The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Eleuthera Chamber of Commerce’s president has acknowledged that a “level of scepticism” exists over this week’s deal to revive “the benchmark of what was possible in the Family Islands”.

Thomas Sands, in e-mailed replies to Tribune Business questions, hailed the revised Heads of Agreement between the Government and Cotton Bay Holdings but pointed out that it was “close to two generations” since there was any operational activity at the Cotton Bay Club site.

“The sooner this agreement is converted into action, the more confidence will be gained,” Mr Sands said. “The Cotton Bay Club was once the lead resort property and employer on Eleuthera, the benchmark of what was possible in the Family Islands.

“It has now been close to two generations since there were any operations at this site, and there have been a number of related Heads Of Agreement announcements.

“Although most Eleutherans, like myself, are pleased to hear of the signing, there is a level of scepticism, a sense of let’s wait and see if there will be follow through. I personally hope to be able to visit a Ritz-Carlton, Eleuthera, in the near future at that site.”

Mr Sands added that himself, the Chamber and the rest of Eleuthera’s private sector “look forward to learning more details about timelines to action the commitments made” between the Government and Colombian billionaire, Dr Luis Carlos Sarmiento, and his Cotton Bay Holdings team.

“The combination of a Ritz-Carlton resort development in south Eleuthera inclusive of other developments, such as the Disney Cruise Lines’ Lighthouse Point project and the Jacks Bay Development will, once actioned, confirm Eleuthera is headed in a positive direction,” he said.

“It is important that every project that is approved by the Bahamas government succeeds while delivering on its commitments as per its Heads of Agreement. These Heads of Agreements are ultimately a contract with the Bahamian people.

Although the Chamber is unaware of the specific commitments and concessions on this project, the recent discussions related to the Disney project set a new benchmark for community engagement by a developer,” Mr Sands continued.

“Disney has made an effort to be a good corporate citizen and has also, through action, raised the expectations of the community. I assume this project will be expected to meet similar expectations.”

Daniel Zuleta Martinez, Cotton Bay Holdings’ Bahamas country manager, on Monday said some 500 persons will be employed over a four-year construction build-out that will take place in three phases. While no start date was given, the property will feature 90 rooms including a 60-villa Ritz-Carlton Reserve, with 200 full-time jobs set to be created upon completion.

Prime Minister Philip Davis, who was present at the Heads of Agreement signing with deputy prime minister, Chester Cooper, said a compliance unit will be created to ensure the developer meets its commitments and that Bahamians are given first preference for jobs.

Describing the Cotton Bay project as “an igniting of the past”, Philip Davis added: “Investments have been the lifeblood of the economy. We have been restoring and bringing in new investments.”

Mr Cooper said the developers were proceeding because “the environment is now ripe for investment”. He added: “It is an important beginning and a bright future for residents of South Eleuthera in terms of job creation, new business opportunities and economic growth.

“We have seen increased interest in investment. The Ritz-Carlton brand is good for Eleuthera and we are seeing the light at the end of the tunnel.” Some 34 persons currently work at Cotton Bay.

Turning to the bigger picture, Mr Sands said: “Ultimately, the success of this project is also tied to the broader participation, destination building and the economic multiplier effect it will have for the residents of Eleuthera.

“The Eleuthera Chamber of Commerce and other organisations were engaged very early on by Disney to discuss these forward-thinking ideas. I invite Cotton Bay Holdings and Ritz-Carlton to consider similar discussions.

“The success of this contract will in the future be measured in terms of the growth of commerce, local participation, the education and training of locals to inherit higher level jobs. It would also be embodied in action and language that feeds other causes like the nurturing of art and culture, consistent employment opportunities for individuals and families, innovation, sustainability, and alternative energy.”

Mr Sands said that as devastating as COVID has been, the economic recession in south Eleuthera “has been prolonged and as economically challenging”.

He added: “The execution of multiple, quality projects in one destination is more likely to ensure success of that destination. A Ritz-Carlton resort, with other comparable branded projects, and ongoing investment in residential real estate together equate to the potential for a brighter long-term future for the economy of Eleuthera.

“We truly wish this project every success, and wish to ensure Cotton Bay Holdings and Ritz-Carlton that the Eleuthera Chamber of Commerce welcomes their project to our island. Our doors are open at The Eleuthera Chamber of Commerce Business Centre, and we are committed to play our role in supporting the ultimate goal of the growth of commerce, the success of their project and others as part of the overall development of a healthy community.”