The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A LEADING realtor has called on the Government to be “open minded” over what it permits to be developed ay the $17.9 million Union Wharf property, telling Tribune Business that the four-acre site is key to “bringing life back to the city” and the overall revitalsation of Bay Street.

The site, owned by the Thompson family, has 826 linear feet of water frontage, and is being marketed to potential buyers as an excellent commercial/residential location following the shipping industry’s move to Arawak Cay.

Bahamas Realty chief executive, Larry Roberts, said: “We have had some interested buyers, but again it’s the first to make the move.

“It’s been getting significant interest, but the difficulty is in determining exactly what you can do. We are going to need to go at least 12 -14 stories high to fully capitalise on the land and add the value that’s necessary. You cannot stay at the four to five floors like in downtown Bay Street; it won’t work.

“What we see happening there are condominiums, hotels and a marina. We are also pushing for condos that locals can afford to buy,” said Mr Roberts at a recent Bahamas Realty Luxury Real Estate Reception.

“That’s the first of many properties along there where there is an opportunity for development. There is a total of 40 acres, and Union Wharf is only four acres. From there going east to Lucianos you have 40 acres of property.

“We have one of the most beautiful harbours in the Caribbean and the world really, but we don’t take advantage of it. We have to change that.

“Now that this property is freed up we can do that. It’s going to take some significant capital to do that, more than we have locally, and so the Government needs to be very open-minded in terms of who can develop and what can be developed there. It’s a tremendous opportunity.”

Mr Roberts said the property was a key piece in the revitalisation of downtown Nassau, adding, “We need to bring life back into the city. What happened in Nassau mirrors so clearly what happened in so many cities of the world, where people move away from the city.

“The city dies and enterprising, clever developers come in and bring life back into the city areas. That is what needs to happen here.”