The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The master planner for the former Ginn sur mer project core yesterday said the plan was to find investment partners, not sell the 280-acre property, with Tribune Business able to reveal several $15 million purchase offers have been made.

Lorne Bassel, president of The Crave Group, which is working on behalf of Philadelphia-based owners, Lubert Adler, to find development partners to take the property forward, said suggestions that sale negotiations were taking place were “not accurate”.

Tribune Business has been told by multiple sources, though, that Lubert Adler and Crave are talking to a California-based developer, The Lowe Group, over potential deal that would see the latter acquire the West End, Grand Bahama site.

One source even said of The Lowe Group talks: “It’s still hot, but only a few people know about it. There’s a lot of due diligence and going back and forth.”

When contacted by Tribune Business yesterday, Mr Bassel said he “can’t comment” specifically on The Lowe Group.

But, on the subject of whether Lubert Adler/Crave were looking to sell the property, he added: “I’ve heard that rumour, and it’s not accurate.

“The concept is not about doing a sale. There’s a variety of groups, and it’s more ion the world of working with different groups looking to invest in the project.

“There’s a whole variety of them. These are just rumours and there’s no story there. It’s all discussions about co-investment.”

Mr Bassel said “things are much better” in West End following the management agreement worked out with the 73 condo owners at Old Bahama Bay.

Tribune Business can also reveal, though, that earlier this year, Bobby Ginn, principal of original developers Ginn, also submitted an offer - understood to be in the same $15-$18 million range - to reacquire the property from Lubert Adler, his former financing partner.

A Letter of Intent was understood to have been submitted, but the proposed deal went nowhere.

Lubert Adler has retained 280 acres on the northern side of the West End development, including the Old Bahama Bay Resort, the golf course, the existing marina, commercial facilities such as the restaurants and retail, and associated operational facilities.

A Credit Suisse-led lending syndicate took possession of the remaining 1,476 acres at the former Ginn sur mer project after Ginn Development Company defaulted on its $276 million loan.

It effectively inherited the real estate component of the Ginn project, and is looking to develop that in partnership with its own master planner, Replay Resorts.

Replay has not inherited an empty coffer. Some $124 million worth of infrastructure has already been put in for the 830 serviced lots it inherited from Ginn, some 194 of which have been sold. It therefore has more than 630 lots available for direct marketing to buyers, if it so wishes.