The $20 million O2 Resort and Marina development in Bell Channel Bay is well on its way, U.S.-based Project Manager Douglas Galorneau told Grand Bahama News.

"The front exterior wall is completed, the infrastructure - plumbing, electrical, etc., has been installed. The street itself has been cut in and ready to go; much of the landscaping has been installed and put in and the community gazebo is now in place and ready to be used," Galorneau said.

"In addition, two of the docks have also been installed on the waterside and the first house should be breaking ground in about four weeks. So, the project is coming along nicely."

The O2 development, introduced to Grand Bahamians last year, is located near the Harbour House condominiums in Lucaya and will consist of exclusive custom-built homes each with the option of canal frontage and boat dockage.

"Part of the feature of the property is the waterfront. We are hoping to attract avid boaters, recreational fishermen and the like," Galorneau said.

"The property can be for private use or they can rent out their home as a vacation rental, or it can be placed in the rental pool as an investment property."

The company's website describes the development as a resort set in a lush tropical landscape with a gated entrance with a water feature.

Potential property owners will be able to select from seven home models - the Dolphin, Jasmine, Lucaya, Marlin, Xanadu, Goldeneye and Palm.

Galorneau said, "With O2 we are creating a unique experience that can be felt as you enter an O2 property. We want you to be lifted into an exciting new world - a waterfront adventure."

The marina and resort are projected to be completed in two-and-a-half years with $1.3 million invested to date.

Galorneau said the developer, Marc Issott, has other rental properties on the island and is committed to Grand Bahama and all the work on the property is being done by locals.

With the first of the 13 luxury residences expected to be completed by March 2024, they are expecting rapid progress.

"Persons can visit O2 Resort.com, where they can see the property layout, the property now as it sits and a few of the house designs." Galorneau said.

"Once the first house goes, the second one shouldn't be that far behind."

Real Estate Broker James Sarles of James Sarles Realty is credited with sealing the investment deal for the O2 Resort and Marina.

Sarles believes the entire Lucaya area will see a transformation with the O2 Resort project and the pending sale of the Port Lucaya Marina.

"There will be new money going into the local economy and the trickle down for the economy is exactly what is needed because the houses will need everything from gardeners, housekeeper to maintenance people," he said.

"The 02 Resort has the potential to generate a different kind of tourism, being a new product on the market, similar to the project they have in Bimini with the high-end homes, selling lots and finished homes; this is going to bring new people and put money into the economy."

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