By NEIL HARTNELL
Tribune Business Editor
Two of New Providence’s “busiest developers” are partnering on a Paradise Island condominium project that will generate almost $30 million in sales revenues once fully occupied.
Jason Kinsale, who has just started construction on ONE Cable Beach, is joint venturing with David Kosoy, Sterling Financial Group’s chairman, on the 38-unit “boutique-type structure” that aims to break ground later this year.
Ryan Knowles, a real estate agent for H. G. Christie, told Tribune Business that the four-storey development, which will be called ‘Thirty|Six’, aimed to fill a market void created by unmet demand for Paradise Island-based condos and home ownership options.
Disclosing that Messrs Kinsale and Kinsale had obtained all necessary permits, Mr Knowles said H. G. Christie, ‘Thirty|Six’s’ exclusive sales and marketing agents, had already pre-sold seven units.
“The total sell-out from my perspective is just shy of $30 million for the entire project,” he told Tribune Business. “We’ve started pre-sales and sold seven of the units already.
“It’s the first building to be built on Paradise Island, which has not seen a new condominium, for many years. You have to go back all the way, about eight years, to the Ocean Club condos. That’s a very high price point.”
‘Thirty|Six’ will have some competition, though, in the form of the nearby Ocean Place condominium complex. The remaining 52 units in that property have just been acquired from CIBC FirstCaribbean International Bank (Bahamas) and their receivers, KPMG, by Canadian developer, Replay Resorts.
That acquisition followed a long and acrimonious court battle with the original Ocean Place developer, Al Ballard, and Replay has already signalled its intentions to get the remaining units on the market as rapidly as possible.
Meanwhile, despite their extensive involvement in existing real estate projects, Mr Knowles said Messrs Kosoy and Kinsale both “thought the timing was right” for their ‘Thirty|Six’ joint venture.
Mr Kosoy is currently involved in real estate developments in both Ocean Club Estates and the western end of Paradise Island, while Mr Kinsale has just broken ground on his $30-$40 million ONE Cable Beach development opposite Prime Minister Perry Christie’s house.
That followed swiftly behind completion of Mr Kinsale’s Balmoral project on Sandford Drive, but Mr Knowles said the current economic environment was one in which developer could not afford to stand still - opportunities have to be seized.
“They’ve probably been the two busiest developers over the last several years in real estate,” Mr Knowles said of his clients. “In this economy you can’t really sit still. AML Foods are building a Solomon’s in the east, and that’s the kind of aggressive strategy you have to have. Build it and they will come.”
Mr Knowles said the ‘Thirty|Six’ project would feature a quality, modern building “in the heart of Paradise Island”.
He explained that it will be located at the island’s eastern end on the ridge, next to Bayview and Best Western.
“It’s probably the most elevated point on Paradise Island above sea level,” Mr Knowles said. “The units are priced quite reasonably for what they are.”
The project features a mix of studios, one and two-bed condos with prices ranging from $395,000 to a $1.3 million.
With interest in Atlantis’s The Reef complex still strong, Mr Knowles said the developers were looking to meet demand for Paradise Island real estate ownership via slightly lower, more affordable price points.
“There’s been that interest from people who love the Atlantis and Paradise Island lifestyle, but don’t have ownership opportunities,” the H. G. Christie agent told Tribune Business.
“They [the developers] basically feel this is going to feel that void. People want a piece of Paradise Island but don’t want the maintenance of a home. They can rent their unit out if they’re not using it; short or long-term, there are no restrictions.”
Mr Knowles said ‘Thirty|Six’s’ price points would prove attractive to both local and international buyers. “I sold a penthouse in the Ocean Club condos last year for over $1,000 per square foot,” he recalled.
“Here at ‘Thirty|Six’, prices are averaging $600 per square foot. For someone out of Miami and New York, spending thousands of dollars per square foot, this is a bargain for them.
“And there’s some good opportunities for local buyers wanting to live on Paradise Island or for an investment. It’s still an achievable price point.”
Describing ‘Thirty|Six’s’ key selling points, Mr Knowles added: “One of the unique features of the building will be the penthouses, two-bed units which have roof-top terraces.
“You’ve got a two-bedroom with a living room, dining room, kitchen and 1,000 square foot terrace with amazing views of Paradise Island and the harbour.”