NASSAU, BAHAMAS — Following last week’s signing of a Heads of Agreement (HOA) for a $25 million high-end, low-impact boutique resort on Sampson Cay in the Exuma chain, the government yesterday signed an HOA for a $550 million luxury development on Cave Cay in the Exumas.
The HOA with Cave Cay Limited brings the total level of foreign direct investment (FDI) in the Exumas under the Davis administration to $1.2 billion. Davis said the signing is a demonstration of his government’s efforts to “expand and diversify the tourism product.”
He also said it marks an “expression of confidence” from international investors, nothing that the Cave Cay development will further add to the inventory of luxury resorts in the country.
Cave Cay Ltd CEO Felipe MacLean said that the development on the 220-acre private island will boast one of the largest marinas in The Bahamas with close to 100 slips and the ability to accommodate vessels of 150 feet or larger.
“We know that is scarce in the Exumas, and this is already a marina that is dredged and we will be having minimal impact to the environment,” said McLean.
The mixed-use luxury resort will comprise of a 45-room boutique hotel, 17 overwater units, 23 ocean view units; and 5 four-bedroom villas. The existing 20-slip marina will be expanded into a 98-slip marina with up to 8,200 linear feet of docks; there will be a beach club, marina village, fine and casual dining restaurants, a wellness and fitness club, a sporting and kids facilities; and staff housing to accommodate 150 employees subject to meeting all the normal requirements from the relevant government agencies.
The project is expected to create at least 170 construction jobs for Bahamians, with over 200 positions for managerial and support staff once fully operational.
A major residential luxury home community is also being planned for future phases with 214 residences consisting of 38 estate homes, 92 villas, and 84 cottages.
Deputy Prime Minister Chester Cooper, the Exuma and Ragged Island MP said: “This is a continuation of the renaissance that we are seeing in the Exumas. It’s going to strengthen and enrich our already vibrant product in excess of $200 construction jobs and entrepreneurial opportunities for people living in the cays and returning residents.”