The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Long Island's MP is "fairly confident" that a mega resort community will be revived, arguing that the developers would not release their plans without first obtaining the necessary financing.

Adrian Gibson told Tribune Business he had been personally assured by the investors behind the stalled Port St George project, which has been frozen for almost a decade, that they had obtained "new funding from a variety of sources" to move the development forward.

Suggesting that it could "set Long Island on the path" that the likes of Abaco, Exuma and Eleuthera have enjoyed in terms of development, Mr Gibson added that he "truly believes" it is his constituency's time to enjoy long-elusive economic development.

"I think it's a good opportunity and investment that's much-needed," he said of the Port St George project, which is located in north Long Island in the Stella Maris area. "I've known one of the principals, Richard Keyworth, for a while, and he and I were discussing it over the last few days.

"Richard was sharing with me they have new funding. He indicated to me they have attracted new funding via a number of sources, including major financial institutions, and are ready to move forward with the project."

When the Port St George project was unveiled in 2008, it was touted as creating over 300 jobs on a 951.4-acre site in northern Long Island. It featured plans for a boutique hotel with 146 suites/villas; 60 boutique villas; more than 300 residential lots and 331 multi-family lots; and marinas with numerous boat slips; plus golf courses, a town centre and other resort/community amenities.

The project was projected to have an annual economic impact of between $54m to $90m, and at the time the developers had also signed a 25-year management agreement with Langham Hotels International. Some 875 construction workers were forecast to be employed over the build-out phase.

Port St George, though, became a casualty of the 2008-2009 "credit crunch" and subsequent global recession, which dried up all potential sources of funding. In 2014 the original developers, Ian Moorcroft and his business partner, Jon Houghton, were said to be hunting for a joint venture partner to move the proposed $110m development forward.

It is unclear whether they have found that partner in Star Resort Group, the US-based developer, marketer and vendor of resort-based real estate, in whose name last week's statement announcing Port St George's $500m revival was made. Clairfield International, which advertises itself as "mid-market" mergers and acquisitions specialist working on transactions up to 500 million euros in value, was said to have "arranged funding".

Acknowledging scepticism over whether Port St George's rebirth is for real, Mr Gibson said: "I'm fairly confident the project will come to fruition. I believe these persons, who are businessmen of merit, would not issue a press release if they did not feel confident that they have the money in hand to proceed with the project."

While Dionisio D'Aguilar, minister of tourism and aviation, last week said he was unaware of the revived Port St George project, Mr Gibson said the investors told him they had informed the Government of their intentions through an e-mailed letter sent to the Bahamas Investment Authority (BIA) through their attorney, Sean B. Callender.

Explaining that Port St George had obtained "approvals in principle" prior to the recession, the Long Island MP added: "I am ever-cognisant of the need for a boost to our economy in Long Island; the need for this kind of development, or any kind of development, to come to Long Island, and the spin-off effects and the resulting infrastructure that comes before, during and after this kind of development.

"I'm hopeful for this development and what it means to Long Island and what it means to Long Island in terms of employment and the overall progress of Long Island. I believe these and other development will turn the fate of Long Island around, and set Long Island on the path of Abaco, Exuma and Eleuthera in terms of progress.

"I always say it's Long Island's time, and I truly believe it's Long Island's time."