The Tribune

The Prime Minister has praised the $250m Hurricane Hole development for helping The Bahamas realise its potential as "the number one mega yacht destination in the world".

Dr Hubert Minnis, during a tour of Sterling Global Financial's Paradise Island project, said the marina it was redeveloping would help The Bahamas advance its ambitions in this space.

“What they are doing for The Bahamas, they are building one of the largest super yacht marinas anywhere. We have the potential for The Bahamas to become the number one megayacht destination in the world,” the Prime Minister said, noting the spin-off benefits from attracting high net worth individuals who first view The Bahamas by sea.

Pointing out that this can lure such persons to become future investors or residents of The Bahamas, he added: “The visit today demonstrated that Sterling is making its dream of a downtown Paradise Island a reality.”

The first phase of Hurricane Hole's redevelopment involves a capital spend of $70. David Kosoy, Sterling Global's founder and executive chairman, said Sterling Commons will feature mixed-use residential, commercial retail facilities that are expected to be occupied by January.

The two and three-storey Sterling Commons buildings include service and retail businesses on the first level, and professional office space on the second. One and two-bedroom residences with views of the super yacht marina, Nassau harbour and the cruise port are located on the top floor.

“I think this is an excellent project,” the Prime Minister said. “It was all Bahamian and shows what Bahamians can do.” The project has provided jobs for 150-200 “hard-working Bahamians”, generating significant economic opportunities.

Vessels that dock at the marina will have access to dining, a gourmet grocery store, day spa, medical clinic, and other retail and service businesses. 700 Wines and Spirits is building a liquor and high-end wine stores.

Mr Kosoy said the parent company, Sterling Global Financial, laid off no employees during the COVID-19 pandemic and actually grew its senior team with professionals who were available and represented “the cream of the crop”.

Hurricane Hole's mixed-use development is lower in density than plans drawn up under other developers. It provides for extensive green space and includes a combination of residential, professional office space in two of five buildings; basic and luxury retail and services; and fine and casual dining.

“The landmark Hurricane Hole Marina will be restored to meet the requirements of today’s super yachts while taking great care to maintain, and wherever we can, improve the surrounding or adjoining marine environment,” said Khaalis Rolle, Sterling Advisory Services president.

“We are committed to taking great care with the waters not only because it makes good business sense, but because it is the right thing to do. We know that we are just borrowing this land and these resources, and it is our role to protect and preserve for future generations.”

Sterling Global Financial currently manages and administers over $9bn in assets related to real estate investment, development, lending, infrastructure and bank and trust services. The company has more than $1bn in projects in its development pipeline, including the former Matt Lowe's Cay in Abaco.