The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Government yesterday said it was “unfamiliar” with, and trying to find out more, about a $36.75 million ‘resort town project’ planned for the Bahamas, which was being promoted by the Orlando-based investment bank/private equity firm supposedly financing it.

Khaalis Rolle, minister of state for investments in the Prime Minister’s Office, said that while a number of projects proposed for the Family Islands were being discussed with the Government, the development mentioned in a release by Capital Corp Merchant Bank was not among them.

Indicating to Tribune Business that there was no mention of the project, or Capital Corp Merchant Bank, in the Bahamas Investment Authority’s (BIA) files, Mr Rolle said: “I don’t know who that group is.

“I saw the Google alert on it earlier this morning, but I’m very unfamiliar with it.”

Emphasising that the proposal could be for real, he added: “We’ll just wait and see. We’ve contacted them. Hopefully by the end of today [yesterday] they will reply or call.”

The Capital Corp Merchant Bank release did not disclose the island where the project it referenced was located, although the description sounded like something following the Schooner Bay model.

Tribune Business’s efforts to obtain further information on the project proved fruitless. Capital Corp Merchant Bank’s founder and chief executive, Gilles Herard Jnr; project director Ron Bellas; and project advisor, Mark Senft, all failed to return phone messages and e-mails seeking comment.

The Ministry of Tourism was also just as mystified, e-mailing this newspaper to see if it knew the location for the project.

The Capital Corp Merchant Bank release, though, said: “The masterplan development itself is ambitious, comprising an all-inclusive themed resort with water park, luxury villas, a pedestrian-friendly commercial town centre, a mega yacht marina (as the island boasts deep waters as well as flats), timeshares, a luxury gated residential golf community with clubhouse, a nine hole golf course, executive estate homes, a luxury resort, and possible casino.

“The project is expected to use alternative energy sources as well, making it eco-friendly.”

Specifics, though, were few and far between, although the company said it had structured the financing for the $36.75 million development via debentures and a common stock offering.

The Capital Corp Merchant Bank release said of the project’s location: “The prospected island has numerous hidden coves with extensive, beautiful beaches and small, colourful villages. It is also a prime bonefishing spot. Such a development will be a boon to the local economy, and greater Bahamian economy as well.

“Part of what makes this project especially noteworthy is its geographic location, as it is located in the centre of the cruise ship, yachting, and pleasure boaters’ lanes to the Caribbean from the United States. Additional aerial transportation routes are in the works to cater to such an endeavour.”