The Tribune

* 'The View' set for Town Planning on November 12

* Planners say 300-plus building jobs meet vital need

* Residents to 'definitely' maintain previous objections

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A $100m Love Beach condominium project's planners yesterday voiced optimism that changes to the original design will "overcome" prior objections from nearby residents.

Sean Mathews, of N & M Architects, the Bahamian executive architect for The View at Love Beach Residences development, said the previous boutique hotel and "over-water units" have been omitted from the revised plan that has been scheduled for a public hearing before the Town Planning Committee on November 12.

"One or two of things objected to at the time have been removed, so hopefully the way is eased a little," he said in reference to the February 2019 Town Planning meeting, where Love Beach and western New Providence residents voiced multiple objections. "I think we should have done enough to remove the original objections."

However, Dr Gloria Ageeb, one of those who had opposed the original application by the property's developer, Mylor Caribbean Development, last night confirmed that the objections would "definitely" continue despite the withdrawal of the hotel component and accompanying need to re-zone the area as 'commercial'.

"This has been a very quiet neighbourhood, and we have rights to the road right before the beach, right at the entrance," Dr Ageeb said, suggesting there were covenants in her title deeds and those of other Love Beach residents providing them with access to the beach where The View at Love Beach Residences will be located.

However, Mr Matthews in an August 24, 2020, letter to Adrian White, the Town Planning Committee's chair, argued that there were "no restrictive covenants applicable to this site" on which Mylor Caribbean Development aims to construct 121 new condominium units to go along with the eight already present at the property.

The project, which is projected to create 309 construction jobs and a total $38.59m wage bill over its three-year build-out, was cited by Mr Matthews as delivering a much-needed boost to a COVID-stricken economy that is "frankly so desperate for investment".

He wrote in his letter to Mr White: "With our economy in ruins the need for foreign direct investment and job creation has never been more great." Such needs are likely to have prompted Mylor, its architects and planners to revive and modify the proposal, and ready it for another go at obtaining Town Planning approval.

Mr Matthews told Tribune Business it was "hard to overstate" the impact of projects such as The View at Love Beach Residences, adding: "With all of these things the jobs are more important than anything. The construction industry is the one industry that takes people off the street who, regrettably, can't do more than lift stones from 'point a' to 'point b'. It gives people pride, and changes their behaviour.

"I'd hate to see the bureaucracy get in the way. That's what the Prime Minister has talked about, speeding things up, but regrettably we have yet to see any evidence of that." The View at Love Beach Residences will incorporate several five-storey condominium properties, together with swimming pool and associated amenities.

However, Mr Matthews said he was unaware who Mylor's beneficial owners were. He referred this newspaper to the company's attorney, Gregory Cottis, who did not return Tribune Business' call before press time last night.

Residents who attended last year's Town Planning meeting had suggested controversial Austrian financier, Dr Mirko Kovats, was behind the project although this has not been confirmed.

Dr Kovats, a Bahamas resident who owns a home at Lyford Cay, was behind a 2014 bid to acquire the 363-acre South Ocean resort in southwestern New Providence which is now in the process of being purchased by the Albany developers.

According to its website, Mylor is an “investment vehicle” created in Hong Kong SAR (China) in 2005, and financed by multiple investors specialised in real estate development. It is primarily focused on retirement properties.

"Most of the Caribbean countries offer a very suitable location for retirement homes, with easy access to the US and Latin America. Most are islands and enjoy a very uniquely pleasant climate, in an unpolluted environment, and present for non-US persons (depending on each country’s regulations and tax treaties) some very attractive tax advantages for anyone spending more than six months a year in here," Mylor said.

"Mylor Ltd has created Mylor Caribbean Development to identify perfect properties for its clients and investors. We are currently exploring several acquisitions in The Bahamas and in the Turks & Caicos. Our intention is to offer to our clients a very unique one-stop service, where our operation will provide package acquisition, inclusive of residency permit, and with all facilities to make our clients and investors’ retirement one of their happiest time ever."

Mr Matthews, though, said the The View at Love Beach Residences, which is located just to the west of the Palms at Love Beach on New Providence's north coast, was targeting an "expanding market" that will be attracted by The Bahamas' new work/study visa to operate online from this nation. "They see a bit of potential in that," he said.

Love Beach residents had previously objected on the basis that the site on which the developer proposes to build are zoned for multi-family residential development only, not commercial development. They added that restrictive covenants prohibit the construction of any building 28 feet in height above ground level.