The Tribune

By NEIL HARTNELL

TRIBUNE Business Editor

nhartnell@tribunemedia.net

AN EXUMA resort investment promising to create a combined 1,300 construction and full-time jobs has “fallen by the wayside” and will not proceed, Tribune Business can reveal.

The Velaa Luxury Private Island Resort, which was being targeted for Norman’s Pond Cay and referenced in the “selected new foreign investment projects” detailed in the Central Bank of The Bahamas’ 2026 second quarter economic report, did not make it past the “preliminary discussion phase”.

The developer of what was intended to be a 239-acre site, featuring 44 resort suites and villas plus 30 branded residences and other hotel-style accommodations, was identified as Island Development Group.

Ryan West, Island Development Group’s principal, and who helped develop the renowned Necker Island private destination in the British Virgin Islands (BVI), owned by flamboyant British entrepreneur, Sir Richard Branson, confirmed in an e-mailed response to Tribune Business inquiries that the project is not moving ahead.

“Island Development Group acted as lead on the opportunity you're referring to, which is no longer active. While Island Development Group remains interested in The Bahamas, the prospective acquisition is not proceeding,” he confirmed.

Floyd Armbrister, an Exuma-based real estate broker, appraiser, land researcher and real property tax consultant with Imhotep Management, and whose family owns land on Norman’s Pond Cay, backed Mr West’s assessment.

“There were some discussions regarding the matter. That one has fallen by the wayside,” he told this newspaper. “No, it’s not moving forward. That’s a fact. There were just some preliminary discussions. I was talking to them on behalf of the family, but some other people own property there also.”

Asked whether the Norman’s Pond Cay proposal was likely to be revived, Mr Armbrister replied: “Not at the moment, but if a new developer wants to come by land is available. If someone wants to buy it, come to me.”

The Central Bank’s description of the seemingly defunct project, which was based on information supplied by the Government’s Bahamas Investment Authority (BIA), describes it as “a private island ultra luxury resort on approximately 238.5 acres of Norman’s Pond Cay, featuring 44 resort suites and villas, 30 branded residences and 11 private estates of approximately three acres each.

“The development will include multiple dining venues, an ‘Eveylaa’ well-being centre, fitness facilities, a kids club, a nine-hole golf course, a dive shop and Bahamian-operated watersports activities. A ten-slip marina dock and seaplane facility is also planned.

“The project is expected to generate approximately 800 construction-related jobs and 500 operational positions, while also creating opportunities for Bahamian entrepreneurship and local business participation.”

Island Development Group describes itself on its website as the “leading name in private island development”. It adds: “Island Development Group specialises in the sourcing, feasibility assessment and development of private islands. We bring together proven expertise to help analyse, design, develop and operate a successful private island, resort or remote estate.”

There is also a glowing testimony for Mr West from Sir Richard Branson, who states: “Ryan West is the very best person in the world to help develop a private island. He helped us develop Necker and then went on to develop Moskito Island” which is also in the BVI.

Elsewhere, the Central Bank report also cited the prospect of several hundred jobs being created via a resort development at the Schooner Bay community in south Abaco. It described a 38-key, high-end branded hotel that would create between 300-400 permanent jobs for Bahamians and some 500 local employment opportunities overall.

“Schooner Bay, an eco-friendly mixed-use development, will comprise a 38-key ultra-luxury branded resort, featuring luxury casitas and a tented village, alongside 26 or more branded villas,” the Central Bank said.

“The development will also include a central lobby building, a Marquis spa and wellness pavilion, a beach club and pool complex, a recreation and children’s centre, multiple food and beverage venues and expanded utility and back-of-house facilities.

“The project is expected to create approximately 300 to 400 permanent jobs for Bahamians and generate around 500 local employment opportunities overall, with more than 70 percent of these positions comprising long-term operational roles.”

A resort would mark a departure from Schooner Bay’s long-standing philosophy and ethos of being purely a private residential community for homeowners, although several observers have argued that such an investment would help to generate increased consumer traffic for the businesses based there and help create critical mass for the development.

It is unclear whether such a project would be undertaken by Schooner Bay Ventures, the existing developer, which has little experience in resort development or if a third-party would undertake this. Tina Gascoigne, Schooner Bay Ventures’ general counsel and one of its principals, did not respond to Tribune Business e-mails seeking comment.

Other efforts to obtain confirmation on Schooner Bay’s seeming plans also proved fruitless. Two ex-prime ministers, Hubert Ingraham, who has done commercial legal work for Schooner Bay, and Dr Hubert Minnis, who is one of the development’s homeowners, both said they were unaware and had not heard of any hotel plans.

“I’ve not been informed of anything or heard anything,” Dr Minnis said. “I own a home there but they haven’t said anything to me yet. It’s the first time I’m hearing of it. I’ll check.”