The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Hurricane Hole’s developer says the Paradise Island-based project is projected to create over 300 permanent jobs when its $250m investment is fully completed.

Khaalis Rolle, Sterling Global Advisory Services’ president, said the developer is employing an average of 150 people per day during its construction phase.

During a tour of Sterling Commons and Hurricane Hole, Mr Rolle said: “The overall project is a $250m project. It’s a mixed-use development that consists of retail, office and residential, as well as probably the largest super yacht marina in the Caribbean.”

Ground was broken on Hurricane Hole’s redevelopment in January 2019 and, despite the COVID-19 pandemic, the developer is eyeing a first-phase opening in early 2022. Mr Rolle sales: “Sales are great. In fact, we are 92 percent leased on the retail and almost completely leased with the office, and we are completely sold out on the residential.”

The first phase of the project consists of one and two-bedroom units with a view of the marina. There are 12 of these units in total, with six in each building, and they are all sold out.

Chester Cooper, deputy prime minister and minister for tourism, investments and aviation, added: “I’m happy to be here celebrating this achievement. I know it’s not yet complete, but it’s an achievement. Nonetheless, with the Sterling Group, I think it’s noteworthy that during a difficult pandemic, where almost everything stopped in the country, this project continued and the construction continued.

“This is the type of spark that we need to see even more and more in our country. I want to assure the investment community, the business community, that our new government is very business friendly, very investment focused, and we recognise that to build and grow our country we need projects like this one.

“So it’s not just the employment. But it’s the spin-off, the economic benefit of a project like this, as well as the enhancement of the product for tourists, for residents and foreign travellers.”

Mr Rolle added: “What you are seeing today is the promise we made coming to life, the twin buildings of Sterling Commons with residences, professional office space and retail, and the completion of the infrastructure that will become the premiere superyacht marina in the region.

“Thanks to our construction partners, including ISD and to all the hard-working Bahamians who contributed to this effort, we kept that promise. We promised jobs, and we delivered jobs, with as many as 150 men and women a day. Some days there were 300 people on-site. We promised Bahamian sourcing and we delivered. We are honoured that the minister of tourism and his colleagues are here to see our progress and our promise.”

The expansion, created from underused upland, doubled the size of Hurricane Hole’s marina without extending its footprint into Nassau harbour. When completed, the marina will include 6,100 linear feet of berthing space; 14.5 feet of depth; floating and fixed docks with wide finger piers; a 240 foot turning basin; and concrete docks up to 420 feet in length to accommodate the world’s most luxurious yachts.

Residents, yacht owners and guests will have access to on-site restaurants, a gourmet grocery store, liquor store, hair salon, office space, a medical clinic, pharmacy, swimming pools, private meeting spaces, 24-hour security and onsite concierge services.

The largest retail space in Sterling Commons West has been taken by 700 Wines and Spirits, which will become its flagship store, complete with a fine wine collection, wine bar and courtyard gathering space.

Paradise Landing consists of two, three-storey Sterling Commons buildings; a two-storey harbourmaster’s office with crew lounge facilities and other amenities; and a standalone grocery store surrounding the transformed marina.

Commercial space at Paradise Landing is 92 percent leased with the first phase of condominiums sold out. Sterling has begun taking reservations for the second phase of luxury marina residences, which will be launched in the coming weeks. The developer said there is also high demand for the limited dock slips available.

Mr Rolle also spoke about Sterling’s Abaco project. “It used to be called Matt Lowe’s Cay, it is now Montage Cay. We have engaged a very successful global brand in Montage Hotels International and the project is going extremely well,” he added.

“We’re still finalising all of the planning. Most of the design work has been done, and we’re hoping to begin horizontal construction in the first quarter of next year. So it’s on track and it’s an exciting project. We are very excited about it and we know that the Abacos will benefit greatly from that.”