The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A controversial potential Lyford Cay developer hits back at the objections to their 72 unit quartet of nine-storey condominiums in the heart of the gated enclave.

Principals of Eastmor Properties Ltd (EPL) say their plans are an extension of the masterplan and execution of the vision that the community’s founder, EP Taylor, had for the space.

CEO David Dingman said: “What we are proposing is an implementation of EP Taylor’s government approved masterplan for Condominium Site #2. What we are using was always intended to be a condo lot.

“This project is not just a reaction to demand in Lyford Cay, but rather an execution of what has already been set in place. EP Taylor always wanted to expand Lyford Cay to include more people from all sorts of economic backgrounds and more Bahamians as well, which I think is important to note in this conversation.”

Dingman said about 40 people have expressed interest in purchasing units. He said: “I don’t want them to be priced out of the market. I also don’t want them to have properties that they are unable to maintain. So, in many ways, having something that is apartment living makes a lot of sense for the younger and the older. This is something that we are excited about. My family has owned that land for around 15 to 20 years and I believe that now is a very good time to develop it. We want to do it to the standard, including a Bahamian sense of place, that we believe we’ve always done our projects, some of which involved Jackson Burnside as architect. The timing is great and we want to continue the growth on this side of the island.”

Acknowledging concerns, he said he he is currently focusing on Town Planning Committee approval in principle. However, following that approval in principle, more definitive plans will be made.

He said: “The intention was always to have a constructive conversation and build something that was generally acceptable to the entire community and give up some of our economic benefit for the overall communal vibe. I do think that we will get to that point. We’ve always done projects that were both aesthetically pleasing and enjoyable to the community. Once the approval in principle is in place, we will be able to craft something that makes sense for everyone.”

Allyson Maynard-Gibson QC, legal counsel for EPL, said each building “captures the beauty of The Bahamas” through its architecture. She said she sees “tremendous upside” to the project, boosting the economy and providing jobs, business opportunities and enhancing residential choices. The developers project the government is expected to receive over $30m in stamp tax as well as millions in real property tax revenue annually.

“I think change is always challenging. Change is scary. But sometimes, wise leaders need to provide people with the ability to go along with change and then have the community be uplifted by that change. I think that there is a real chance with this project to do some really positive things”, said Mr Dingman.

EPL has presented their development at a Town Hall meeting hosted by the Town Planning Committee and heard from residents of Lyford Cay who have predominantly said no to the development and have vowed to put a stop to it at all costs.

The vacant land in question is in the heart of Lyford Cay and is proposing to build four, nine-storey condominium complexes that will yield 72 units in total. However, the land is not zoned for multi-family dwelling or structures beyond one storey high and conveyances to EPL say this unequivocally.

The Lyford Cay Property Owners Association have also formally written to the Town Planning Committee on their strong objections to EPL’s designs and advised the committee on the conveyances and other matters of concerns raised by residents about the project causing disruption to the community, most of which is increasing traffic and congestion.

In an earlier release, EPL said: : “That site, according to the developers, was always intended to be utilized for the development of condominiums for local and foreign residents - as part of an inclusive rather than exclusive community, as was originally envisaged by renowned industrialist and financier EP Taylor when he founded the community back in 1959.

“The developers are prepared to act on conditions imposed by the Town Planning Committee so that they may mobilise as soon as soon as the project receives the green light. They have already fielded dozens of inquiries from Bahamian and non-Bahamian potential purchasers, and real estate agents. This is indicative of the strong demand for more residential offerings, particularly in the western district of New Providence.”

The Town Planning Committee has not made a decision yet, but concerns have been noted over the committee’s chair, Keenan Johnson, having a pre-submission meeting with the developer. He dismissed those concerns as a common practice with the board and said it amounted to nothing more than a procedural practice of due diligence.

The release also said: “The condominium development presents an attractive proposition for persons seeking to downsize from their current residence, young professionals, as well as foreign residents relocating to The Bahamas for work purposes.

“The high-rise project is expected to provide a tremendous economic stimulus for the local economy both in the immediate and long term, creating hundreds of construction jobs, other spin-off employment opportunities as well as $15-$18m to the government in stamp duty.

“The developers have assured that the project will be undertaken with the highest degree of environmental stewardship and noted that concerns over increased traffic in the area persisted for several years, due in large part to the Property Owners Association’s (POA) inability to decide on a second entry point into the gated community.”