The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A proposed Freeport residential resort development will have a total $575 million sell-out value based on phase one prices, its developer yesterday describing it as “the first project I’ve seen in 12 years that adds up”.

Steve Bell told Tribune Business that Ascot, Grand Bahama, which is targeted for an 18-acre beachfront site on Royal Palm Way, had been in the planning stages for more than one year.

With pre-construction sales set to start imminently on its 300 resort residences, which will be built out via a phased approach, Mr Bell said the project was designed to be the opposite of glitzy, brash casino hotel environments.

Explaining how he came to be involved in the Ascot Grand Bahama project, Mr Bell said he had previously stepped back from a property development market that had “become more a game of roulette” before and during the 2008 crash.

“This [Ascot, Grand Bahama] was put in front of me. The first thing I said was; ‘No’,” he recalled.

“Then I looked at it more closely, and it was the first project I’d seen in 12 years that actually adds up.

“It’s not one of those pie in the sky things that doesn’t add up. This project actually adds up, so I said: ‘OK, I’ll look at getting back into property development’.”

Mr Bell contacted his business partner on Ascot, Grand Bahama, the German property investor, Suzanne Mandt-Rauch, who was also sceptical initially.

This, though, quickly evaporated, especially when Ms Mandt-Rauch learned that Mr Bell was investing his own money in the development.

Mr Bell declined to put a figure on how much would be invested in Ascot, Grand Bahama’s construction, explaining that the project’s design would evolve as it went through various development stages.

“I can divulge that we currently have a total sell-out [value], based on stage one prices, of $557 million,” he told Tribune Business.

“That could go up or down, most likely up, because the world economy is improving.”

Mr Bell added that the total employment impact, both construction and direct/indirect, had yet to be determined, but indicated that it would be substantial.

“It’s a lot of work in getting this thing together,” he told Tribune Business. “You don’t look at a property of that size and figure out the direction immediately.

“It takes a long time to work out what the market wants, and will pay for. It’s at the stage where we’re tying it down, and we’re going to start pushing for pre-sales in phase one.

Mr Bell, a property, construction and marketing specialist, with his own company, Archiform 3D, and Ms Mandt-Rauch have also teamed with renowned chef, Tim Tibbits, principal of Freeport’s Flying Fish restaurant, on the project’s dining options.

Ascot, Grand Bahama will have three levels of beachfront dining, two of which are available to the public.

“This development isn’t being done like a typical Bahamian development,” Mr Bell told Tribune Business. “This is being done like a Florida development, an Australian development. We think on our feet, move quickly.

“This will not rely on the local tourist market. It’s going to create its own. It’s not going to take business off Memories. It will bring in people, offshore money. Tourism is the best export a country can hope for. People bring in their money and don‘t take jobs; they’ll create them, and boost GDP and the balance of payments.”

Mr Bell said Ascot had received all the necessary approvals to get he project to this stage, and he praised the Grand Bahama Port Authority (GBPA) for its response to the development.

“I have had to get approvals in Australia, the US, Middle East and Gulf region, and never in my career have I found an Authority to be as helpful,” he added.

“They are more helpful and forthcoming than any other authority I have dealt with in my life. They are an absolute pleasure to deal with.”

Mr Bell described Ascot as a residential resort, rather than one based on occupancy, with its design embracing a ‘British Colonial’ look and feel.

While aimed at high-end buyers, and with up to 50 per cent of the properties likely to make a rental pool, Mr Bell was designed to offer a fine lifestyle that excluded casinos.

“It’s kind of like a place the rest of us would want to go to,” he said. “Most of the people who can afford a place like this don’t like casinos either. We’ve gone in a different direction to other resorts.”

Ascot is also seeking to exploit Grand Bahama’s proximity to Florida, and Freeport’s existing infrastructure without the crowds of Nassau.

While seeking to begin first phase pre-sales in December, given the strong market reaction, Mr Bell said he was happy to push the date back to ensure everything was “perfect”.

“This is a big development, and as far as I’m concerned, everything about it must be perfect,” he told Tribune Business. “It’s not going to be one of these poor Florida, half-baked, poorly built condos built out of concrete.

“This is going to be better than just right - it will be perfect.”

Ascot will include beachfront, marina and what are described as ‘labyrinth garden’ homes. It will contain a garden and its own orchard of exotic fruits, where residents and guests will be encouraged to pick whatever they want.

The project will also feature a clubhouse, a library with books, music room, art gallery and lounge.

Mr Bell added: “When I came to Grand Bahama I saw incredible potential that has only improved over time. It’s a unique island and has amazing, yet undervalued, assets.

“It’s quiet enough that nobody bothers you, yet busy enough that you can get most things done. We’re only 75 miles away from Florida yet it feels like a whole other world here. Now it is time to work with that potential and let the world know life is great on Grand Bahama.”