The government signed a heads of agreement (HOA) yesterday for the development of a $110 million resort in southeastern New Providence.

The Legendary Marina Resort at Bluewater Cay will be constructed along 20 acres on a peninsular on the southeastern tip of the island, near the intersection of Fox Hill Road and Hanna Road, and will feature a 120-slip marina, a dry storage facility, marina village, club house, restaurants and a retail and residential component, including 20 condominiums, 22 oceanfront villas and 130-room hotel.

Speaking at the HOA signing ceremony yesterday, Prime Minister Philip Davis called the mixed-use oceanfront community a valuable economic catalyst.

"This promising development, which will be carried out in four phases, represents a capital expenditure of $110 million and will serve as a valuable economic catalyst for our capital. The strong investor confidence demonstrated by the developers Peter Bos and William Pizzorni is truly encouraging and I'm certainly excited about the benefits it will bring to the island. The Legendary Companies have a reputation for excellence in the hospitality and real estate sectors, with numerous resort projects throughout the southeastern United States under their belt," he said.

"With up to 200 projected jobs for Bahamians, and an estimated $158 million in added government revenue for the next 25 years, this development promises to help fuel the economic revolution my administration has been working so diligently to facilitate. Our Blueprint for Change has a plan for every population center and New Providence is no exception. We are busy securing the expertise and capital necessary to stimulate commerce throughout our archipelago, and we are committed to unlocking the potential of all our people in all of our islands."

Among other services, Legendary Marina Resort intends to offer provisions, concierge and fuel while being the only boatyard in Nassau equipped to haul and launch boats larger than 100 feet.

Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper said yesterday that the investment is another show of confidence in the economy and leadership in The Bahamas.

"What is key with the development for the Ministry of Tourism is that it's additional product, it deepens and strengthens what we have already in terms of marinas to attract boating and yachting, which is a significant part of our overall offering, being a pristine island chain," he said.

"We are delighted that this developer is committed to the highest developmental standards and is committed to ensuring compliance with the standards set by the Department of Environmental Planning and Protection. Let me just say that over the last 18 months we have done a significant level of signings, as demonstrated by the various press releases we've had. We've attracted more than $6 billion in investments and now we are keen to see all of them come out of the ground. So, this is an important occasion today, but what will be a more celebrated occasion is to see shovels in the ground and the work proceeding."

Speaking to his love of The Bahamas that has developed over the past five decades, Legendary Marina founder Peter Bos said the project is more than a development for him and his team.

"I've been coming to The Bahamas every single year since 1969. It's what I think about, it's my holiday, it's what I like to do and the fact that we are able to do something with the marina industry is so wonderful for us, because every time I've been here I've had the luxury of being on a boat where I can see all the out islands and see all of The Bahamas. To facilitate that and to be a part of that whole process is particularly rewarding for us," he said.

"This project is more than just a development. We've done a lot of developments, thousands and thousands of residential units, multiple golf courses, et cetera, but this is special, this is a project that is dear to my heart. It will make everybody, I think, bring more people and more tourism to the island, who can enjoy and see all the other islands and be a part of the overall experience of The Bahamas, which I think very few people really know. So we're proud to be here and we're grateful to all."

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