The prime minister has hailed Sterling Global Financial's $250m Hurricane Hole project as a sign of continuing investor confidence in the "world-class destination" of The Bahamas.
Speaking at the development's Friday groundbreaking, Dr Hubert Minnis said the government was looking forward to the economic boost from the creation of 3,000 construction jobs over its five-year build out. Some 500 permanent jobs will be available once the 13 acre Paradise Island location is fully built-out by 2024.
"Developments like this demonstrate that investors continue to value The Bahamas as a world-class destination and an excellent place for investment," the prime minister said.
Sterling Hurricane Hole is among the $3.7bn in foreign investment projects that the government has approved since mid-2017. Last year, the prime minister also participated in a ground breaking ceremony for the $120m GoldWynn Hotel and Residences project on Cable Beach, just east of Goodman's Bay.
The project is being developed by Sterling Global Financial, whose chairman is David Kosoy. The firm is an international financial services company with nearly $10bn under its administration and management.
"I am told that Sterling believes in dreaming large and working smart to make those dreams a reality. The company has its headquarters in The Bahamas, and has had a consistent presence in the country for more than a decade," Dr Minnis said.
The re-development of the 13-acre Hurricane Hole marina site encompasses residential, retail, professional office space and a renovated marina. It will take place in three phases.
The first phase is expected to be completed and ready for occupancy by June 2020. It includes repairs to the existing 90-slip Hurricane Hole marina, the construction of 16 residential units, 15,000 square feet of office space, 20,000 square feet of convenience commercial retail, and two restaurants.
The second and third phases will include the construction of 50 to 70 residential units and town homes, respectively.
Sterling Global has undertaken other Bahamas-based projects, including Beach House Villas. It has financed the Courtyard Marriott resort in downtown Nassau, and Ocean Terraces on West Bay Street. It is also considering major Family Island developments on Abaco and Eleuthera.