The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The developers behind a proposed $1.5 million mixed-use Bay Street property believe they are “pioneers for downtown Nassau real estate” by bringing residential living back to the city’s heart.

Matt Sweeting, of Bahama Islands Realty, which will be the listing agent/promoter for the Twenty Two Twenty Bay Plaza development, said his clients had been “motivated” by recent upgrades to the area - and the Downtown Nassau Partnership’s (DNP) long-term vision - to play their part in Bay Street’s revitalisation.

The Twenty Two Twenty Bay Plaza, which is earmarked for a site just east of Elizabeth Avenue, one property removed from the junction with Bay Street, is proposed as a four-floor combination of retail, commercial/office and residential space.

Mr Sweeting said the developers, who are “100 per cent Bahamian”, were attempting something that had “not been done in the last two to three decades” by offering residential accommodation at downtown Nassau’s core.

“We do think we’re pioneers for downtown real estate,” Mr Sweeting told Tribune Business. “Since all the properties are privately owned, the Government is limited in its ability to revitalise downtown. We feel it’s very important people step up, make the difference and be pioneers for downtown.”

While Twenty Two Twenty Bay Plaza’s developers have yet to submit their plans to the authorities for approval, Mr Sweeting expressed optimism that groundbreaking for the project could take place by September 2014, with construction taking eight to 12 months.

“Conservatively speaking, it’s going to be about $1.5 million,” he said of the construction investment. Between 12-36 construction jobs were likely to be created, and the developers would require five to seven full-time employees themselves for functions such as security and property management.

“The motivation is opportunity,” Mr Sweeting told Tribune Business of his clients’ proposed development. “We’re seeing tremendous revitalisation with what’s been happening downtown. A lot of new commercial space has come available and been modernised in the last six months.

“There’s a lot of opportunity down there. This is in anticipation of what’s going to be happening with downtown over the next decade.

“If you look at what’s happening downtown with Festival Place, becoming a lot more attractive and a tourist destination, and Pompey Square becoming a tourist destination, a lot of things are happening to make my clients want to move towards a commercial development.”

Twenty Two Twenty Bay Plaza would, if completed, represent a major facelift and upgrade for a section of Bay Street/downtown Nassau that sorely needs it.

The section ‘east of East Street’, and especially east of Elizabeth Avenue, has steadily deteriorated over the past decade via the departure of numerous businesses, including a Royal Bank of Canada branch, the Mosko Group and many of the shipping companies.

What remains is often referred to be urban planners as ‘a Twilight Zone’, although efforts to change this perception have been made in recent times.

Mr Sweeting added that his clients, who he said wanted to remain anonymous at this point, were also seeking to capitalise on the success of Elizabeth on Bay, the $12-$14 million retail and restaurant plaza developed by the Klonaris brothers on Bay Street’s northern side.

Pointing out that this project had successfully attracted the likes of Sur Club and Island Smoke House, Mr Sweeting added: “This development [Twenty Two Twenty Bay Plaza] is coming on the heels of the success of Elizabeth on Bay, buying into what was envisioned with the growth of the DNP, and the revitalisation attempt by bringing residents downtown.

“Besides Elizabeth on Bay, there’s been no recent revitalisation in a very modern way that includes three types - retail, residential and commercial.”

Twenty Two Twenty Bay Plaza will have a 6,000 square foot footprint on each of its four floors. Retail will be on the ground floor, commercial/office space on the second and third floors, and residential options on the fourth floor.

Acknowledging that the present structure on the site was old and “dilapidated”, Mr Sweeting said the Twenty Two Twenty Bay Plaza - which will be located on the southern side of Bay Street - would have “great views of Nassau harbour”.

With some 2,000 square feet of retail space available, he added that the developers would ultimately be seeking just one large retail tenant.

“It will be a very unique space,” Mr Sweeting told Tribune Business. “Our building is going to stand out and be a very modern destination. We want to handpick the people who are going to reside in Twenty Two Twenty Bay Plaza. We want something of a highlight store of sorts.

“Our vision for this is to be a tourist destination, a commercial tourist destination, with people wanting to take pictures of Twenty Two Twenty Bay Plaza. We really want this to be a Bahamian project.”

Twenty Two Twenty Bay Plaza’s arrival on the scene appears to be well-timed, with the DNP’s plans, combined with incentives legislation and the activities of other land owners/developers, all giving its developers confidence to undertake the project.

Tribune Business understands that other key landowners, including the Kellys, Bethells, Thompsons and Symonettes, are all either assessing or executing development plans for their properties.

And this newspaper can also reveal that while in the Cayman Islands to speak at Royal Bank’s anti-corruption conference, Prime Minister Perry Christie met with the Dart Group, the multi-million dollar conglomerate that has redeveloped the property at the junction of Bay and Parliament Streets.

With all these positive signs on the horizon, Mr Sweeting said he and the developers were confident about their pioneering residential concept that is designed to encourage city living once again.

“The closest thing to this has been Rawson Court,” he added, “and that has been doctors and attorneys that have a need to reside downtown.”

Twenty Two Twenty Bay Plaza will offer three residences, two with two bedrooms and another with one bed. The premium Sunset Suite, Mr Sweeting added, would have a ‘wrap around balcony” and views “up and down Bay Street, and out to the port”.

All three residential options will be fully furnished, with granite countertops and stainless steel appliances, and rental rates will be from $2,500 to $5,000 per month.

As for the commercial and office space, Mr Sweeting said lease rates would vary from $3,000 to $12,000 per month, depending on how the total 12,000 square feet - split between two floors - is broken down.

“Our rates are competitive in the market, and could break down to as small as 2,000 square feet,” he added.