The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Baha Mar-led Cable Beach “renaissance” is creating a “dilemma”, a well-known realtor warned yesterday, because few Bahamians are positioned to exploit the commercial and rental opportunities that will be created.

Arlington ‘Ali’ Capron, a realtor with Bahama Islands Realty, said the “lack of available commercial space” on the Cable Beach strip for new and existing businesses would inhibit efforts to entice guests at Baha Mar and other hotels off-property.

And, while the $2.6 billion redevelopment was set to stimulate real estate prices - both purchases and rentals - many property owners lacked the cash to upgrade their condos and other inventory to the standard tenants would be seeking.

As a result, Mr Capron expressed concern that many Cable Beach-based property owners would miss out on a potential Baha Mar-led boom simply because they were unable to exploit it.

Suggesting that a “10-unit strip mall” full of exclusive stores would be an ideal fit for the Cable Beach strip, Mr Capron told Tribune Business such a development would help the area mirror Paradise Island,.

While Atlantis had retail stores in the hotel, and the Marina Village, the realtor pointed out that an off-property shopping complex existed - just across the road - that was also patronised by hotel guests.

However, the absence of available land, zoned for commercial development, in Cable Beach could prevent this from happening, Mr Capron argued.

“It’s just that there is no land available for the major expansion of commercial space,” he told Tribune Business.

“The Cable Beach strip, within the next 18-24 months, will experience a renaissance, that is a fact, but there are still some challenges.

“The biggest problem for new and old money is the lack of commercial space. With a hotel the size of Baha Mar, the strip is way too small to handle the flow of guests looking for out-of-hotel activities and experiences without having to venture over to Atlantis. The lack of space also means very few opportunities for young Bahamians to open new and creative businesses.”

Commercial development in Cable Beach was also hampered by the fact that all land immediately to the south was taken up by residential development.

And Mr Capron added that property owners who might have commercial land available were currently not selling.

As for the rental market, Mr Capron said many property owners - especially those holding condominiums - were “not in a position to upgrade their properties”.

While persons were calling daily to inquire about residential rentals in Cable Beach, Mr Capron said potential tenants were not willing to accept just anything. Hence why some property owners also stood to miss out on the opportunity.

Pointing to the southern side of West Bay Street, opposite the entrance to the Bayroc condo complex, Mr Capron said: “Everything is for rent or sale, almost.

“Some have been for rent for almost six-eight months. They can’t get then rented because they’re dated and in need of repair. It’s an opportunity to take advantage of the Baha Mar effect, but you can’t expand commercially and landlords do not have the funds to upgrade.

“Opportunities are coming over the horizon but they are going to be wasted, as a lot of people are not in a position to take advantage of them.”

Mr Capron added: “Baha Mar’s presence on the strip has set the bar for quality. It is imperative that properties along the strip follow suit or become an eyesore.

“It’s a dilemma in Cable Beach. We can’t expand existing business operations, and some existing property and condo owners are in a position where they can’t do anything about it, because they don’t have the money to remodel, refurbish and upgrade their properties.

“Individual owners who want to take advantage of the rental boom that is on the horizon, have to come to grips with the fact that some of their condo units are dated and overdue for a makeover.”