The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Prime Minster Perry Christie and multiple Cabinet ministers are today due to tour a project that promises to “revolutionise” Great Exuma via a $40 million-plus investment that will create over 130 construction jobs.

Tribune Business was informed last night that Mr Christie and an “entourage” will undertake a site tour of the February Point project with US developer John McGarvey, who heads the investor group behind its impending $8.3 million purchase.

While Mr McGarvey and his group have yet to receive final government approvals for the transaction, this newspaper understands that the Government’s group visit to the project site is being viewed as confirmation that all necessary permits will be forthcoming.

When contacted for comment, Thomas Dean, a Freeport-based attorney with Dupuch & Turnquest, who is acting for Mr McGarvey in the purchase, said the group’s proposed project would transform Georgetown into “a mini mecca”.

“This will revolutionise the Great Exuma, Georgetown area and have knock-on and beneficial effects for the Central Bahamas, as it will create Georgetown as a mini-mecca in the centre of paradise,” the attorney told Tribune Business.

Mr Dean declined to comment further, but this newspaper understands that upon completion of the February Point acquisition, Mr McGarvey and his group plan to change the project’s focus from a pure residential development into one that is mixed-use.

Once the deal closes, it is thought the new owners will develop a 25-unit complex of condominiums, which will be placed in a hotel rental pool and also offer the potential for fractional ownership.

And, slightly further out, a boutique five-star resort has also been earmarked for February Point, together with an expansion of the existing marina.

Mr McGarvey and his group are seeking to attract the mega yacht market, and sources said they are proposing a ‘Georgetown Marina Village’ that would be similar in style, and size, to the existing Atlantis Marina Village and Freeport’s Port Lucaya.

The February Point purchasers are also acquiring, and seeking to revive, the closed concrete plant opposite the main development site, plus establish a community sports complex.

Upgrades to the existing community and beach areas at February Point are also planned.

The Government needs positive developments on the job creation/investments front, and it is likely to view the project proposed by Mr McGarvey and his group as one that could do for Exuma what Genting’s involvement might do for Bimini.

Mr McGarvey is an established investor in Exuma, having previously acquired its former Coconut Cove Hotel and renovated it into the Exuma Beach Resort.

The Prime Minister recently told Tribune Business that the Government wanted to meet with all the investors in Mr McGarvey’s group, and conduct due diligence on them, before giving final approval to the deal.

This newspaper was told that some existing February Point homeowners, who had initially joined Mr McGarvey’s group as equity investors, had either dropped out or left.

They have been replaced by new investors, who Mr Christie was referring to last month. “Two-four wealthy [February Point] homeowners are very supportive of the project and are helping to finance it,” one source said last night.

Mr McGarvey and his group are acquiring February Point from the Hart family-owned company, February Point Resort Estates.

The deal is also thought to involve an 800-acre parcel of land on Exuma known as Flamingo Bay Estates, and it was suggested that when acquisition costs and initial site improvements/clearance was factored in, the first stage investment by the purchasers might be closer to $60 million.

Tribune Business also understands that Mr Christie and his ministers will hold meetings today on planned improvements to the Georgetown area.