The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Exuma Chamber of Commerce’s president yesterday expressed hope that February Point’s new owners would follow through with all their plans, arguing that the island’s capital “desperately needs to be redeveloped”.

Pedro Rolle told Tribune Business that his major worry was, with the purchase closing having dragged for several months, John McGarvey and his fellow investors would “scale back” on their development plans for the high-end community.

“If they follow through on their commitments, it will have a great impact on our economy in terms of direct investment and spin-offs,” Mr Rolle said.

“And there is the environment, how it will impact the look of Georgetown, improve the overall aesthetics. It will make a huge difference if they follow through on these things as proposed.”

The Christie administration’s hope is understood to be that, given its proximity to Georgetown, the February Point redevelopment will uplift the entire area and do for Exuma what Genting/Resorts World is aiming for with Bimini.

“It desperately needs to be redeveloped,” Mr Rolle told Tribune Business of Georgetown. “I don’t know how to put it in stronger terms, but it needs it badly. Georgetown needs to be upgraded, significantly upgraded, to make it look like a modern city as opposed to a place that has looked the same for the last 60 years. We need a big difference in bringing life and energy to Georgetown.”

February Point’s new owners yesterday told Tribune Business they had scheduled a job fair to be held in Georgetown on March 8, indicating they plan to move on their development plans immediately.

Mr Rolle said increased employment opportunities would empower Exumians, lifting their spirits and enabling them to make progress in their lives.

Emphasising that it was not about making large salaries, he added of February Point: “It’s going to have a big impact socially and economically.

“It’s [the deal] been going on for so long, let’s hope all the things in their plans go ahead and they make them a reality. That’s my concern; that they don’t scale back on it.”

Mr Rolle said the McGarvey group’s plans to put in a park would “make a huge drainage”, and “the whole drainage system going into Georgetown” would be improved.

“If they move some of the dilapidated stuff it will give Georgetown a huge facelift, with park spaces, an improved entrance and exit to Georgetown,” he added.

Tribune Business sources said the existing 30-plus homeowners at February Point were now waiting fort Mr McGarvey to “formulate and communicate” his plans to them on how he will take the project forward.

“We’re hopeful that he’s going to work with us to make it a better place than it has been for the last two years,” one homeowner source said, adding that all were pleased the purchase from the Hart family had closed.

“We were in limbo for the last two years,” another added. “They have very ambitious plans they want to take place, and we’re waiting to see how we’re going to fit into that.

“That’s the point the previous developer missed; they alienated a lot of the homeowners, and their plans did not work out. If the home owners are happy, it will work in McGarvey’s favour as it will induce more people to invest.”

The homeowners, in particular, are interested to learn how Mr McGarvey and his team will structure arrangements going forward, and how maintenance, security and the common areas will be paid for.

However, a long-standing critic of Mr McGarvey’s February Point plans and purchase, former Cabinet Minister and Exuma MP, George Smith, said he still retained “serious, serious reservations” over the deal.

Mr Smith reiterated his concerns that Mr McGarvey is seeking to finance February Point’s build-out via real estate sales, adding: “It doesn’t mean there are any new monies in the economy.”

And the former MP added: “My problem is this. It is obvious to me that the Government was misled by those who promoted John McGarvey as a capable individual, his ability to finance, and his ability as an investor to do an upscale development at February Point.

“There is land in excess of 800 acres, which is important to the growth of the Georgetown community and Great Exuma.

“Yet he [Mr McGarvey] struggles to raise $8 million, from whatever sources, to buy the land. Why should anyone believe he’s capable of putting together $40 million for the development.”

Mr Smith is seemingly referring to Mr McGarvey bringing in other investors, including 10 February Point homeowners, as equity partners. He is interpreting this as a sign that Mr McGarvey, who has already redeveloped Exuma’s Coconut Cove hotel, needed other people’s monies to close the purchase.

Tribune Business understands that Mr McGarvey and his group plan to change the project’s focus from a pure residential development into one that is mixed-use.

It is thought they 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.