The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

PRIME Minister Perry Christie said yesterday that the Government was “very close” to granting final approval for the $8 million purchase of Exuma’s February Point development by Florida-based developer, John McGarvey.

During his wrap-up of the 2013-2014 Budget debate, Mr Christie said: “We are very close to final approval for the purchase of February Point in Exuma.

“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.”

Tribune Business previously reported that Mr McGarvey had emerged as the front-runner to acquire February Point, having signed a sales agreement with existing owners, the Hart family. Mr McGarvey took pole position after the Talisker Corporation, a Toronto-based real estate developer, backed out.

Mr Christie also confirmed that the Government had reached an advanced stage of approval for a major development at Norman’s Cay.

As reported previously by Tribune Business, Fort Capital Management, a Miami-based real estate private equity firm, is looking to develop a high-end, boutique resort on the island.

“As soon as certain technical impediments are overcome the developments will commence and hundreds of Bahamians will be employed,” said Mr Christie.

He also confirmed that after protracted delays, the Cat Island PGA development was set to proceed. “Cat Island has waited long for a major development. This development was on the agenda of our predecessors,” the Prime Minister said.

“After protracted delays, through an ongoing dialogue with my Government, all of the remaining issues and hurdles with the Cat Island developers have been resolved. The way has been cleared for the developers to continue with this ambitious project.

“The project envisages a luxury residential resort community, two to three low density hotels and a spa, a hotel golf course, a beach club, retail village, single family lots and condo units, and an equestrian centre.

“The developers have been granted franchises to provide their own utilities and to advance the funding to upgrade the New Bight airport. The development is to be granted as a PGA village pursuant to an agreement with the Professional Golfers Association of America, and there are many jobs involved in that.”