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Billion-dollar playgrounds

Billion-dollar playgrounds

Highlights of the largest resort and residential development deals announced in The Bahamas over the last 12 months

Published:
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The Bahamas Investor Magazine
July 1, 2006
July 1, 2006

The Ginn Company
$4.9 billion projected over 20 years

Florida-based Ginn Co, led by Bobby Ginn, a privately held real-estate management firm with nearly 30,000 acres under development in the US, The Bahamas and St Thomas

A mega-resort of 4,400 condo/hotel units next to Old Bahama Bay, 870 homes, an airport, casino, pools and water park. Also on the boards are two golf courses, two marinas, beach clubs and spas

West End, Grand Bahama, about 30 miles from Freeport/Lucaya

Approved by government in Dec 2005, with $100-million infrastructure investment slated by Ginn for 2006

Mayaguana Island
$1.8 billion over 15 years, with $14 million slated in the next two years

Mayaguana Island Developers Ltd, a joint venture between Boston-based I-Group and the government-run Hotel Corp of The Bahamas

Plans to create a free-trade zone similar to Freeport. First phase includes rebuilding of airport, new utilities, roads, 25-unit upscale boutique resort at North Beach and 100 residential lots

Easternmost island in the archipelago, and the least developed, with a population of about 300

Government is giving nearly 10,000 acres of Crown Land to the new company for the development

Baha Mar Resorts
$2 billion for the first phase, with a projected opening date of 2010

Major investor is the  Izmirlian family, in a joint venture between  Starwood Hotels & Resorts Worldwide, Ltd, and Harrah’s Entertainment, Inc

A 1,000-acre project offering 3,550 rooms and an entertainment resort that will rival Atlantis in scale

Cable Beach, west of downtown Nassau on New Providence

First up: $60+-million reno of the 691-room Radisson, to be rebranded as a Sheraton, and a $25+-million reno of the Wyndham

The Albany Project
$1.4 billion

Backed by golfers Ernie Els and Tiger Woods, plus the Tavistock Group owned by Lyford Cay billionaire Joe Lewis

300 single-family homes, cottages and apartments based around a marina, with prices ranging from $2 million to $20 million

Southwest side of New Providence, around the secluded Albany House estate

No development started yet, but Albany House raised its cachet as the first location in the filming of the remake of Casino Royale

Atlantis Phase III
$1.75 billion including Ocean Club Residences & Marina

Kerzner International and separate joint ventures between Turnberry & Assoc and Panda Ltd, a Kutz family company

Development of a 600-room all-suite hotel, expanded water attractions, 100,000 sq ft of added convention space and Ocean Club villas

Paradise Island, across the harbour bridge from Nassau

Completion of key Phase III elements, as well as Ocean Club Residences, slated for 2007

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