The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nhartnell@tribunemedia.net

A BAHAMIAN development firm is looking to construct a $10 million ‘upscale’ entertainment complex in western New Providence, one of its principals telling Tribune Business it would finance the venture through a 60/40 split between a private placement and VIP membership pre-sales.

Ellis Peet Jr, a partner in TFG Company, said it was looking to break ground on the development by year’s end, with the high-end ‘Encore’ centre completed by the 2014 third quarter.

“We have seen a lot of keen interest in the project. There is a lot of buzz going on right now about the project based on speaking with persons in the private sector. I feel very confident that we would be able to raise the necessary capital,” said Mr Peet.

“We are anticipating that when we are finished we will have a very diverse offering for the general public. The overall plan of the complex is to combine dining options with movie going. We plan to utilize the entire building from the roof top right down to the ground floor.

“Our plan is that it becomes a venue where a person could spend five hours easily because of the various offerings that we would have. There will be a restaurant, options for the family and a roof-top terrace. We have a plethora of ideas and concepts we want to introduce that the general public would be very pleased with.”

The proposed 45,000 square-foot complex will be a green-design facility using high-efficiency equipment and LED lighting, with emphasis placed on indoor air quality. The complex will also contain provisions for power stations for electric vehicles and golf carts as well as bike racks for bicycles. From construction to completion, the complex is expected to generate 300-375 jobs, said Mr Pete.

He added that the group was presently in negotiations to acquire land for the project, although he declined to disclose details. TFG Company said its numbers and confirmation of the project’s sustainability have already been signed-off by an unnamed accounting firm, while pre-sales for VIP membership among personal and corporate clients have already begun.

“We also have been in the process of putting together a private placement, and we have been in contact with some investors that have expressed a keen interest. They have just been waiting for certain documentation to be presented for them to make a more definite decision. This has been in the works for about a year-and-a-half now. This is not a new thing; it’s just new in terms of coming public now. Between the subscription and the placement, the split will probably be 60/40, with the subscriptions being 40 per cent of what we are looking at,” said Mr Pete.