The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Arawak Homes yesterday revealed its 100-acre tract opposite St Andrew’s School could become eastern New Providence’s version of Albany or Lyford Cay, as it intensifies efforts to execute on “remarkable options”.

Sir Franklyn Wilson, its chairman, told Tribune Business that “nine-figure money” would be required to realise the site’s full potential, with the developer aiming to “let the market tell us what it wants”.

Luxury Homes (Bahamas), the Arawak Homes affiliate that owns the land, has just placed a billboard on Yamacraw Road in a bid to attract retail interest in the site’s proposed shopping complex.

Disclosing that “the phone is ringing” already, Sir Franklyn said development plans could also ultimately involve an office complex, two different residential “campuses”, a marina, and an “out east” version of the ONE Cable Beach condominium project under construction just down the road from Baha Mar.

He added that the site could become a mini-Albany or Lyford Cay, both of which had initially been developed as high-end residential communities that eventually attracted financial services, law and accounting firms, plus retail merchants, to service their homeowners.

“We have roughly 100 acres and 1,820 feet of shoreline,” Sir Franklyn told Tribune Business of the Yamacraw property. “Palm Cay is only 69 acres. We’re almost one-and-a-half times the size of Palm Cay in terms of what we have.

“We believe we have an opportunity to literally duplicate Palm Cay, if that’s what we want to do, plus add the retail. We could do two residential campuses; there’s enough land to pitch to two market segments, plus we could do a marina. We could even do an ‘out east’ version of One Cable Beach.

“We have remarkable options. It’s zoned R5 under the Planning and Subdivisions Act, which means that density is not an issue, high rise is not an issue. This is a very unique piece of property. We could do a combination of Palm Cay and Port New Providence; a marina and canals. We have enough land to do both.”

The 100-acre tract, which is located opposite St Andrew’s School, and between Treasure Cove and the new AML Foods store, is one of the last sizeable, waterfront pieces of eastern New Providence real estate that remains available for development.

Luxury Homes (Bahamas) placement of the billboard, seeking potential retailer interest, indicates that its parent’s development plans are stepping up into a higher gear - something that was confirmed by Sir Franklyn.

“We have been fielding calls from a number of retailers wanting to acquire space in a complex that they believe will be built along with that [AML] supermarket,” he confirmed to Tribune Business.

“We put that sign up there attempting to see to what extent there was a market for space among retailers at that site. What that says is: We’re going to build a shopping complex there; is it going to be 30,000 square feet, 50,000 square feet, 100,000 square feet? What size; how big are we going to make it; and how will the space be broken out?

“We wanted the market to give us a clue. We’ve put up a website where people can register their interest. We put that sign up there, and the website up, so that the sign would drive people to the website and they would respond to the website, telling us what to build.

“We believe we’re letting the market drive us. We are telling the market: Tell us what to do and when to do it.”

Asked whether the promotional effort was succeeding, Sir Franklyn replied: “I can tell you that the phone is ringing, and we are getting some pleasant surprises.”

He said Luxury Homes (Bahamas), which is 81 per cent majority-owned by Arawak Homes, would first develop the retail complex and possible office space - an option that was also generating interest.

Sir Franklyn added that the development was effectively ‘piggybacking’ off both Palm Cay’s build-out and AML Foods’ new Yamacraw store, which is being built on four acres acquired from Luxury Homes (Bahamas).

“Palm Cay has essentially turned into another version of Albany without the golf course,” he told this newspaper. “The people at Palm Cay have done a wonderful job..... We’ve been patient; we waited for Palm Cay to mature.”

With Palm Cay’s marina virtually sold-out in terms of space, Sir Franklyn said: “We can start building the viability of our marina from the overflow traffic at Palm Cay. From that site, it’s only one-and-a-half hours before you’re having lunch in the Exumas.”

He added that the “sophisticated”, in-depth research conducted by AML Foods to determine the viability of its Solomon’s Yamacraw store “led us to think that if demand is that strong for their supermarket, maybe there’s an opportunity to do a modern retail complex along with it”.

Sir Franklyn said Solomon’s Yamacraw’s planned opening in November 2017, “and the degree of success we think they’re going to have”, would likely make demand for Luxury Homes’ retail complex even stronger.

He revealed that Arawak Homes’ affiliate was also in talks with joint venture partners to develop the site’s residential options, explaining: “We wouldn’t want to do the whole thing ourselves.

“We’re looking for people interested in the retail space and the office space, and are having meaningful discussions with deep-pocketed investors wanting an opportunity to partner with us on the retail side.

“The residential piece is not chicken-feed. It’s nine-figure money. It’s not a small undertaking. That’s why we want to partner with people with deep pockets, and want to do it right.”

Sir Franklyn declined to reveal who Arawak Homes/Luxury Homes was talking to, but said the developer had the ability to build-out the property in phases according to demand since it owned the land.

It wanted to have a “favourable and important influence” on how eastern New Providence develops, providing the privacy and gated community options that had previously been lacking and driven many residents to the west.

Sir Franklyn noted that there were relatively few restaurant/dining options in the area, and there had been little new retail development also.

He added that the only other sizeable piece of undeveloped real estate left in the east was a 25-acre tract owned by Brian Wong, owner of Bookworld on Mackey Street.

The remaining 19 per cent equity stake in Luxury Homes (Bahamas) is held by RoyalStar Assurance, the property and casualty underwriter, which is another Sunshine Holdings/Arawak Homes affiliate.