Preliminary Master Plan for $250Million Paradise Island Development Unveiled
Preliminary Master Plan for $250Million Paradise Island Development Unveiled
Saturday, April 28, 2018
Sterling Hurricane Hole unveiled its first draft of the Master Plan today for an ambitious marina overhaul and development of the last prime property for mixed-use development on Paradise Island. The $250 million project that will transform a 50-year-old marina and empty acreage into a 13-acre tropical urban island-scape complete with residences, retail, restaurants, professional office space and yachting services.
Under the umbrella of Hurricane Hole, Paradise Island, the multi-faceted, multi-layered development by Sterling Hurricane Hole, an affiliate of Bahamas-based Sterling Global Financial, will represent the single largest infusion into the economy and the offerings of Paradise Island since Atlantis resort was completed. The project will be developed in three phases over a five-year period and is expected to generate close to 600 construction jobs per year between 2019 and 2024.
“Paradise Island is a unique place and we are proud to introduce into this already well-branded environment a new and extraordinary development that will expand the island’s offerings, increase its desirability and further enhance its vitality,” said David Kosoy, President, Sterling Hurricane Hole. “Our vision will create a world-class destination for those who want to enjoy the experience whether they are docking at the renovated Hurricane Hole Marina, living in one of the residences overlooking the yachts and harbor or strolling through Sterling Commons, dining al fresco at a fine restaurant or shopping at one of the boutiques. We intend to work very closely with others who have established interests on Paradise Island including Brookfield, Atlantis and Four Seasons at the Ocean Club. The reception to our purchase of the marina and initial discussion of the overall plans has been very encouraging and we know that what we are creating at Hurricane Hole will only add to existing interests on the island.”
According to Bill Green, Vice President, Sterling Hurricane Hole and Chief Investment Officer, Sterling Global Financial Limited, today’s unveiling followed more than six months of intense planning.
“The master plan calls for the complete renovation and reconfiguration of the 90-slip marina which was originally built in the late 1960s,” said Green. “That project has already begun but will require a lot more work, including replacing all the docks and much of the infrastructure. We have already increased the employment by two and there will be many new construction jobs as we begin the heavy lifting on that element of the development in January of next year.”
Marina redevelopment will take place concurrently with development of Sterling Commons, three mixed-use buildings with retail on the ground level, professional offices on the second floor and residences on the top floor. Construction on that phase is due to start in January 2019.
One Marina Place will encompass existing office and excursion vessel dockage, plus an additional two new residential buildings of 40 units in total.
“While we have been working diligently on the master plan, we know that this is preliminary and the reason for inviting you here today is not only to share our enthusiasm but our pledge to ensure that every step of this process is transparent,” said Khaalis Rolle, Vice President of Sterling Hurricane Hole and Managing Director, Sterling Global Advisory Services. “This is perhaps one of the most diverse projects ever undertaken by a Bahamian company and we look forward to working with a substantial number of Bahamian contractors and sub-contractors as well as interacting with others in the public consultation process.”
Those searching for employment and contractors looking for work will not be the only entities welcoming Hurricane Hole, Paradise Island. Government has collected $30.9 million in stamp duties and recording fees and will collect an estimated $3.2 million in ongoing fees, including V.A.T. and National Insurance payments.