The government and 4M Harbour Island Ltd. signed an updated heads of agreement yesterday, growing its Briland Club Residences and Marina development from a simple boutique resort concept, to a project that includes a retail component and almost 100 estate homes, cottages and villas, worth $150 million, Prime Minister Philip Davis said yesterday.
Davis, who made remarks during the HOA signing ceremony at the Office of the Prime Minister, called the agreement "most robust".
4M has already injected more than $112 million into the property, including the construction of a world-class marina.
"I am delighted by the strong investor confidence this expansion represents and I look forward to the benefits it will bring to that island," said Davis.
"As the footprint of this project expands, so will the resultant benefits for the residents of Harbour Island and North Eleuthera.
"A resort village with retail shops means novel opportunities for Bahamian entrepreneurs to take a stake in one of the most vigorous markets in the country.
"New culinary destinations means greater employment prospects for professionals in the food and beverage industry, while a more diverse housing market promises to upset the trend towards depopulation that is so prevalent across our family of islands.
"This investment is just one of the many exciting developments slated for our Family Islands. We are busy securing the expertise and capital necessary to stimulate commerce throughout our archipelago."
Principal of 4M Harbour Island Ltd. Michael Wiener said at the signing ceremony that all of the contractors and employees on the project are Bahamians, with the majority of them being from Harbour Island. According to Wiener, he chose The Bahamas and Harbour Island because of the people and the security. He explained that in addition to the completed marina, four residential units are completed and construction has begun on another four. Wiener added that 4M has completed the installation of all the underground utilities, the grading of lots and construction of a facility at the back-of-house.
"And we are near completion of four Pickleball courts," he said.
"Construction will continue uninterrupted and it is my expectation that construction will continue over a period of time extending another five years."
He said construction and permanent labor could reach 125 to 150 people.
Wiener explained that the marina has done extremely well since opening and was "virtually sold out over the holiday season".
"We remain busy as we speak," he said.
"Rubis is near completion of the installation of fuel. We've put in nine 20,000 gallon tanks. The marina has in-slip fueling, in-slip pump-out, it has a fire suppression system, floating docks and it's really world-class and has been well-received."
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