Developer says residences in high-rise development will be for Bahamians and non-Bahamians
NASSAU, BAHAMAS — The developers behind a proposed multi-million luxury high-rise condominium development in Lyford Cay say that the project is “very much in line” with the vision of the community’s founder Canadian business tycoon E P Taylor.
The developers, Eastmor Properties Ltd are currently seeking Town Planning approval in principle for the project that will offer high-end yet affordable residences to Bahamians and foreign nationals in the famous gated enclave.
Their proposal involves the construction of a 72-unit condominium development featuring four nine-story structures on a site totaling some 6.3 acres. The developers said in a statement yesterday that the site was always intended to be utilized for the development of condominiums for local and foreign residents.
It furthered the community was originally envisaged as inclusive rather than exclusive when it was founded in 1959 by renowned industrialist and financier E P Taylor.
The Lyford Cay Property Owners Association has expressed its opposition to the project, noting in a letter to the Town Planning committee that the development would adversely change the character of the Lyford Cay Community and is “incompatible with the low-density neighborhood quality” and “the sense of place” and appeal to which Lyford Cay residents have been accustomed for over 60 years.
The developers of the project say however that they are prepared to act on conditions imposed by the Town Planning Committee so that they may mobilize as soon as soon as the project receives the green light. They also noted that they have already fielded dozens of inquiries from Bahamian and non-Bahamian potential purchasers, and real estate agents which they say is indicative of the strong demand for more residential offerings, particularly in the western district of New Providence.
According to the developers, the high-rise project is expected to provide a tremendous economic stimulus for the local economy both in the immediate and long term, creating hundreds of construction jobs, other spin-off employment opportunities as well as $15-$18 million to the government in stamp duty.
The developers have also assured that the project will be undertaken with the highest degree of environmental stewardship and noted that concerns over increased traffic in the area persisted for several years, due in large part to the Property Owners Association’s (POA) inability to decide on a second entry point into the gated community.
