Post-Dorian: Baker’s Bay reconstruction projected to cost $400m over three years

Post-Dorian: Baker’s Bay reconstruction projected to cost $400m over three years
The Bakers Bay property prior to Hurricane Dorian.

NASSAU, BAHAMAS — Baker’s Bay Golf & Ocean Club is expected to spend $400 million over three years on post-Dorian reconstruction work in Abaco, Prime Minister Dr Hubert Minnis announced yesterday.

Minnis noted Bahamians currently make up 80 percent of persons employed at the property.

During his wrap up to the 2020/2021 budget communication, Minnis said: “Baker’s Bay has commenced its reconstruction following Hurricane Dorian. It is continuing its expansion plans. These works are estimated at $400 million over three years. I am advised that 472 persons  are employed property wide , 80 percent of which are Bahamians.”

Minnis underscored several developments that he believes signal investor confidence and the ongoing restoration of Abaco’s economy.

He noted that the Montage Cay and Marina project was approved on January 14 2020.

Sterling Montage Ltd will acquire Matt Lowe’s cay and marina property to be known as Montage Cay and marina for some $40 million.

“Sterling Montage took title to the cay last month. The heads of agreement is proposed to be executed later this year. Sterling Global Development Limited and STAR Construction will take lead with respect to the construction and development of Montage Cay. The estimated total capital investment is proposed at $352.2 million. It is anticipated that 2,970 persons will be employed throughout various phases of construction,” said Dr Minnis.

The Prime Minister also noted that a heads of agreement for the proposed $300 million dollar five star residential resort and marina development by Tyrsoz Family Holdings Ltd was signed back in February.

“The developer has been progressing with the technical elements of the project and has submitted its environmental impact assessment and environmental management plan to the BEST Commission for review.”

He added: “These projects and others are a sign of the on-gong restoration for the economy of Abaco  and the Abaco Cays. This is a sign by international developers of their faith in the ongoing recovery and rebuilding fo Abaco.”.

On New Providence, Minnis noted that hotel upgrades and improvements among other developments are also in the pipeline.

“I note that Baha Mar has advised, notwithstanding its revised projected opening date which is now October, that it will immediately recommence construction and utilize the time of closure to continue the $300 million expansion to its resort offerings,” he said.

“The property’s Phase II evolution will include amenities such as Mini Blue, an 18-hole miniature golf course, and new retail stores including Tory Burch and Mont Blanc, as well as fan- favorite Sugar Factory. These projects will be the main focus throughout the coming months and launch upon the fall reopening, for guests to enjoy. At the end of the year, Celebrity Chef Marcus Samuelsson’s latest restaurant concept will be added to Baha Mar’s dining portfolio and the development of Baha Bay, the resort’s luxury, beachfront aqua adventure experience will be continued and is projected to meet its targeted 2021 opening,” he said.

He added: “Contemporary upgrades and improvements to the Melia had already began in October of 2019, and will also recommence within the coming days. All of Baha Mar phase II projects have been awarded to local contractors, providing direct and immediate employment for more than 300 Bahamians. This $300M dollar expansion is an investment in the future. It is a sign of confidence that Baha Mar is committed to creating the best platform for a successful reopening in the fall.”

Pointing to the Global Ports redevelopment of the Nassau Cruise Port , Minnis noted that that project continues and the group remains enthusiastic about the prospects for what will be one of the best such cruise ports in the region.

“Carnival Corporation has indicated their intention is to move forward with both the Grand Bahama and Half Moon Cay projects and are working toward getting both projects permitted.

“The Government recently approved Venetian Development Ltd. and its affiliate, Southern Capital Holding Ltd. to develop Venetian Village Hotel & Residential Resort to be developed on approximately eighty-six acres of land in Western New Providence in the vicinity of Old Fort Bay,” said Minnis.