The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Government is “just tying up some loose ends” in approving the $8.3 million purchase of Exuma’s February Point development by Florida-based investor, John McGarvey.

Tribune Business can reveal that Mr McGarvey and his representatives met with Prime Minister Perry Christie, and officials from the Prime Minister’s Office and Bahamas Investment Authority (BIA), for several hours on Monday in a bid to advance the deal through to completion.

Khaalis Rolle, minister of state for investments, who was also present at Monday’s meeting, told Tribune Business yesterday that there was no ‘deal breaker’ or “major issue” that would prevent Mr McGarvey from receiving all the approvals he needed.

“We’re still working through the February Point issue, through the process,” Mr Rolle confirmed.

“I think we’re close. We’re just tying up some loose ends. In any process like this we want to ensure the Government makes the proper decision that benefits the island of Exuma.”

And he added: “We’re close to a decision. We’re working through it. I don’t see any major issues that can’t be resolved.”

Mr Rolle indicated one concern was to ensure Mr McGarvey’s plans for February Point fitted into the Government’s masterplanning ambitions for each Bahamian island, a process it has recently initiated.

“We want to create, if you take off from some of what the Prime Minister was saying, a masterplan for all of these destinations,” the Minister told Tribune Business.

“We have EDSA on the ground now masterplanning Bimini. We have something similar in Exuma, and are going to do it in Abaco and Eleuthera just to make sure we don’t make the age-old mistake we’ve been making. That’s part of the process.”

Tribune Business had previously been told that the Prime Minister had been planning to visit February Point yesterday, together with Mr McGarvey and several Cabinet ministers. The visit, though, is understood to have been cancelled.

Mr McGarvey, who is acquiring the upscale real estate development from the Hart family, is thought to be considering a boutique hotel among the build-out options for the project.

And ultimate ownership likely to vest in a consortium of new and existing homeowners at the project, with Mr McGarvey thought to be keen on bringing other investors into the development mix.

Together with his acquisition of the former Coconut Cove property, and his proposed Stocking Island project, Florida-based Mr McGarvey has become one of Exuma’s most prominent investors in a relatively short period of time.

“The plan is to re-do the development with new amenities. There are plans for new units to be constructed, new docking facilities to be constructed, and possibly a restaurant and other amenities tying into Stocking Island,” one source previously told Tribune Business, when news of Mr McGarvey’s purchase broke.

It is understood that February Point will be gradually converted to more of a ‘mixed use’ site, as opposed to its current status as a largely residential development.

The 85-acre property, which has around 165 lots, could see the construction of townhomes and condominiums, this newspaper was told.

Mr McGarvey’s emergence as February Point’s likely buyer came as little surprise, given that he had previously been in talks with the Hart family to acquire an adjacent property featuring an old concrete plant.

He came to the forefront after Toronto-based real estate developer, The Talisker Corporation, pulled back from its initial interest in acquiring February Point following a period of due diligence.

Mr Christie himself said the Government was “very close” to final approvals on the February Point deal when he wrapped up the 2013-2014 Budget debate.

He added then: “The proposed developer has major plans for expansion of the development, which will create further economic opportunities and a significant number of additional jobs.

“We are confident that there are amazing plans that will result in the expansion of the development at February Point, and there will even be Bahamian beneficial involvement in that development.”

Meanwhile, real estate industry contacts yesterday drew attention to information showing that Randy Hart, February Point’s managing director, is set to become marketing president for the western New Providence community, Serenity.

Likely a result of the February Point deal, the Serenity website described Mr Hart thus: “Founder of the award winning February Point resort community located on Great Exuma, the Bahamas, Randy acted as managing director from 2000-2012 and presided over a $150 million build out of that community.

“A member of BREA (the Bahamas Real Estate Association) since 2006, Randy has established himself as a leader in real estate development in the Bahamas.”