Over that time, it is expected that Montana Holdings Ltd, – the group behind the development ﾖ will transform its corner of Rum Cay.
The company is expected to fork out $700 million over the length of the development process, and more than 400 permanent jobs are expected to materialize as a result.
During peak construction, the developers expect that 300 construction jobs will be created.
“The development will have a significant impact on the Bahamas ﾖ and particularly on the island of Rum Cay,” the developers say in a press release.
“It is our hope that Rum Cay descendants will capitalize on this economic opportunity and bring their families to Rum Cay.”
The first phase of the development will be the $25 million marina. The water quality of the marina is expected to exceed “blue flag” ﾖ the highest water quality for any marina in the Caribbean.
The marina will feature up to 200 slips, fueling facilities, a restaurant and bar and an Admiralﾒs Club.
Montana Holdings Ltd ﾖ the developers of the resort ﾖ will also build a 5,000 square foot airport terminal and customs house at Port Nelson, at a cost exceeding $20 million. The company will also expand the runway to accommodate direct flights from the United States.
Phase Two of the resort development will see the completion of the luxury hotel, featuring a luxury spa and freeform swimming pool. This is expected to be open in 2010. The condo-tel phase will also see the construction of 80 cottages. The total cost of this phase is $120 million.
The other residential facilities ﾖ 200 condos and 180 estate homes ﾖ are expected to be completed by 2016, at a total cost of over $320 million.
The resort will also have 20,000 square feet of retail and commercial space constructed for local businesses.
The resort will feature other amenities including a beach club for homeowners, an equestrian center with stables, a diving school, and employee housing.
The price tag for these and other amenities is $50 million plus.
The company has reportedly already spent a half million on environmental studies, and has commissioned what it terms “an extensive historical study to ensure that identified antiquities are preserved for the future.”
By: Quincy Parker, The Bahama Journal
