NASSAU, Bahamas – The government yesterday signed a Heads of Agreement (HOA) with South Abaco Land Development Company for a more than $800 million resort in Abaco that is expected to result in hundreds of jobs, The Nassau Guardian reported on Friday, December 16, 2022 in an article written by Jasper Ward.
South Abaco Land Development Company Chief Financial Officer Thomas Boynton said the development will take seven to 10 years to complete.
The work on the resort, which will be under the Setai brand, is expected to start “within months”, according to Central and South Abaco Member of Parliament John Pinder.
“This heads of agreement is a significant step forward for this development,” Pinder said during the HOA signing ceremony at the Office of the Prime Minister. “The job opportunities are going to be not only for the construction phase, but are going to be long term. We’re going to have real careers. Our youth are going to have a path, a future in South Abaco and will not be looking at Central Abaco for all the economic output and all of the monies needed to sustain families. The families will be able to grow in South Abaco.”
The resort, which will be located near Sandy Point, Abaco, will feature a golf course and residents club, according to Boynton. More than 300 houses will be built on the property, he said.
“We have the marina that was mentioned, a 250-slip marina or 225 for various size yachts and boats from 30 to 40 feet,” Boynton said. “…[There will be] three different components, all branded as Setai, underneath the Setai name, and all the amenities that you can imagine that goes with all of that.”
Pinder described the development as “a significant undertaking” to build.
“There’s also going to be hundreds of jobs to sustain long term and there’s a skills training component to it,” Pinder said. “We won’t only be looking for skilled workers outside of this country. We’ll be training our people to do the right jobs and their skills will evolve as the project evolves.”
Minister of Tourism, Investments and Aviation Chester Cooper said the development has been “a long time coming”.
Steve Harrell, a senior trustee for Harrell Family Trust, said he decided to move forward with the development 15 years ago during a trip to Abaco.
“Someone introduced me to this 700 acres of property that I just couldn’t get off of my mind,” said Harrell, who has been visiting The Bahamas for 30 years.
“I just felt like it was the most incredible piece of beachfront property on the planet and I moved swiftly to purchase it 15 years ago and we have been daily — Tom and I — in pursuit of this moment. We are simply thrilled. Finally, we can make a point to the people of South Abaco that we are in their corner.”
Hurricane Dorian devastated Abaco and Grand Bahama in September 2019. It displaced thousands of people, left hundreds missing and scores dead.
The Category 5 storm caused more than $3 billion in damage.
Pinder said yesterday that as Abaco attempts to rebuild following Dorian, the project is “a monumental step” for the development of the island.
“One of my primary objectives is the geographic diversification of our economy in Abaco,” he said.
“For far too long, our output was [centered] on the cays and Central Abaco. The south has so much to offer. This project is very exciting.” See article in Nassau Guardian at https://thenassauguardian.com/deal-signed-for-800-mil-abaco-project/
