The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Klonaris brothers have placed their $14 million Bay Street shopping plaza on the market, although a sales price has yet to be fixed.

Bahamas Realty’s chief executive, Larry Roberts, confirmed to Tribune Business that Elizabeth on Bay’s owners had yet to put a price tag on the property.

“There’s not a whole lot I can say,” he said. “The property has been on the market for a few weeks now. The owners have not put a price on that property as yet. Interested buyers can just come in and take a look at the property, but a fixed price hasn’t been put on just yet. We should have a fixed price on it a few weeks.”

The Elizabeth on Bay plaza, which sits at the junction of Bay Street and Elizabeth Avenue, is seen as a key component to downtown Nassau’s revitalization – especially the area east of East Street.

It was developed by Charles Klonaris, the Downtown Nassau Partnership’s (DNP) co-chairman, and his brothers in a bid to create an upscale Bay Street retail experience and provide a glimpse of what the area’s redevelopment might look like.

Charles Klonaris declined to comment when contacted by Tribune Business.

Elizabeth on Bay, like all similar commercial/retail developments, has had to contend with the 2008-2010 recession’s impact on tenancy occupancy levels and rental rates. Its redevelopment, and opening, unfortunately coincided with the economy’s nosedive.

As a result, Elizabeth on Bay’s income streams have likely been inconsistent, with businesses such as the Blu restaurant opening only to abruptly close months later. Downtown Nassau’s chronic parking problems have also impacted Elizabeth on Bay, with the nearest available spots s short distance away on Elizabeth Avenue. These issues have just been eased, though, with the opening of 50-60 spots at Union Wharf.

However, the timing of the Klonaris brothers’ decision to sell comes as a surprise, given that developments were looking up for Elizabeth on Bay.

Apart from the Sur Club sushi restaurant, the property has just received a big boost – as first revealed by Tribune Business – after the investor group headed by Jamie Dingman, son of entrepreneur Michael Dingman, decided to lease 25 per cent of the plaza’s units for various eatery/bar/entertainment purposes.

The properties being rented by the Dingman group, fresh from its purchase of Travellers Rest, include the former Blu and Courtyard Caf� spots.

The 16-unit Elizabeth on Bay plaza is being marketed as a 36,258 square foot commercial centre.

Among the features being highlighted is the planned boardwalk to connect the property to the cruise ship dock at Prince George’s Wharf and Paradise Island bridges.

The potential Elizabeth on Bay sale also provides a possible opportunity to tie the plaza in with Union Wharf’s sale and redevelopment next door. Both properties are being marketed by Bahamas Realty.

Mr Roberts recently told Tribune Business that a “fairly detailed” development proposal had been submitted for the 3.94 acre Union Wharf property. The site, owned by the Thompson family, has 826 linear feet of water frontage, and is being marketed to potential buyers as a commercial/residential location following the shipping industry’s move to Arawak Cay.