The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A “fairly detailed” development proposal has been submitted for a 3.94 acre property key to revitalising downtown Nassau, a top realtor yesterday saying potential buyers would take their interest no further until they know what they can put there.

Bahamas Realty chief executive, Larry Roberts, told this newspaper that while a few buyers had expressed keen interest in Union Wharf, no one was willing to go further until they know what can be developed there.

“We have a few buyers that have expressed a keen interest, but they are not going any further until they know what they can do and, quite honestly, I don’t blame them,” said Mr Roberts, noting that his firm, along with the property’s owners and an architect, had decided to go ahead and submit a development proposal for the site.

“We have submitted a development plan to the Department of Physical Planning, and we’re just waiting for approval in principle,” Mr Roberts added.

“The first question that everyone asks is what can we do with the property? How high can we go? What are the density requirements or restrictions? We haven’t been able to tell them.

“Any time we have gone to government, they have said give us the proposal and we will tell you. It’s sort of a chicken and the egg situation. What we have done is gone through the expense of preparing a fairly detailed proposal which, if it’s approved in principle, we can go back to the people who have shown interest and say: This is what you can do’. We’re not saying: ‘This is what you have to do’, but it’s what you can do.”

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.

“All of those properties east of Elizabeth Avenue are where the shipping companies used to be. They’re all available now for redevelopment, but the big question is how high can you go. If you can only go four storeys, it’s a no deal. It won’t work. You have to go 12-14 storeys at least. That’s what we’re waiting to hear. We’re very hopeful that we will be approved,” Mr Roberts said.

He added that the nearly four-acre property was key to Bay Street’s revitalisation. “You can only imagine what could come about. There is an intention to have a boardwalk all the way from Rawson Square to the first bridge at Paradise Island,” MrRoberts said.

“In other words, you would be able to walk right along the harbourfront and all of those properties, however they’re developed. Most major cities that I’ve visited, the waterfront is the boardwalk and you can walk along. There are cafes, restaurants, shops and all sorts of things. We need to bring life back to the city. Until you can encourage this type of development it’s not going to happen.”