NASSAU, BAHAMAS- The Port Lucaya Marketplace, which has been on the decline for some time, could be set for a revival with plans for a $21.8 million redevelopment, inclusive of the acquisition of some key Grand Bahama waterfront properties.
This was noted in the Central Bank’s Quarterly Economic and Financial Developments Report September 2025 under the heading of “ Selected New Foreign Investment Projects.”
“Bahama Land Waterways is pursuing plans to redevelop the Port Lucaya Marketplace and acquire several key properties on Grand Bahama, including the Port Lucaya Marina, the Grand Bahama Yacht Club and surrounding waterfront buildings and properties. The proposed initiative is valued at approximately $21.8 million. The multiphase development would feature a resort hotel, marina, residential units and entertainment facilities,” the Central Bank noted.
The marketplace, located near the Grand Lucayan Resort, which has been acquired by Concord Wilshire for $120 million earlier this year, has struggled in recent years, leaving many vendors facing dire economic challenges. Straw vendors and small merchants have grappled with low sales and high rents, describing the area as a “ghost town.”
The regulator also noted that Seneca Industries (Bahamas) Limited is seeking approval to advance the further development of the existing Coral Club Beach Villas and Resort into a premier five-star luxury destination spanning several of the Abaco Cays, including Big Grand Cay, Felix Cay, Spongers Cay, Seahorse Cay, Baker’s Cay and Wells Bay with the estimated Phase 1 investment set at $100 million.
On Eleuthera, Myles Ahead Limited has advanced plans for a multi-phased luxury residential resort development on over 90 acres of prime oceanfront property at the site of the former Club Med property in Governor’s Harbour, Eleuthera. The project, valued at approximately $180.1 million, encompasses both hotel and residential components, along with supporting infrastructure, soft costs at market value and land acquisition expenses.
