600 workers expected to be employed during construction phase
SANDY POINT, ABACO – The government has signed a Heads of Agreement with Tyrsoz Family Holdings for a $300 million South Abaco resort and marina project that marks the largest development on the island.
Prime Minister Dr Hubert Minnis announced the project will be developed over two properties: the Lantern Head property, which features a hotel and golf course; and the South West property, which centers around a super-yacht marina village.
The prime minister noted construction on the project and any other construction beyond the high-water mark will be prohibited until the review and approval of the Environmental Management Plan by the BEST Commission.
The developer must also submit an Environmental Impact Assessment for review and approval.
Minnis said the project is expected to employ 600 workers during the construction phase, adding the developer also expects to bring on 600 workers for the operational phase.
He added Tysroz Holdings has agreed to “aim for a ratio of no less than 80 percent Bahamian workers to 20 percent non-Bahamian workers”.
At Thursday’s signing, Minnis said the move demonstrated the strong confidence investors have in the future of Abaco and the country some five months after Hurricane Dorian.
“It includes: an up-market resort community with a wide range of amenities, including the expansion and upgrade of the Sandy Point Airport, a marina, golf course, clubhouse, restaurants, a retail and residential component, swimming pools, waterpark, utility services, resort accommodations and related amenities,” said Minnis at Thursday’s signing ceremony.
“Lantern Head is designed to be a private community inclusive of a hotel and golf course…will encompass a boutique 50-room hotel with beachfront access, restaurants and guest amenities; 76 residential lots, inclusive of 66 beachfront lots and 10 hilltop lots, and an 18-hole full-size golf course with a driving range, full-service club house, pro shop and other amenities.”
He continued: “South West Point is focused around a super-yacht marina and encompasses two boutique hotels and a marina village, along with residential lot offerings.
“This portion of the development is expected to include: a 136-slip marina with slips up to 660- feet and all the necessary amenities; a marina village that will provide services to marina and hotel guests and residential homeowners, and offer shopping, dining experiences, bars and entertainment.
Minnis said the marina village development will also include: a 75-room luxury hotel located behind the marina; a small European-style casino with approximately 5,000 square feet of gaming space, and; 90 lots, inclusive of 44 marina canal lots, 26 waterfront residential lots and 13 hill-top lots.
Tyrsoz Holdings has secured a letter of intent with a well-renowned luxury resort operator, according to Minnis.
Minnis said the HOA details the establishment of a South Abaco Business Development Fund, alongside a number of community enhancement projects and infrastructure investments in South Abaco.
Infrastructure upgrades include: the expansion and enhancement of the existing Sandy Point airport; the extension of Queen’s Highway.
Tyrsoz Holdings has also committed to investing more than $1 million in various restorative environmental community projects.
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