The Tribune

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

A CANADIAN real estate conglomerate is slated to break ground next week on a $120m condominium hotel and residences near Goodman's Bay.

When it was proposed in 2015, the GoldWynn project by the Wynn Group was billed at $65m and projected to create 200 construction jobs and a further 150 permanent jobs.

The proposal, headed by Paul Wynn, called for the development of a four-storey condo hotel on a 4.65 acre development site which it acquired in early 2013.

The development site, Gold Blossom, was occupied by an ageing single family residence on West Bay Street, just east of the Goodman's Bay public park.

The development is intended to complement the Baha Mar 'Bahamian Riviera' concept, with a chic South Beach alternative to the mega resort experience, according to consultant and advisor for the group Peter Galanos, a former MP.

"The first proposal is for a four-storey condo hotel, 118 units, 34 hotel suites, 22 junior suites, 36 condo hotels, 23 residences, three penthouses, a fitness centre and spa beach front pool; bar and grill; tennis club; roof-top pool and restaurant," Mr Galanos told Tribune Business in 2015.

"We will be doing about 182,000 square feet. The project calls for a total of $65 million, although that price tag could increase considerably as that number was pegged before VAT came into effect. The project is fully funded, the money in place to do it and the government is aware of that."

Mr Galanos added, "If the government finds this unacceptable, we are willing to co-operate with the government to make it possible. It's a place where we will be promoting Bahamian arts as well as Bahamian culture and food."