The proposed $1 billion project to transform the Cable Beach strip has been withdrawn, The Tribune can confirm, after the group headed by a Lyford Cay billionaire became increasingly disenchanted with the Government’s apparent inability to reach a decision on approving the venture.
It is unlikely the deal can be salvaged, dealing a potentially serious blow to hopes of revitalising the Bahamian economy through net capital inflows and job creation.
Sources told The Tribune that the group headed by Dikron Izmirlian, the Swiss-Armenian billionaire who has made his fortune through property developments and real estate holdings, had become increasingly frustrated by what they saw as government “footdragging” over clinching a Heads of Agreement for the project.
Without a clear-cut “yes” or “no” answer from the government, sources said Mr. Izmirlian and his group had decided to withdraw from the Cable Beach project and concentrate on other ventures. Investors and property developers do not like to leave capital sitting idly and earning no return for long, and seek to reach reasonably quick deals for projects needing government approval.
Source: Neil Hartnell, The Tribune
