NASSAU, BAHAMAS — The government yesterday signed a Heads of Agreement (HOA) for a four phased $110 million resort, marina and residential development at Blue Water Cay.
Prime Minister Philip Davis said the Legendary Marina Resort at Blue Water Cay will be a welcomed addition to the commercial infrastructure of New Providence.
“The mixed-use oceanfront community will encompass a 120 slip marina, a dry storage facility, marina village, clubhouse, restaurants, retail and residential components including 20 condominiums, 22 ocean front villas and a 130 room hotel,” said Davis, noting that the project will create up to 200 jobs for Bahamians and generate $158 million in additional revenue for the government over the next $25 years. Phase I is expected to break ground this summer with an 18-20 month construction schedule.
The development will be executed in four phases and represents a capital expenditure of $110 million. Peter Bos and William Pizzorni, Legendary Development’s co-founders are behind the project.
Deputy Prime Minister Chester Cooper, who has ministerial responsibility for Tourism, Aviation and Investments, said that the development represents a show of confidence in The Bahamian economy and leadership of The Bahamas, adding that the developer is committed to the highest environmental standards.
Peter Bos stated: “This project is more than just a development. We have got a lot of developments, thousands and thousands of residential units, golf courses etc. This is special. This is a project dear to my heart. It is something I think will make everybody bring more tourists to the island who can enjoy and see the other islands and overall expansiveness of The Bahamas.”
