The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Abaco Club’s new owners plan to “jump-start” the development with a $123 million investment budget, a key Cabinet Minister said yesterday.

Khaalis Rolle said the Winding Bay-based property would have a total residential construction value of $225 million at full build-out, as he addressed the 11th annual Abaco Business Outlook conference.

The Minister of State for Investments said the Government was optimistic about the partnership between an Abaco Club homeowners group and Southworth Development LLC, the developers of Cat Island’s PGA Village project.

The partners have acquired the 534-acre Winding Bay property, which has been marketed as a luxury resort, from Marriott Vacations Worldwide.

“The Abaco Club will now have principals who are interested in seeing the original vision reach its full potential,” Mr Rolle said. “The partners have committed to moving forward immediately with the development once the final approvals are granted by the Government.

“The total development budget for the Abaco club is projected to be $123 million. In addition, there is a projected $225 million in residential construction expected to occur for individual property owners. The total projected expenditure related to the project is conservatively estimated at $348 million.”

Mr Rolle said the renovation and development would provide jobs for Abaconians in particular.

“The principals of the Abaco Club intend to completely jump-start the resort and recapture the magic and mystique that was the original vision,” he added.

The Abaco Club had been at the centre of a dispute between the property owners and Marriott, with the latter and its Ritz-Carlton brand seeking to sell it for more than a year. They acquired it from original developer, UK entrepreneur Peter de Savary.

Marriott had offered to sell the property for $28 million to a group of existing homeowners, who previously told this newspaper that the price was vastly over-inflated. It is unclear what the final purchase price was.

Mr Rolle also disclosed that permitting issues surrounding the Sand Bar Club and Spa in Treasure Cay were being resolved.

“We approved a resort project, Sand Bar, which had some issues relating to permits, and I think we are well on our way to resolving those issues and getting a project that makes sense for the resort industry,” said Mr Rolle.

According to previous Tribune reports, the Sand Bar Club was granted approval to develop a two-storey, 12-suite hotel with related facilities on the eastern beach front, and to receive incentives under the Hotels Encouragement Act.

The application by the Sand Bar Club and Spa to develop a fishing lodge with a mini pier; a four-slip dock; picnic area; two tennis courts; two car parks; green areas; a a yoga hut; nature trails and exercise tract on the western portion of the privately owned 9.2 acre property as also approved.