The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

THE Town Planning Committee yesterday confirmed it has approved a $62.788m “mixed-use” residential and light industrial development in south-west New Providence that promises to create up to 300 full-time jobs.

Keenan Johnson, the Town Planning Committee’s chairman, in a written note to Tribune Business, said Adelaide Pines and its developers have been given the go-ahead. “The Board initially deferred the matter to speak with the Department of Environmental Planning and Protection (DEPP) given that most of the issues raised at the public hearing meeting were environmental in nature,” he explained.

“The DEPP confirmed that they were satisfied that the project would pose no environmental threats. The Town Planning Committee had no significant planning issues with the development and therefore agreed to approve. The matter did not take much longer than usual.”

The Town Planning Committee was initially supposed to give its decision on October 4, but undertook further consultations with the DEPP after concerns were raised over the project’s environmental impact at the town hall meeting with Adelaide residents.

Mr Johnson added: “We agreed at the meeting after the hearing to meet with the DEPP, which took place at the following meeting (two weeks later). The project was also approved at that meeting.”

Adelaide Pines will see Bahamian businessman Robert Myers, who is the Organisation for Responsible Governance’s (ORG) principal, partner with Lyford Cay-based billionaire Joe Lewis and his fellow Albany investors to help solve what he described as “a desperate need” for quality middle income housing in that part of the island.

The community will feature “about 180” single family lots, together with 19-25 lots for commercial and light industry, in a bid to attract businesses to the area and provide employment for residents. Located on the southern side of Adelaide Road, opposite the eastern entrance to the high-end Albany development, the project had already obtained its Certificate of Environmental Clearance (CEC) from the DEPP prior to the Town Planning Committee hearing.

Mr Myers previously told this newspaper that rejecting the proposal would “send a terrible message.. because we’ve done everything we should and then some” in developing a sustainable community that is “very environmentally sensitive”.

And he disclosed that the developers were still assessing costs and financial numbers to determine whether it “make sense” to proceed with the present concept at this time due to the global inflationary pressures that have sent construction and building materials costs soaring.

Disclosing that pricing for the lots and homes was still being worked out, Mr Myers said costs had increased “significantly” since the $68m total investment figure was calculated in January 2022. “The problem is there’s such inflation on materials,” he explained. “Frankly, we’re hoping it makes sense because we’re fighting such inflation and supply chain problems. We’re hoping that the market cools off. Pricing is starting to come in, and it’s very high.

“Everything is affected. The cost of fuel, the cost of labour, the cost of materials. Everything has gone up. We’re hopeful that it makes sense once we get all the numbers. Those [the $68m] are early estimates prior to the inflation, which since January has been significant.... We had a budget there, but have been surprised already by some of the numbers coming back.

“I would tell you that it’s very challenging to get those numbers to work because of inflation, the global rise in interest rates, and fuel prices etc. The need is there. The problem with low and middle cost housing is the need is there, but it is just too damn expensive. That’s what we’re trying to figure out. I’m optimistic but concerned.”

The Davis administration’s National Economic Council (NEC), which is really the Cabinet or a Cabinet sub-committee, approved Adelaide Pines’ acquisition of the 64-acre parcel that will comprise the development on February 7, 2022. The necessary Investments Board permit, as required by the International Persons Landholding Act, was issued for the $4.809m purchase of the site from Terry White, the US businessman who owns New Providence Development Company.

The project was also given the go-ahead subject to meeting all the environmental and planning permitting requirements. An NEC paper, dated January 13, 2022, reveals that Mr Myers and Albany’s corporate developer, Park Ridge Securities, are both minority investors in Adelaide Pines with equity stakes of 25 percent and 20 percent, respectively.

The 55 percent majority interest was held by NME Investments, a company beneficially owned by two UK nationals, Mark and Eric Huffman. Mark was identified as a doctor, while Eric is chief executive of a London-based financial services provider, Millennium Global Treasury Services. Park Ridge, which was identified as being beneficially owned by Mr Lewis, world-renowned golfer Tiger Woods, and Albany principal, Christopher Anand, holds its interest via Horizons Capital.