The $70 million Caves Heights development is expected to complete construction of its fourth and final tower by the year's end.
The high-end residential development is also showing strong property sales.
Chris Herrod, the development's president revealed to Guardian Business there has been a significant boost in sales in 2011 in comparison to 2010.
Herrod is projecting that sales will continue to increase in 2012, as the development will be completed by November.
"Sales in 2011 were 300 percent higher than in 2010. The development team expect sales to continue to increase in volume in 2012 based on the comfort of buyers to see a completed development rather than taking the risk of a development under construction," according to Herrod.
He also believes that as the American economy begins to get stronger, this trend will undoubtedly have a positive impact on the Bahamian economy.
"Banks are easing up on its credit policies this year to lenders in the U.S. which in turn should reflect in a recovery in that economy, leading to more hotel rooms being booked in Nassau and therefore an improved Bahamian economy," he said.
By the end of 2012, Caves Heights will have constructed its four buildings that encompasses 82 condominiums, two swimming pools, a tennis court, gym and access to both the beaches and Caves Village shopping and office complex.
Once the project is completed, Herrod said there will be no further land for expansion.
Building one is 95 percent sold and building two is 65 percent sold.
"There's only one condo left in building one, out of the 20 that had been built. In building two, there are 10 left out of the 28 condominiums that were built," Herrod noted.
However, buildings three and four are set to come online at the end of the year ready for occupancy.
Condominiums in the Caves Heights Development start from $695,000 and go up to $2,400,000.
Capri, Provence, Monaco and the Penthouse are the available styles that potential buyers can choose from.
The Capri model is a two bedroom, 2.5 bath condominium with an ocean view that spans 1,855 square feet of living space along with a deep balcony.
The Provence model is three bedrooms, 3.5 bathrooms condominium with an ocean view that also spans 1,855 square feet of living space along with a deep balcony.
The Monaco model is three bedroom, 3.5 bathroom condominium with an ocean view that also spans 2,439 square feet of living space along with a 43-foot balcony.
The Penthouse model is four bedrooms, 6.5 bathrooms with an ocean view that also spans 4,594 square feet of living space.
To date, Herrod confirmed to Guardian Business that most of the homeowners are in fact Bahamian families.
"Sixty percent of the property owners are Bahamians, twenty percent are Europeans, South Americans, Canadians and Americans account for 10 percent each," Herrod shared.
"Families account for our biggest group of residents at 70 percent, 20 percent are single and 10 percent were purchased to be used as investment property."
Herrod, commenced phase one of Caves Development in 1996 - Caves Point. A gated community of 67 homes built on a seven acre track of oceanfront land that still stands today as one of the most sought after addresses in New Providence.
Caves Village, the second phase, started in 2000 is a 77,000 square foot retail, restaurant and office plaza designed as a courtyard development that is currently 95 percent leased.
Caves Professional Center was constructed in 2004.
Caves Heights began in 2008.

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