NASSAU, BAHAMAS — A Bahamian businessman said yesterday said that high construction and materials costs driven by global inflation could possibly shelve an Adelaide project which could have a total investment of over $200 million when fully developed.
Robert Myers, the Organisation for Responsible Governance (ORG) principal who has teamed up with a small group of investors including Albany developer Joe Lewis for a “mixed-use” residential and light industrial development in south-west New Providence told Eyewitness News that hundreds of thousands of dollars had already been spent on consultants and engineers.
The Adelaide Pines project which is currently seeking the relevant approvals from the Town Planning Committee on a Subdivision Approval application will feature roughly 180 single-family lots along with 19-25 lots for commercial and light industry. The development which will be located on the southern side of Adelaide Road, opposite the eastern entrance to Albany has already obtained its Certificate of Environmental Clearance.
Myers said: “We have followed the existing laws to the T. About eight months ago we were issued our Certificate of Environmental Compliance and we immediately put in our Department of Physical Planning subdivision application for approval. There was a Town Hall meeting on Wednesday and I think it’s reasonable to expect that there would be a number of concerns. That’s the process and we honour and respect it. It’s now up to the committee to separate the facts from the emotions and make a decision.”
Myers continued: “We are still in the process of getting final numbers for material, labor, equipment etc. Most of the civil drawings are done but we still have some modifications to do. There is of course serious concern that with global inflation and pricing if we would actually be able to get started at this time. There is a possibility that we will get everything in place and have to shelve it because the numbers don’t work due to inflation.”
He added: “I think there are some legitimate issues relevant to physical planning. There are still things that we meaning the government and or us need to do in terms of traffic assessments. There are obviously zoning issues that are under their purview. We don’t see any of that being problematic.
“We have been waiting a long time for that physical planning process to occur. We’re more than happy to be neighbourly if there are any concerns we have to work through. Hopefully we will get approved because it’s of substantial consequence to the economy and will provide working class people an affordable and safe place to live in.”
