The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A west New Providence condo project is aiming to create up to 150 construction jobs through its developer's first up to $20m foray into the real estate development market.

Marquista Thompson, president of Nevaeh Group Enterprises, in written replies to Tribune Business questions said the Palazzo Vista Del Mar project - to be located on a 21,000 square foot site south of Da Plantation Bar and Grill off West Bay Street - is designed to create 30-50 full-time jobs if it receives the necessary planning and other approvals to proceed.

The Town Planning Committee deferred a decision on giving the development the go-ahead at its January 30, 2024, hearing in favour of holding the upcoming public hearing and consultation on February 26 to obtain the views of nearby residents and businesses.

However, Mr Thompson said if permission is granted construction of the project, which will feature a total of 20 units priced at between $700,000 and $1.2m, will take up to 12 months and be spread across two phases.

"It is the first project for The Nevaeh Group," he confirmed. "However, based on our research and inquiries with local real estate brokers and agents, there is an increase in real estate market sales and we thought it was an excellent investment decision.

"The attraction to the site was the location and the beautiful sea views, which we figured our potential clients would find value in. In fact, the name Pallazzo Vista Del-Mar means view of the sea. We anticipate that once the buildings are completed there will be views of the water on both sides.

"The vision for the project is an exclusive, modern, sleek and cutting-edge design offering a five-star appeal for our owners and guest." Asked how many construction jobs will be created over the lifetime of the project, and the total projected investment in the construction phase, Mr Thompson replied: "Our intention is to create 100 to 150-plus jobs, with a project investment value of between $18m to $20m.

"The projected construction time is approximately eight to 12 months, consisting of 2 phases - ten units each phase. Our target buyer market includes high-valued clients, executives and high-income earners, second home owners and non-resident investors.

"As our project will also fall under the condo-hotel agreement, we anticipate that we will also receive a fair share of guests to the country that will occupy our facility and provide an economic contribution."

Confirming that price points on the project will range from $700,000 to $1.2m, Mr Thompson added: "An estimated 30-50 persons will be permanently employed post-construction. We are entering the real estate development market - construction and property management - and anticipate that this will be the first of many more developments to come."