A revitalised Paradise Island condo project is targeting early May for second phase completion, having been transformed from a stalled eyesore via its new developer’s $50 million investment.
More than 100 workmen have worked on the 79-unit One Ocean development for more than a year, after Vancouver-based Replay Resorts purchased the project from CIBC FirstCaribbean International Bank (Bahamas) following its foreclosure.
Replay Resorts acquired 52 of the 79 units left unfinished when the original developer, Al Ballard, defaulted. “We have been called the Cinderella story of Paradise Island,” said Myles Newell, One Ocean’s director of sales and marketing.
“We believe that with all the vision, work and hard dollars that we have invested in this residential community, it will set a standard for luxury living within walking distance of the Four Seasons at Ocean Club, Atlantis and the other amenities that continue to make Paradise Island so highly desirable. “There are many places that offer luxury but there is no place that combines the elegance of One Ocean with the lifestyle of Paradise Island. For persons who like to travel and want a lock-and-go lifestyle, or for those who live here year-round, this is the total package.”
One Ocean offers underground parking; 24-hour security and concierge service; fitness centre; large infinity pool on Nassau harbour; meeting and thousands of square feet of common outdoor space; as well as residences featuring large balconies.
Replay Resorts rebuilt elevator shafts, replaced large chillers, gutted common areas, and redesigned large portions of the property during its turnaround plan.
“It was not easy for residents. We worked closely with them but there were times when we had to move in a certain direction in order for the job to be done right, and there were days when patience was tried,” said Mr Newell.
“Now that we are drawing closer to the vision becoming reality, there is a growing pride in being part of One Ocean.”
A two-bedroom unit recently re-sold for 29 per cent more than the late 2015 purchase price, and the seller sold to buy a larger unit on a higher floor.
“One Ocean is by far the best investment opportunity currently available on Paradise Island,” said Dexter Avney, president of R.E. Properties Caribbean Investment Company.
“With the combination of the prime location, upscale finishes and aggressive price per square foot, it is not a surprise that Replay has been able to sell so many units.
“Our investment company and partners have invested in several One Ocean units, and we anticipate a strong ROI (return on investment) from both the rental market and the future appreciation.”