NASSAU, BAHAMAS — Against the backdrop of the nearly completed Sterling Commons and construction transforming a historic marina into the Hurricane Hole Superyacht Marina at Paradise Landing, Prime Minister Dr Hubert Minnis today lauded developer Sterling Global Financial for a “vision that was turning a dream into reality and benefitting the Bahamian economy”.
“I think this is an excellent project,” Minnis said during a site visit to the Paradise Island development rising east of the Paradise Island bridge. “It was all-Bahamian and shows what Bahamians can do.”
The two to three-story Sterling Commons buildings include service and retail businesses on the first level and professional office space on the second. Luxury one and two-bedroom residences with panoramic views of the superyacht marina, Nassau Harbour and the famed cruise port are on the top floor.
Minnis zeroed in on the potential of the marina, noting the spin-off benefits of attracting high-net-worth individuals who first view The Bahamas by superyacht and have the potential to become future investors or residents.
“What they (Sterling Global) are doing for The Bahamas, they are building one of the largest superyacht marinas anywhere,” he said. “We have the potential for The Bahamas to become the number one megayacht destination in the world.
“The visit today demonstrated that Sterling is making its dream of a downtown Paradise Island a reality.”
According to a statement by Sterling Global, “That reality involves creating an urban oasis in the heart of The Bahamas’ best-known resort destination, home to Atlantis and Four Seasons Ocean Club.”
Vessels that dock at the world-class marina will have access to dining, a gourmet grocery store, day spa, medical clinic and other retail and service businesses. 700 Wines and Spirits is also anticipated to build a flagship liquor and high-end wine stores.
The developer of the marina noted that aside from providing jobs for 150 to 200 “hardworking Bahamians”, the project generated significant economic opportunities.
Despite the temporary construction lockdown to manage the spread of COVID-19, work at the development is on schedule, according to Sterling Chairman David Kosoy, who said the parent company, Sterling Global Financial, laid off no employees during the pandemic and actually grew its senior team with professionals who were available and represented “the cream of the crop”.
Located along Nassau Harbour adjacent to the eastern Paradise Island bridge and running east toward the Warwick Hotel, the development was once slated to be high-density, high-rise residential.
The developer stated: “Under Sterling’s plan, that was warmly received and applauded at a town hall meeting in 2018. The mixed-use development is lower in density, provides for extensive green space and includes a combination of luxury residential, professional office space in two of five buildings, basic and luxury retail and services and world-class fine and casual dining.”
President of Sterling Advisory Services Khaalis Rolle added: “The landmark Hurricane Hole Marina will be restored to meet the requirements of today’s superyachts while taking great care to maintain, and wherever we can, improve the surrounding or adjoining marine environment.
“We are committed to taking great care with the waters not only because it makes good business sense, but because it is the right thing to do. We know that we are just borrowing this land and these resources, and it is our role to protect and preserve for future generations.”
The facility is expected to open in January.