The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A major Toronto-based real estate developer was yesterday said to be among the leading contenders to purchase Exuma’s February Point development from the Hart family.

Following Tribune Business’s article yesterday, in which John Frank, the son of the Grey Goose Vodka brand’s founder, denied he was part of a group seeking to purchase February Point, sources close to developments said the current owners were talking to The Talisker Corporation.

One source went so far as to suggest a deal between the Hart family and Talisker, which has interests in the US, Canada, the UK and eastern Europe, was close to being concluded.

Tribune Business was unable to confirm this, as yesterday was a holiday in Canada and calls to Talisker’s Toronto office went straight to voice mail.

However, this newspaper was told that February Point’s homeowners association, thought to be around 40-strong, was seeking an investor with the capital and expertise to take over the development. The initial impression was that Talisker might fit the bill.

“They’re really, really close,” one source said of a potential deal between the Hart family and Talisker.

“These type of deals for complex real estate transactions often fall apart at the 11th hour, but if these people are truly motivated to do the right thing, all the owners at February Point would welcome it.

“They [Talisker] seem to know what they’re doing, and the owners would welcome them coming in - somebody with real capital that knows how to run a resort comes in and buys the place.

“The owners want someone that is very motivated, and has the expertise and experience to take the place over.”

On its website, Talisker, which was founded more than 10 years ago, bills itself as a “luxury real estate, recreation and hospitality company, dedicated to offering exceptional alpine and golf lifestyles”.

It has developed three communities across 14,000 acres in the Park City area near Toronto, and provides real estate development, construction, leasing and management services.

And Talisker is said to have properties located in the US, the UK, and eastern Europe.

Taking over a Bahamian real estate development would be something of a departure from Talisker’s focus on colder climates, but several contacts suggested the company may view February Point as a stepping stone to potentially bigger designs/plans for the Exuma.

They suggested Talisker may also be interested in acquiring, and taking over, the resort development at Crab Cay that lies directly across the water from February Point.

Crab Cay, which was approved in 2003, was an investment initiated by the Murphy family, hog farmers from North Carolina.

A bridge, utilities and much of the necessary infrastructure has been put in - making it an attractive foundation for someone like Talisker - but Crab Cay is yet another Family Island development that has come to a standstill, and effectively been abandoned.

Meanwhile, Mr Frank, the Grey Goose founder’s son, confirmed in yesterday’s Tribune Business that he and other homeowners were concerned about the development’s future given the Hart family’s desire to sell.

“The homeowners are concerned about the future of February Point,” he told Tribune Business. “I do know the original developers want to exit the project.

“The concern, of course, as with any development, is that it continues to be a place we go to with our families on vacation, and it keeps the same nature, feel and experience we’ve come to enjoy. We’ll see what happens.”

The Hart family acquired the property from the original Swedish developer, and have been somewhat successful in building out the development, which is a mixture of fractional and home ownership.

Other Exuma-based sources confirmed the Harts were actively seeking to market and sell February Point, although no deal had been concluded yet. Multiple potential buyers were said to be assessing the property.

One source said: “There are several prospective buyers, although nothing has happened yet. Other people are looking, talking with the Hart family.

“I believe there were quite a few people looking at it, different entities.”