NASSAU, BAHAMAS — Sterling Global Financials’ chairman David Kosoy said yesterday that the company’s investment on Paradise Island is “well over” $100 million to-date, with other multi-million-dollar projects also currently in progress.
Speaking with reporters at the groundbreaking of Sawyer’s Fresh Market at Paradise Landing, the well-known financier said that the company’s investment on Paradise Island will be $250-$300 million upon completion.
“Today it is well over $100 million,” Kosoy.
“We are past phase I. The supermarket and restaurant are phase II. In the fall we are going to promote the next phase which is a seven-story condominium complex.
“Work began back in 2018 on the mixed-use development that consists of retail, office, and residential, as well as the redevelopment of the Hurricane Hole Marina, the largest superyacht marina in the Caribbean.”
Kosoy hailed the development as a “100 percent Bahamian” development and noted that the company has other projects underway.
“The Schooner Bay development is moving along quite well. We have spent a lot of time there. We’ve got good plans for that including hospitality. Right now, there is over $100 million invested in the deal and at the end of the project it will be more than that,” said Kosoy.
He continued: “Montage Cay, that is going on extremely well. We have got a lot of presales. It is in the high to the mid-eight figures. We are building there now. It is going on as planned. We are building a high-end resort there. That investment will be about $300 million.”
The development will include a 48-room Montage Cay Hotel which will open in November 2024, 28 villas, and 20 plus estate lots.
