Albany will soon sign a supplemental heads of agreement (HOA) with the government for what it intends to be a $140 million expansion that will generate up to 1,400 jobs for Bahamians, according to a company executive.
The resort's Senior Vice President Dr. Tyrone McKenzie revealed to Guardian Business that at the peak of construction, between 900 and 1,000 jobs will be created by the expansion. This figure, he said, is in addition to the more than 600 employees currently involved in construction in the southwest New Providence property.
As previously exclusively revealed by Guardian Business, Albany's multimillion-dollar expansion will focus on new growth areas that will appeal to its high-end clientele by establishing the Albany Medical Center, the Sports Education Center and the Albany Financial Center.
"Upon completion of the various components, the possibilities exist for 100-plus jobs in each one of those entities. So we're talking about anywhere between 350 and 400 jobs in terms of operations," said McKenzie.
"That's in addition to the 600-plus we have now in construction and the 380-plus we have in our current operations." Despite a sluggish global economy, McKenzie said Albany has been able "to hold its own" and the project has been steadily building out throughout the downturn.
To date, the $1.3 billion project's overall scope has included between 450 and 600 residential and resort units, an 18-hole championship golf course and clubhouse, a world-class marina for mega yachts up to 240 feet, shops and cafes, a spa, a fitness center, equestrian center, tennis course, an expansive water recreational facility, a beachside social area and a dining club.
The latest phase of construction began last September, which is the development of its marina residences. "We are looking to be cutting edge in the product that we offer our guests. And that's why we have chosen to focus on these key areas of growth.
When you look at high net-worth individuals, which is our target market, they are looking to invest in a place where there is an ease of doing business, credible financial institutions, access to state-of-the-art medical facilities and the best education possible for their children," according to the Albany executive. At the end of the day, McKenzie believes the country is waiting with "bated breath" for some real economic stimulus, which Albany's expansion will assist with.
"We have been able to hold our own and have been able to attract the high-end market with persons that have disposable incomes. That matches what we are looking for."
Last month, Prime Minister Perry Christie confirmed to Guardian Business that in principle, the government has approved Albany's expansion but was looking to "clean up certain aspects" of the project before a final approval is given. But once that is complete, he said the government intends to move forward with Albany "very quickly".
If Albany's developers are given the "green light" soon for this proposed expansion, 260,000 square feet will be added to the Marina at Albany in the first quarter of 2014 as part of its phase 2 expansion. The hospital would start in the second half of 2014 and the Sports Center and related events would be in 2015.
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