The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Government is being called upon to release some 28,000 acres of land to the Bahamian people, the head of a construction and energy management firm telling Tribune Business yesterday that this could reduce housing costs by up to 50 per cent.

James Edwards, president of ZEDS Construction and Energy Management Company, said his access for Bahamians plan - a platform which includes 20,000 residential lots - was key to turning around the Bahamian economy.

“That is what it’s going to take to turn the country around, give young people access to the land and access to be able to function on their own,” said Mr Edwards.

The release platform calls for 20,000 acres as residential lots, sized at 100 foot by 100 foot and valued at $2,500 each, generating revenue of $200 million.

“Almost 50 per cent of the cost of a home is the land. That will reduce the cost of housing by almost 50 per cent, because the burden of the land would be removed,” said Mr Edwards.

The plan also calls for 4,000 acres as commercial lots, each sized at 100 foot by 100 foot and valued at $5,000 each, generating revenue of $80 million.

Another 4,000 acres would be reserved for industrial lots of the same size and value, with revenue generated of $80 million

Mr Edwards also proposes a land grant annual access fee of $150 for residential lots, $30 for commercial lots and $300 for industrial lots, with total revenue projected at $381.6 million.

He said a land access system was currently working in Tarpum Bay, Eleuthera. “We have had the land in Tarpum Bay. We have been managing that in that manner since 1992,” Mr Edwards said.

“Right after the general election we took possession of what we called the commonage land, and that’s how we have been developing the area without any Government input.

“It is intended that the land be granted as an extension of each and every existing settlement on every island and cay in the Bahamas as bonded land, meaning the land - while holding a market value of $40,000 per lot, is bonded at $37,500 to Government and $2,500 to locals to maintain stable market value.”

Mr Edwards said land access will lead to job creation and national wealth gains, encouraging business development and leading to a reduction in crime.

“The plan will allow Bahamian families to better sustain themselves by seeing a reduction in the overall cost of living for all citizens of the Bahamas,” he added.

“As a people we will finally be allowed to see our creativity and ingenuity blossom, while moving forward upward, onward, together to owning the economy of The Bahamas.”

There is roughly 1.6 million acres of dry Crown Land available in the Bahamas.