The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Government yesterday granted ‘full approval’ for the $8.2 million purchase of Exuma’s February Point project by a group headed by US investor John McGarvey, Tribune Business can reveal.

Sources close to Mr McGarvey confirmed last night to this newspaper that the Christie administration had finally granted the long-awaited “full approval for the purchase and development” of February Point.

Tribune Business was told that the Government had granted Mr McGarvey “everything he asked for”, including a seabed lease to facilitate a “mega marina” development.

This newspaper was also informed via e-mail of the February Point transaction’s consummation by an existing homeowner.

“The Government approval letter finally came through today. There is still a certain amount of time before the deal actually closes, so let’s hope Mr McGarvey is committed to proceeding full speed ahead,” the homeowner said.

“At this point we also need to seek out a meeting with Mr McGarvey to have a better understanding of how we are going to work together going forward.”

Tribune Business revealed back in September how Mr McGarvey and his fellow investors were proposing to “revolutionise” Great Exuma via a $40 million-plus investment at February Point that will create over 130 construction jobs.

Thomas Dean, a Freeport-based attorney with Dupuch & Turnquest, who is acting for Mr McGarvey in the purchase, said at the time that the group’s proposed project would transform Georgetown into “a mini mecca”.

“This will revolutionise the Great Exuma, Georgetown area and have knock-on and beneficial effects for the Central Bahamas, as it will create Georgetown as a mini-mecca in the centre of paradise,” the attorney told Tribune Business.

Tribune Business understands that Mr McGarvey and his group plan to change the project’s focus from a pure residential development into one that is mixed-use.

Once the deal closes, it is thought the new owners will develop a 25-unit complex of condominiums, which will be placed in a hotel rental pool and also offer the potential for fractional ownership.

And, slightly further out, a boutique five-star resort has also been earmarked for February Point, together with an expansion of the existing marina.

Mr McGarvey and his group are seeking to attract the mega yacht market, and sources said they are proposing a ‘Georgetown Marina Village’ that would be similar in style, and size, to the existing Atlantis Marina Village and Freeport’s Port Lucaya.

The February Point purchasers are also acquiring, and seeking to revive, the closed concrete plant opposite the main development site, plus establish a community sports complex.

Upgrades to the existing community and beach areas at February Point are also planned.

Mr McGarvey and his group are acquiring February Point from the Hart family-owned company, February Point Resort Estates.

The deal is also thought to involve an 800-acre parcel of land on Exuma known as Flamingo Bay Estates, and it was suggested that when acquisition costs and initial site improvements/clearance was factored in, the first stage investment by the purchasers might be closer to $60 million.

Tribune Business reported recently that Mr McGarvey and his group have committed to pay the $380,000 in back pay and severance pay owed to 27 former February Point staff, plus unpaid National Insurance Board (NIB) contributions.

And the homeowners have also taken over the operations and maintenance of February Point, particularly its common areas, as they await the transition to Mr McGarvey’s purchase.