The government is considering a proposal by the developer of the Abaco Club at Winding Bay Peter de Savary for an expansion of his original plans through an additional $300 million plus capital investment.
Mr. De Savary and the Minister of Financial Services and Investments Allyson Maynard Gibson shared the plans with Abaco residents on Wednesday, while disclosing that the Ritz Carlton brand is being pursued for the property.
“The Abaco Club has completed Phase I and has accelerated several components of Phase II,” reported Mrs. Maynard Gibson during a town meeting. “The total capital expenditure to date has been in excess of $100 million, with approximately $44 million being spent with Bahamian vendors and suppliers in years 2004 and 2005.”
According to government figures, as a result of construction and operation of the development, the project created approximately 135 jobs and 154 jobs were associated with contracts awarded to Bahamian businesses and entrepreneurs.
Mr. De Savary, who has already pumped over $100 million into the property, plans to invest a further $317 million over ten years. Revised plans include creating a 120-key boutique Ritz Carlton Hotel, which would encompass a 40-key Great House, 30 1-bedroom cabanas, 30 golf-course cabanas and 20 currently existing stand-alone cabanas.
This would be in addition to the appropriate dining areas and other amenities operated at or above Ritz Carlton standards.
He also envisions some 50 Ritz Carlton Club Units to be sold as fractional units with 6-9 owners per unit and an additional 70 Ritz Carlton Residences which would include private homes, cottages and condominium units.
Also new plans calls for 60 cottages on Yellow Wood Creek, a 22,000 square foot second Clubhouse with 4 penthouse suites, 26 condominium units and a racquet club.
Almost immediately, construction is set to begin on 30 1-bedroom cabanas on the expansive property.
The government sealed a Heads of Agreement with Mr. De Savary’s Abaco Land Limited in May 2003, paving the way for an unspoilt parcel of land to be transformed into a world-class resort with the world’s first tropical links golf course as its centerpiece.
Back then, it was expected that the development would be undertaken at an investment of $50 million, and would include 20 villas, 75 cottages, a clubhouse, tennis courts, 60-lot subdivision and world-class spa. Both Phases of the development were to have been completed in under 7 years.
Now with the additional 265 units, the projected economic impact of the investment is over $4.8 million of direct annual visitor expenditures, a projected 65,526 new visitors to Abaco as a result of the expansion over the next 10 years and direct employment of up to 158 additional full time employees in the Abaco Club, according to Minister Maynard Gibson.
Additionally, 173 full time employees are expected during the $287 million construction phase between this year and 2012.
The government also expects $134 million in tax revenue until 2015 and an estimated GDP contribution of $411 million over the next 10 years
The investor gave an undertaking under the Heads of Agreement to deliver potable water to Cherokee Sound, which the minister said will now be arranged through the Water and Sewerage Corporation.
Mr. De Savary also committed to creating a car park with appropriate facilities and a widening of the Right of Way to the beach. This is to be done in conjunction with the Ministry of Works and the Local Council.
“The government is uncompromising in its commitment that all traditional rights of access to the beach will be preserved,” said Minister Maynard Gibson.
The investor is also to contribute to the Wild Horse Conservation Fund, to which a contribution has already been made and create a community picnic area and junior golf course.
Late last year, Minister Maynard Gibson reported that total investments approved and on the drawing board amount to $12 billion. The government is on a crusade to attract anchor properties to every Family Island as a means of boosting their economies.
The projected value of projects underway is $4.6 billion, she reported, adding that the total capital investment already started was approximately $1.3 billion.
Source: The Bahama Journal
