The Tribune

The developers behind Eleuthera’s French Leave Resort and Marina yesterday said they were “cautiously optimistic” about securing an additional $10 million in equity financing to fund the build-out of 20 more villas.

Eddie Lauth, chief executive of Shaner Capital, the financing arm for the French Leave’s operator/developer, the Shaner Hotel Group, told Tribune Business that more than $10 million has been pumped into a development that broke ground back in 2012.

Mr Lauth said four villas have been completed to-date, with two more expected to be finished in June.

“Things are going very well. We have four villas completed now. We have another two which will be completed in June,” he confirmed.

“The bar and grill, the fitness centre, gift shop and reception area, those will all open December 15. We’re getting great feedback on TripAdvisor for the bar and grill on the island. We have a great staff and we’re doing a lot of training.”

Mr Lauth said French Leave, which is located on 270 acres near Governor’s Harbour and Cupid’s Cay, employs 20 persons. He added that this figure did not include contractors employed on the project.

The French Leave development is expected to ultimately include some 30 Bahamian-styled cottages a restaurant, pavilion, and fitness centre and gift shop.

“We are looking to secure an additional $10 million in equity financing for the build out of 20 more villas at French Leave Harbour Village,” Mr Lauth told Tribune Business.

“We are working diligently to secure the additional funding. The investors have been down twice to the property. They love the island, they’re very happy with our property, they’re happy with the quality of construction, with the quality of of detail and so I’m cautiously optimistic.”