HOA for $300 mil. Abaco residential resort and marina project to be signed today
NASSAU, BAHAMAS – The Government will sign the heads of agreement (HOA) for the sale of the Grand Lucayan Resort and Casino on March 2.
Prime Minister Dr Hubert Minnis made the announcement during his national address on Hurricane Dorian reconstruction last night, noting that this will aid the long-term recovery of Grand Bahama.
Minnis said: “On March the 2 we will sign a heads of agreement for the sale of the Grand Lucayan Resort and Casino. This will help with the long-term recovery and renewal of Grand Bahama.
“It will result in scores of jobs during reconstruction and development, and long-term employment, business and entrepreneurial opportunities for the residents of Grand Bahama.”
“Minnis said the project could bring approximately 2,000-3,000 jobs for Grand Bahama.
For several months, the government has been negotiations with Holistica – a joint venture company formed by Royal Caribbean International and ITM Group – on the renovation and development of Freeport’s cruise port and the Grand Lucayan resort complex.
In 2016, Hurricane Matthew that caused parts of the Grand Lucayan to be shut down and the property to be subsequently taken over by the government in order to protect jobs and ensure the sale of the property.
Minnis also announced that the National Economic Council has approved a $300 million five-star residential, resort and marina development in South Abaco.
“The capital investment, is approximately $300 million dollars, and will help in the reconstruction and revival of Abaco,” said Minnis.
“This development, will include branded hotels, and a full-size golf course.”
The heads of agreement for that development is expected to be signed today in Abaco.
“The project, is expected to employ approximately 600 people during the construction phase, and thereafter,” Minnis added.
“The project, will provide a variety of entrepreneurial opportunities for Abaconians, and Bahamians in a number of areas, including: agriculture, fisheries, heritage tourism and many other areas.”
He noted that the government will also expand and enhance the Sandy Point Airport.