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Bay Street Property Up For $17.9m Sale

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A property critical to Bay Street’s revitalisation is on the market for $17.9 million, its realtor telling Tribune Business: “We want to bring life back into the city”.  

Bahamas Realty is currently attempting to sell the 3.94 acre Union Wharf site, owned by the Thompson family. The site, which has 826 linear feet of water frontage, is being marketed as an excellent commercial/residential location following the shipping industry move to Arawak Cay.

“The property has been on the market for about three or four months,” said Bahamas Realty chief executive, Larry Roberts.

“We have had very good interest in the property. The whole area that was used for shipping is now freed up for development, and what we see happening in that area is a combination of marinas, hotel/condominiums, some retail shopping outlets and restaurants.

“We understand that the Government plans to put in a boardwalk leading from Prince George Wharf, perhaps even as far as the western bridge of Paradise Island, and thus the boardwalk would run in front on the harbour side of all these properties.”

“This is very similar to what has happened in many cities around the world. In each case there is a boardwalk along the water and that’s what we want to have happen in Nassau harbour,” said Mr Roberts.

  “We have the most beautiful harbor in the Caribbean that we don’t capitalise on at all. What we hope would happen is that all of these properties would be developed along those lines. We want to bring life back to the city.

“The city of Nassau has died and very few people live downtown anymore. We want to reverse that. This is unlike what has happened in many cities around the world, and what you see is a movement to bring people back to the cities.

“What we are seeing is that many of the cities in the world are growing and people are moving back because of the convenience. We’re hoping that young Bahamians will see the advantage to living downtown. What we need is affordable housing downtown, and a part of this while equation is to provide apartments that people can afford.”

Investors have already moved to bring about the type of development Mr Roberts spoke of. The Klonaris family has invested about $13 million into their Elizabeth on Bay plaza, while the Bethell and Symonette families have teamed up for a joint venture marina development at the back of Luciano’s.

Elsewhere, Graycliff is investing around $20 million in its Heritage Village, while Buena Vista is being redeveloped into a micro rum distillery.

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