The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The prime minister yesterday admitted The Bahamas faces “much work to boost productivity and prosperity” as he helped launch the $25m construction of a local financial provider’s new office complex.

Dr Hubert Minnis, acknowledging that the Leno Group of Companies project will occupy between 150 to 200 construction workers, said this nation must do more to lift lower income Bahamians out of poverty while also expanding the middle and entrepreneurial classes.

“As I have stated on a number of occasions, a leading priority of my administration is economic growth, job creation and wealth creation,” Dr Minnis said at the groundbreaking ceremony, which took place at the top of Collins Avenue on Third Terrace.

“There is much work we have to do as a country to boost productivity and prosperity, including for poorer Bahamians, the middle class and other wealth-creators. One path to boosting prosperity is through market participation and the building of a stakeholder society.”

Alluding to the government’s own $25m effort to boost Bahamian entrepreneurs, micro and small and medium-sized businesses, the prime minister urged Leno to reach out to this market with its financial products and services.

“Our shared mission must be to lift all boats, and to help the Bahamian people and businesses to realise their potential,” he added. “Continue to be a bridge for Bahamians to realise their dreams.”

Leno will move its 20 staff from their existing offices at Bernard Road’s Pineapple Place Plaza to their new five-storey, 50,000 square foot home when it is completed in June 2021.

The financial services provider, which continues to be in expansion mode, will only occupy one floor and is seeking tenants for the remaining space. Sean Longley, its founder and chief executive, told Tribune Business that it was already in conversations to lease two floors through deals that could be concluded as early as the end of February.

“We’re in conversation with a couple to rent at least two floors,” he revealed, adding that negotiations will be completed “probably by the end of the month”. Declining to name the potential tenants, Mr Longley said the five storey property would offer views across the whole of New Providence when completed.

“It was location, location, location. The availability of it,” Mr Longley said of Leno’s decision to purchase the site. “The view you will get once completed will be stunning. It will change the whole dynamic of the area. With the downtown improvement initiative and harbour redevelopment, it will be the premier building in this area.”

He added that his original goal had been for construction to be completed by this July, but the target was revised to June 2021 after “we had some setbacks”.

“This is a really, really special time,” Mr Longley told attendees at the groundbreaking ceremony. “I’m excited about what’s happening today. This has been a long time coming. We started off as a small firm wanting to provide financial services, but it just mushroomed into so much more.

“We saw opportunity beyond opportunity, and one of the things that I always wanted to do was own our own building. When we had the opportunity to get this piece of property, I thought this was ideal.....

“This building is going to be a fully efficient building. We’re going to fully solarise the building with green water tanks and everything so that we won’t leave a footprint on the environment.”

Mr Longley added that the group’s real estate investment also “reflects our unwavering confidence in the underlying strength of the Bahamian economy and acknowledgement of the growing sophistication and involvement of Bahamians in our own financial management”.

Khalil Braithwaite, a Leno executive, added that the group viewed its new headquarters complex as “a beacon to the local and international community”.

He added that the group had made its presence felt since its founding, and added: “Today marks a major milestone for Leno on a journey that began nine-and-a-half years ago. Like any business we’ve had our share of success and setbacks, and have had growth and growing pains.”