Talisker, a Toronto-based firm that owns and operates several high-end retreats in North America, came to preliminary terms with the principals of February Point back in January. At the time, owner of the property Randy Hart said Talisker would lead the island’s “renaissance” through its global reputation and diverse, high-end clientele.
However, Jackie Johnson, a representative from Talisker, told Guardian Business yesterday that the deal is off the table.
“The deal is not happening,” she said. “Talisker is not buying the property in Exuma. This is a final decision.”
Jackson would not elaborate on exactly why the deal has fallen apart, citing that negotiations have been sensitive on both sides. According to sources familiar with the matter, there were many “moving parts and wrinkles” to the acquisition.
The news will likely come as a big disappointment to stakeholders on Exuma.
Khaalis Rolle, the minister of state for investments, previously hailed the initial agreement as an important development for the island. He said that Talisker holds “tremendous potential” given their resources, reach and history of success.
“So we’re looking forward to completing this process and we’ll do whatever is needed to facilitate it,” he added.
The botched deal also takes away what would have been a hefty stamp duty for the public treasury. Judy Herlock, a leading realtor on the island, expressed disappointment that the deal went sour.
“That’s a pity. They were the most likely option to take over the property,” she told Guardian Business. “We seem to go two steps forward and four steps backwards here on Exuma.”
Herlock and others in the property business were intrigued with the possible introduction of Talisker, in the sense that the company could have driven up land values and brought new money to the destination. The Toronto-based firm was apparently seeking to invest considerably in the property by boosting its existing offerings and building new homes and amenities.
Herlock said that “there is nothing to get terribly excited about” on the island right now in terms of property sales. She said that more infrastructure is needed to justify the high prices for homes and vacant land.
That said, sources close to the matter said that February Point could still get scooped up by a foreign investor. John McGarvey, new owner of the Coconut Cove Hotel, is thought to be the second major suitor for the oceanfront property.
He is also the investor behind a proposed resort on Stocking Island and a concrete factory on land across from February Point.
Exuma currently benefits from a duty exemption on raw materials for construction, as instituted by the Progressive Liberal Party when it came into power last May.
By Jeffrey Todd
Guardian Business Editor
