The Tribune

By YOURI KEMP

Tribune Business Reporter

The developer behind a newly-launched $14m real estate project said 65 percent of phase one units had already been reserved prior to yesterday's ground breaking.

Villanova Bahamas, a gated community to be constructed off West Bay Street, is targeting the "affordable luxury" market with all units priced below the $400,000 to place them within range of middle class Bahamian buyers.

Randy Hart, its president, who is also vice-president of the GoldWynn residences project opposite the Prime Minister's Office on West Bay Street, told Tribune Business: "In January we will be continuing with the sale agreements. At this point, at phase one, 65 percent of the units have been reserved and that's within the first few short months/.

"As we have now started construction of the building, we are progressing quickly, so we are anticipating that the sales velocity will accelerate significantly once under way."

Mr Hart said his vision is to develop an "affordable" luxury development, with the minimum price for a studio starting at $195,000 and then scaling upwards to $380,000 for a three-bedroom unit.

With a total construction value of around $14m, Villanova will feature amenities such as security, a swimming pool and fitness centre, and a landscaped central courtyard in addition to back-up power generation.

With "the first phase well under way now", Mr Hart said the developer plans to "start phase two within a three-month progression". He added that the total build-out is scheduled to take from 24 to 36 months with an all-Bahamian workforce. "We were offered a couple of work permits but we said 'no thank you'," said Mr Hart.

While the approvals process was somewhat burdensome, Mr Hart added: "There has been a higher degree of scrutiny of new projects, and we went through the new process with the Town Hall forum. Ultimately, I think that was beneficial because it brought the community together to better understand what our vision was.

"Once the residents of the community appreciated the vision for the project, everybody came on board and they are now excited. I think they are appreciative that it is good news for property values in the area. Since we have started, some of the other neighbouring properties have started to move and we are seeing green shoots in different directions now in terms of improvements in the area.

"We are also working with the Ministry of Works on some of the perennial issues in this area in terms of some of the drainage issues, but we would also like to see the road improved and some of the drainage in the surrounding areas improved. "

Promising that Villanova will be the catalyst for further infrastructure developments in the West Bay Street/Ferguson Road area, Mr Hart said this now depended on "dialogue with the government on what needs to be done for area improvement and development."

Mark Humes, the local MP, who was also present at the groundbreaking, said: "Coming in as a member of parliament for Fort Charlotte, one of the goals that I had was to transform the area and make it better for the residents that are currently here. So it is a pleasure to have Villanova and, hopefully, it will be the impetus to get these redevelopment projects going again in Fort Charlotte."