NASSAU, Bahamas — Khaalis Rolle, Senior Executive Vice President of Sterling Global, developers of the $270m-$280m Hurricane Hole Marina project at Paradise Island, posted a collage of photos on his Facebook page on Sunday, July 21, 2019 with the following caption: “Hurricane Hole phase 1 start of vertical construction. Deputy Prime Minister Hon. Peter Turnquest on hand to witness the progress of this amazing project on Paradise Island, Bahamas.”
For readers of BAHAMAS CHRONICLE who did not see The Tribune’s story on July 3, 2019, on this exciting redevelopment on Paradise Island, we thought we would rehash that story in which The Tribune claimed that “two-thirds of the Hurricane Hole project’s first phase residential units went under contract within the first two weeks.”
Patrick Lenihan, director of sales at Waypoint Real Estate, the marketing group working with Sterling Global Financial, was quoted as saying: “There is a pent-up demand. I think it’s been proven by the quick response we have seen. This an opportunity that hasn’t been on Paradise Island in a decade, in addition to the expansion of the marina. This is a unique community. This is an opportunity to bring that disjointed portion of the community into one place. You will never have to go over the bridge if you don’t want to, and I think it’s going to create a unique atmosphere that doesn’t exist tight now.”
According to The Tribune, “One-bedroom residences in the development’s first phase are priced at $670,000, with two bedroom units at just under $1.1m.”
Mr Lenihan added: “As far as pricing I think that was determined in the first two weeks. We have had eight of the residences purchased in the first two weeks out of 12,” Mr. Lenihan was quoted as saying. “Right now we have 12 residential units in the first phase, 46 coming in the next phase and the third phase is still to be determined as far as the make-up of it, but likely it will be around anywhere from 130-150 total residences.”
K Peter Turnquest, Deputy Prime Minister and Minister of Finance, was quoted as saying: “We are certainly very excited the project has reached this stage where they’re putting shovels in the ground, demonstrating to the naysayers the project is going forward and the investment is being realised.”
Mr. Turnquest added: “We are very excited to hear the project is two weeks ahead of schedule. That bodes well for the economic growth we anticipate coming from this project going into 2020, when we expect to have the first phase completed.
“We are pleased that the current workforce of contractors and sub-contractors is around 100 persons, which will ramp up when the project gets going. That is positive news and aids us with our growth agenda and employment statistics.”
(SOURCE: This story was developed from an article that was written by Natario McKenzie, Tribune Business Reporter.),
