Professionals looking for a smart location to start their businesses may want to join a stream of retail businesses flowing west to the Old Fort Bay Town Centre. The anchor project there, Solomon's Fresh Market, has continued to exceed expectations since it opened its doors about a month ago, according to reports. Bahamas Real Estate Association (BREA) President, Patty Birch, says it's a strong signal that the area is ripe for growth.
"Nobody envisioned they would need a grocery store of that size out there," Birch told Guardian Business yesterday. "If a food store of that size is exceeding expectations, then what you put next to it will take off, too - if it's a service that's needed there." AML Foods may have seen the potential in deciding to anchor the center, and many other retailers have already signed up to get onboard.
The window to catch this wave may have already narrowed, according to Marcus Grammatico, vice president of finance and secretary at the New Providence Development Company. Letters of intent are on file for nearly all of the retail units on the ground floor of the buildings, he said, although the top floors of each have 7,300 square feet of available space. "We'll be going to market to attract young professionals and professional-type offices in the new year," Grammatico said.
It's an opportunity for insurance companies, lawyers, accountants, and architects, for example, to set up shop there as well. Retail operations expected for the first building include a café, pharmacy, furniture and accessories store, and a clothing store, according to Grammatico. The second building is expected to include an art gallery, a liquor store, a dry cleaner, and a restaurant operator.
Guardian Business understands a bank will be moving to the Town Centre as soon as well.
Phase two, projected to come on stream near the end of 2012, would add a spa and salon, computer store, sporting outlet, another restaurant and possibly a retail store in its retail offerings. "There's a strong movement to go West," Grammatico said. He cited the recent moves of law firm Lennox Paton and offshore bank and trust S.G. Hambros to the area as examples.
"Out west is growing at the moment. That's where all the new building is taking place. It's doesn't have a congested infrastructure. That's very attractive to people." The demographics of the area may belie the value of the location from a business perspective, however. Grammatico said that in terms of population density, the area is considerably more sparse than eastern New Providence. But that may work in its favor as there are also fewer commercial properties.
"So you may not have the population density, but you have their attention and demand," Grammatico said.
The surrounding areas also have a wide range of potential customers, according to Birch, ranging from middle income to the very affluent. Birch said expectations are for even greater potential once all the nearby communities, including Albany and Old Fort Bay, are fully built out.
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