Developers at Palm Cay are designing a condominium hotel on the eastern side of its more than 150-slip marina in eastern New Providence. While the plans are still in the draft stage, the condo hotel is "on the radar" in a bid to capitalize on heavy boater traffic into the community. "We know a large portion of our market is the transient boating community and they might want to come here for several weeks at a time," according to Zack Bonczek, the new sales and marketing director at Palm Cay.
"The balance of the time, why not have a rental pool for our other transient boaters?" This question is just one of many that have arisen following receipt of a 93-page report from Norton Consulting Group. Palm Cay is now implementing a new marketing and development plan for the next several years. A condo hotel would certainly lie at the heart of its plans for the marina, which is the largest of its kind by slips in New Providence. Bonczek told Guardian Business that "we're looking at somewhere in the neighborhood of 72 units".
Each condo would have three bedrooms, with the ability to "lock off" one or more bedrooms so they can be offered to transient boaters or other tourists. The concept, Bonczek said, is to offer a diversity of accommodations at various price points. The condo hotel would be constructed in the third phase of development at Palm Cay, likely to commence sometime in 2015. The 69-acre community currently consists of 163 lots or homes either completed or under construction. This figure is poised to double over the coming years depending on market conditions.
Developers are planning around $200 million in total build out with an exit plan of five to seven years. Surrounding the condo hotel, Bonczek said, will be a number of other offerings and amenities to help attract boat traffic. Management is planning to open a restaurant and bar with a seating capacity of 102 people. A beach club, including pools, a work out facility, food and beverage facilities and beach access, will revolve around the club house, he said. For boaters, a full-service gas dock and 1,000-square-foot harbor master's office should be of particular interest.
"We have plans approved for the harbor master's office. That is about 1,000 square feet and includes the fuel facility, sundry shop, offices, bathrooms and a fish cleaning station," he said. One year from now, the developers are planning to have the gas dock, restaurant and beach club fully operational. The harbor master's building should have broken ground. Palm Cay wants to capitalize on a perceived lack of space for boaters during peak season. It also benefits from being the closest full-service harbor to Exuma, making it a convenient stop-over for visitors.
In the second or third quarter of this year, Palm Cay will launch a new marketing initiative geared specifically to boaters coming out of Miami, Fort Lauderdale and Palm Beach, among other places. Developers have been engaged in ongoing discussions with the Ministry of Tourism and the Marine Operators of The Bahamas (MOB) in rolling out the campaign. Bonczek said that boater traffic will not only bring life to the development, but also cultivate new sources of revenue and generate sales for homes. "We have identified the transient boating community as a large market for us. We hope it will be increasingly heavy over the coming years," he said.
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