The Tribune

• Weller eyes Barbary Beach purchase

• Mixed-use plan similar to Baltimore

• Govt to ‘do whatever it can’ for project

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A major US developer is targeting the purchase of Marriott’s 30-acre Barbary Beach landholding in what could be “a stepping stone” towards much larger efforts to revive Freeport’s economy.

Multiple sources, speaking on condition of anonymity, revealed that Weller Development, which is presently spearheading a 235-acre waterfront redevelopment project in Baltimore, is negotiating the tract’s acquisition for transformation into a project featuring a marina with accompanying houses and bungalows.

Tribune Business, though, was told that this investment could be just the first stage in a much bigger vision that could potentially see Weller Development fill the vacuum created by Hutchison Whampoa, and its Grand Bahama Development Company (Devco) affiliate, when it comes to real estate-based ventures that could regenerate Freeport’s and, by extension, Grand Bahama’s wider economy.

Several meetings are understood to have been held with the Prime Minister and the Government, with Dr Hubert Minnis pledging that his administration will “do whatever it can” to help bring Weller Development’s vision and ambitions to life given that Freeport desperately needs an economic ‘game changer’ with several cruise line-led projects stalled due to COVID-19.

This newspaper was told that Rupert Hayward, grandson of the late Sir Jack Hayward, is pushing the project from the Grand Bahama Port Authority’s (GBPA) side, with Fred Smith QC, the Callenders & Co attorney and partner, representing Weller Development. Erica Paine, of Graham, Thompson & Co, is acting for Marriott, with Robert Adams understood to be looking after the GBPA’s legal interests.

Both Mr Hayward and Mr Adams declined to comment when contacted by Tribune Business yesterday, while Mr Smith could not be reached despite multiple phone calls being made and messages sent. However, the latter had previously indicated he was involved in the Marriott transaction, although he declined to provide details when contacted by this newspaper several weeks ago.

This newspaper’s contacts were unable to confirm whether the real estate purchase has yet closed, but one source said of Weller Development’s plans: “It will be a fantastic development. It will be initially be a great little development with a marina and some houses, which will raise the profile of Freeport and be a great stepping stone.”

Another added: “It’s a real estate development, mixed-use and quite similar to what they are doing in Baltimore. Rupert [Hayward] is a big supporter of Weller, and he might be the one who introduced them and brought them to the table.”

Tribune Business was informed that both Mr Smith and Mr Adams have been present at meetings involving Weller, with multiple contacts also confirming that the latter’s Freeport plans have been received positively by the Prime Minister and the Government - as it should, given the increasingly urgent need to revive an already-battered Freeport economy that has been devastated by Dorian and COVID-19.

“The tract of land that belongs to Marriott is the premier place they want to do the project on,” one contact, speaking on condition of anonymity, added. “The Prime Minister met with them and they had some very good meetings. I heard they went very well, and everything’s moving along, but it’s not moving as quickly as they’d like to move. The Prime Minister said he’d do whatever he could to make it happen.”

A 44-page Weller Development booklet, which has been seen by Tribune Business, details the group’s background, past achievements and present projects while also featuring on its front page a new logo with the “Grand Bahama island: Islands of The Bahamas” tagline underneath.

It provides extensive details on its role as the master developer for Port Covington, a 235-acre mixed-use urban/waterfront regeneration project in Baltimore, Maryland, which features 2.5 miles of development space on the water.

“Weller Development partners with visionary investors to create large and small-scale development projects with the potential to transform cities,” its corporate website reads. “Our primary focus is on the development of Port Covington, a 235-acre redevelopment project located on Baltimore City’s prime waterfront.

“As one of the largest urban revitalisation efforts in the US, the neighborhood of Port Covington will have a fundamental and far-reaching impact on Baltimore’s future. At completion, this transformative project will include up to 18 million square feet of new, mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space.

“The Port Covington redevelopment is expected to generate fresh opportunities for innovation and entrepreneurship for Baltimore City residents and its local workforce.”

Known as Sagamore Development Company until its founding by Marc Weller, who is said to have 25 years’ expertise in real estate and associated industries, Weller Development would appear on the surface to tick many of the boxes that Freeport is seeking for a transformative investor post-COVID-19.

Its website highlights how it was able to attract a $233m equity investment by Goldman Sachs, the leading global investment bank, into Port Covington, which suggests that it has the ability to raise significant multi-million dollar financing for any Freeport venture.

Its 44-page booklet highlights public-private partnerships (PPPs) as one of Weller Development’s areas of expertise, while also showcasing its redevelopment of a 100 year-old “dilapidated pier” into a 128-room luxury hotel, the Sagamore Pendry Baltimore. Restaurant, retail, distillery and multi-use recreational centres are also listed in its portfolio.

The booklet also suggests there are potential synergies with the Government’s bid to turn Grand Bahama into a ‘technology hub’, as Weller Development converted a 34,000 square foot former Baltimore City bus depot into an “innovation hub” as part of its regeneration focus.