Proposed $250M Sterling Hurricane Hole project to boost economy

Ground-breaking ceremony for the Sterling Hurricane Hole Community Resort and Marina was held on the eastern end of Paradise Island on Friday, January 25. Pictured from left are Khaalis Rolle; David Kosoy, chairman of Sterling Global Financial; Prime Minister Dr. Hubert Minnis; Bill Green, President, Sterling Global Developments Limited; Stephen Tiller, President and COO, Sterling Global Developments Limited; and Peter Turnquest, Minister of Finance. (BIS Photo/Kemuel Stubbs)

3,000 construction jobs and 500 full and part-time jobs upon completion

 

NASSAU, BAHAMAS – Sterling Global Financial, a multi-faceted financial services firm, broke ground for a multimillion-dollar development on Paradise Island on Friday morning.

Both Prime Minister Dr. Hubert Minnis and Dionisio D’Aguilar, Minister of Tourism and Aviation have touted the project as a much-needed economic boost for the country’s economy.

The development, which is slated to reshape Hurricane Hole on Paradise Island is expected to cost an estimated $250 million dollars.

The investment will be rolled out in three phases over the span of a three-year period, Sterling executives confirmed.

The first phase is expected to be completed and ready for occupancy by June 2020.  It includes repairs to the existing 90-slip Hurricane Hole Marina, the construction of 16 residential units, 15,000 square feet of office space, 20,000 square feet of convenience commercial retail and two restaurants.

The second and third phases will include the construction of 50 – 70 residential units and townhomes, respectively.

David Kosoy, Sterling’s Chairman revealed that the development will also become the headquarters for Sterling Global Financial.

“Sterling Hurricane Hole will enhance Paradise Island’s international reputation as a premier destination. Development’s like this demonstrate that investors continue to value The Bahamas as a world-class destination and an excellent place for investment,” the prime minister said.

The development will provide 3,000 construction jobs and 500 full-time and part-time jobs once completed, as well as a number of entrepreneurial opportunities, Kosoy noted.

Geoffrey Beckles, President Bahamas Chamber of Commerce and Employers Confederation (BCCEC) said the chamber fully supports the mega-development.

“It is a positive step in the right direction and I think that it could not have come at a better time, particularly since the labour force report was just released. This project will embrace Bahamian talent and skill at every level and so I think it bodes very well for The Bahamas and the chamber is excited to be in support of this project,” Beckles said.

Phase one of the transformation of Hurricane Hole will be completed by June 2020.

The investment group has eyes for additional developments in Abaco and Eleuthera.

Sterling Hurricane Hole is among the $3.7 billion dollars in foreign investment projects that the Government has approved since mid-2017.