The Tribune

A $40 million project rising on the western end of Paradise Island is turning traditional real estate sales wisdom on its head - building multi-million dollar houses on spec during a challenging economy in a location no car can reach.

The project is called The Beach House Villas, and on February 22 a few dozen hand-selected guests, arriving by boat, attended an open house hosted by Mario Carey Realty.

The brainchild of successful developers/entrepreneurs David Kosoy, Joe Brennan and Daniel Greenglass, The Beach House Villas is a fiv- residence community on two-and-a-half acres of the last secluded shore-to-shore land on Paradise Island. When completed, each of its custom-designed two-storey homes will be turnkey.

Homes range from $5.3 million to nearly $9 million, making for a $40 million build-out. Set to be finished in late 2013, The Beach House Villas is creating up to 60 full-time construction jobs, plus pool builders, landscapers and others. General contractor is Bahamian company Norstar Group, with offices on Tonique Williams-Darling Highway.

The land, which had previously been approved for high density development, was re-evaluated, making way for five homes with a central gym and fitness centre, concierge and laundry service, private docks and a water taxi to ferry residents back and forth across the harbour to Nassau.

“The concept is amazing. It’s bold, it’s courageous, it’s gorgeous. You would never have imagined that something like this with all these luxurious features would be built here,” said a private banker.

The location he is referring to is in between the former homes of legendary actors Nicholas Cage and the late Richard Harris (now Kosoy’s residence). Once the villas are complete, residents will have an advantage neither actor had - the availability of a four-wheel drive, fully enclosed Kawasaki beach vehicle to whisk them to the restaurants, spas, shops, attractions, golf course, tennis, or other resort facilities on the eastern side of the island.

Mr Greenglass said: “It’s magic. It’s as quiet and remote as you want it to be or it’s a 12-minute walk to Starbuck’s. You have the Atlantic Ocean on one side and these cruise ships all lit up at night on the other. This is true island living plus the luxuries. The beach at your back door, the harbour at your front. Nassau just across the way with all the good restaurants and shopping and business activity. You don’t even need to own a car.”

Mr Carey, who has an exclusive listing on the 3,109 square foot, $5.3 million residence, said: “You are in a world of your own with all the privacy you want. You can walk down the beach in the morning for more than a mile and not see another footprint. And 15 minutes later you can be on the golf course at the Ocean Club. There’s a water taxi to take you to Nassau or further east on the island, and you can have your boat right at your doorstep. What The Beach House Villas captures is the feeling of being on your own private island but with all the activity and amenities you want minutes away.”