NASSAU, BAHAMAS — The Central Bank of The Bahamas has confirmed that it completed the transfer of the Royal Victoria Gardens property back to the government in 2024, formally ending its long-planned new headquarters project at that location.
According to the Central Bank’s 2024 annual report, “In 2024, the Bank also completed the transfer of ownership of the property located at Royal Victoria Gardens back to the Government, a final termination of the new headquarters project at that location.”
The decision to cancel the project—after six years of preparation—resulted in a nearly $9 million write-off and sparked strong criticism from the Opposition. The Central Bank had hosted a national design competition in 2018 and begun demolition and site preparation in 2020. The project was widely seen as a key part of efforts to revitalize downtown Nassau.
Economic Affairs Minister Michael Halkitis has said the Davis administration decided to halt the project because constructing a new headquarters “would not look good” in the wake of the COVID-19 pandemic. The Opposition rejected that rationale, arguing the Bank was using its own funds.
Despite the cancellation, the Bank commissioned a site feasibility study to explore “the viability of further developing the Frederick & Market Streets property to accommodate additional parking and office space.”
As part of its broader infrastructure strategy, the Central Bank also made progress on its major new construction initiative—the Cash and Data Centre project on Frank Watson Highway in western New Providence. “The project advanced through the initial construction phase in 2024,” the report noted. Once completed, the facility will house modern cash handling operations, secondary data processing, and business continuity functions.
