The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

A proposed multi-million dollar residential resort development for Freeport has generated significant international interest, with pre-construction sales set to begin in the coming months.

The Ascot, Grand Bahama project has been in development for more than a year and was only made public last month.

“Progress to date has been monumental,” said Steve Bell, one of the investors spearheading the project.

After a year of research, refinement, meetings and planning, within hours of the project going public, investors started calling, he said.

“We have already shelved one while determining the absolute best deal for the project, and whether we require any more assistance than what is already here on the island,” said Mr Bell.

The proposed development will sit on an 18-acre beachfront site on Royal Palm Way. It will comprise 300 resort residences, which will be built out via a phased approached. The projected total sell-out value is around $575 million based on phase one prices.

Mr Bell shared details of the Ascot project with members of the Rotary Club Sunrise. He noted that several Grand Bahama professionals were involved with the project, having come together and decided “it is time to do something big on the island.”

Other persons connected to the project are Chef Tim Tibbitts; businessman Harry Rahming; landowner Suzanne Mandt-Raunch; attorney Terence Gape; attorney Tara Dorsette; attorney Adam Cafferata; Maitland Cates; contractor Wolfgang Geiger; Tony Hanna; Lyndah Wells; Mark Da Cunha; and project developer Kevin Hubbard.

Mr Hubbard is known for his construction of the Lucayan Plaza Beach Resort and Emerald Bay Resort in the Exumas.

Mr Bell said the project has rapidly attracted more international interest than he could have imagined.

“It is very clear to me, based on more than 25 years’ experience, that this island is not just the soundest investment in the Bahamas but, with the assistance of the Port Authority, it is also the most attractive for business,” he said.

“This project, while beautiful in location and nature, is built on solid, conservative financials and with perfect timing.”

Mr Bell is a specialist in architecture, design and analysis, with a background in property development and construction.

Mr Bell’s past and current international clients include Porsche Design Tower; Trump Sonesta; Four Seasons; St Regis; Ritz Carlton; Humana; Atlantis; Royal Commission for Jubail (KSA); CBS Sports Channel; HGTV; W Hotels; WCI C Communities; US Army Corp of Engineers; Turnberry; The Pearl Qatar; El Ghouna, Egypt; Multiplex; Australand; Baulderstone Hornibrook; AV Jennings; Forrester Kurts; and Meriton.