgen Mulder, Managing Director, Commonwealth Brewery Ltd.; Khaalis Rolle, Senior Executive Vice President Sterling Development; Stephen Tiller, President and COO Sterling Financial Group; and Ron Hepburn, Retail Director, Commonwealth Brewery.
(Photo by Ronnie Archer for DP&A)
