Two-hundred and fifty million dollars is about to be pumped into local economy with the pending re-development of Sterling Hurricane Hole on Paradise Island, which will ultimately see the creation of hundreds of jobs in the short and long term.
The company, which unveiled its master plan Thursday for an ambitious marina overhaul and development said, the project will transform the 50-year-old marina into a 13-acre tropical island-scape, complete with residences, retail, restaurants, office space and yachting services.
The project, officials said, will be developed in three phases over a five-year period and is expected to generate close to 600 construction jobs per year and 300 permanent jobs once the project is completed in 2024.
David Kosoy, president of Sterling Hurricane Hole said, the development will expand the island’s offerings, increase its desirability and further enhance its vitality.
“Our vision will create a world class destination for those who want to enjoy the experience, whether they are docking at the renovated Hurricane Hole Marina, living in one of the residences overlooking the yachts and harbor or strolling Sterling Commons, dining al fresco at a fine restaurant or shopping at one of the boutiques,” he said.
“We intend to work very closely with others who have established interests on Paradise Island including Brookfield Atlantis and Four Seasons at Ocean Club.”
Marina redevelopment, he said, will take place concurrently with the development of Sterling Commons – three mixed-use buildings with retail on the ground level, professional offices on the second floor and residences on the top floor.
Construction on the first phase is due to begin January 2019.
Vice President of Sterling Hurricane Hole and Managing Director Khaalis Rolle said, the One Marina Place will encompass existing office plus an additional two new residential buildings.
“This is one of the most diverse projects ever undertaken by a Bahamian company and we look forward to working with a substantial number of Bahamian contractors and sub-contractors as well,” Rolle said.
The government has collected $30.9 million in stamp duties and recording fees and will collect an estimated $3.2 million in ongoing fees, including value-added tax (VAT) and National Insurance payments, the company said.