NASSAU, BAHAMAS — Developers of the 4M Harbour Island Marina and condominium project signed a second Heads of Agreement (HOA) yesterday for a further $150 million investment.
During a press conference, Prime Minister Philip Davis noted that what began as a boutique resort and marina development has evolved into a retail component comprising 93 estate homes, cottages, and villas.
Davis said the project builds on the $112 million already invested by 4M into the commercial ecosystem of Harbour Island, adding that 4M’s investment is just one of many slated for the family islands.
4M Harbour Island Ltd signed its first HOA for its Harbour Island investment under the Minnis administration back in 2018.
4M Principal Michael Wiener said: “I appreciate the confidence the government has placed in me and my family as we develop the project. We are grateful for the opportunity to do business in The Bahamas. All of the contractors that work on the project are Bahamian. All of the employees we have at 4M are Bahamian and almost all reside on Harbour Island. We look forward to being able to continue to expand the project.”
He added: “Work is underway. We have completed the marina. We started construction on eight residential units, four of which are completed and four off which will hopefully be complete in the next 30 to 45 days. We have completed the installation of all underground utilities, and the grading of lots and we are near the completion of four pickleball courts.”
Wiener noted that construction on the development will continue over the next five years, with 125-150 persons to be engaged in construction.
Clay Sweeting, MP for Central and South Eleuthera said: “I have visited the project already and must say I’m excited with what’s going on there. I am impressed with the confidence of investors in The Bahamas, particularly the family islands.”
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