Exumians residents were briefed last week about four major luxury developments, with many eagerly awaiting their impact, according to Exuma Chamber of Commerce President Urban Smith.
The four projects, Ki'ama, Cave Cay Club and Resort, Torch Cay and Sampson Cay, are collectively valued at just under $700 million.
"The general population of Exuma really supports these investments and are looking forward to them. They really will reap the
benefit from them, so of course at the town meeting people attended, they had very few questions, but overall they were very, very pleased," Smith told Guardian Business.
He continued, "You're looking at collectively about $675 million in investments. It only can be positive for the building community and not only them, but the community of Exuma and the Exuma Cays in general, when you're looking at job opportunities and more importantly more businesses emerging from these types of investments. They are not on the mainland of Exuma, but are on the neighboring cays, so you're looking at all kinds of businesses emerging. So yes, we can get creative in the types of businesses we create in order to meet the demand of the investors and the demands of the operators of these projects."
The government last week signed a $175 million heads of agreement with MR Bahamas Realty Limited and Torch Cay Development Limited. The project is expected to boast an 18-hole golf course with ocean side greens, an environmental research facility, an organic farm, a marina and accompanying village, and a beach club and spa.
Cove Cay is expected to feature 214 private residences (estates, villas, boat houses and cottages), 45 keys (over-water and ocean view and resort villas); beach clubs (residents and resort); a marina with a restaurant and bar, wellness and fitness clubs, diving centers, a watersports center, junior mariners facilities; a recording studio and an organic garden.
Smith said while the community is appreciative of the job opportunities that will come from these major investments, he hopes that the investors commit to improving the community from which they are benefiting.
"More importantly, when you're looking at $675 million in investments, we hope that a good bit of that, at least ten percent of that, will go toward infrastructure like schools, medical facilities, and other amenities of the island which are somewhat lacking. So while it is that we are happy for the investment coming in, we also have to look at parks, could we develop a good sporting complex for our young people on Exuma? We need facilities, we need a swimming pool, we need gymnasiums in order for us to play indoors," he said.
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