The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The government has given “approval in principle” to a medical school that could ultimately inject $85m in annual spending into Freeport’s economy, it was revealed yesterday.

Senator Kwasi Thompson, minister of state for Grand Bahama, said the proposal - driven by former Ross University executives and others - planned to construct a $10m building in its first phase and open to students in September 2019.

“The government has approved in principle the a newly-formed medical school to be located in Freeport, Grand Bahama,” Mr Thompson told the Grand Bahama Business Outlook conference.

“The newly-formed medical school, made up of former Ross University professionals and others, is now continuing their approval process and hopes to welcome students in September of this year. The developers intend to begin the first phase with the construction of $10m building. We are informed that this project will provide 400 full-time jobs and the construction phase will provide 200 jobs.

“The developer estimates the economic impact from each student at $25,000 per annum in rent, shopping, food, transportation. Faculty will generate $35,000 per annum in rent, shopping, food and transportation. Additionally, $85m is anticipated in annual expenditures by students, faculty and their families by completion of Phase II.”

Ross University/DeVry University first developed the idea of a Grand Bahama-based medical school over a decade ago but, despite getting off the ground, it eventually fizzled out. Now, it appears on the verge of being revived.

Mr Thompson, meanwhile, said the Government is “on track” with its commitment to sell and oversee the redevelopment of the Grand Lucayan. “The period for the submission of bids has now ended and we are now entering a stage of review,” he added.

“There are some very exciting proposals which have the potential to bring thousands more job opportunities, hundreds of ownership opportunities, thousands more airlift passengers, and literally millions more cruise passengers. There are proposals that can truly transform Grand Bahama as we know it. We are in line with our original commitment to use this as an opportunity to create a unique destination, and not just sell a hotel. We expect decisions to be made in the very near future.”

Mr Thompson continued: “We continue to closely monitor Old Bahama Bay and the future development of the old Ginn property. The property is in what we believe to be a transition period with multiple owners and court actions, which has led to reduction in some services.

“However, there still remains very engaged and willing purchasers who intend to proceed with the development. We therefore are very hopeful that this development will soon begin to breathe new life into the West End community.”

Referencing the Carnival cruise port, Mr Thompson said the development is set to be completed in 2020. “The port could bring 12,000 passengers daily compared to 2,000-3,000 twice a week. This number does not include crew,” he said.

“I don’t believe there has ever been a time in Grand Bahama’s history that, at one time, in one day we ever had close to this number. We must seize this opportunity. At first instance we expect Carnival’s activity and some hiring to start very shortly, and we hope by this summer to see hundreds of construction jobs as it is anticipated that the onshore construction work will be performed by Bahamian contractors. There will be 1,000 jobs after completion but, more importantly, hundreds of ownership opportunities in and around the port.”

Mr Thompson added: “The port will also serve as a transportation hub for tours, taxis and rental cars. This will mean more boat tours, fishing tours, island tours, sports tours like golf and tennis, West End historical tours and East End eco-tours. Carnival will not do this; we must. The heavy lifting must be done by Grand Bahamians.”

The minister said private sector construction on the island was increasing as developers who have been in “wait and see” mode begin to start significant construction projects. “El-net Marine has started their $2.5m construction project,” he added. “The Prime Minister on Wednesday attended the ground breaking of Atlantic Medical for their $4m project.

“We also see the long-awaited demolition of the old Barclays Bank, and look forward to the construction of the new facility. This is all in addition to the existing Government capital projects. The Smith Point sea wall we expect to open next month, the Fishing Hole road bridge is nearing completion, the government complex and school in Eight Mile Rock is progressing. We were also extremely pleased to have commenced the most significant refurbishment of the court house since its construction to the tune of $2m.”