The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A $20m resort community is aiming “to bring life back” to Grand Bahama following the devastation inflicted by Hurricane Dorian and COVID-19 as it prepares to break ground this week.

Doug Galorneau, project manager for the O2 Resort & Marina, yesterday told Tribune Business the development will play its part in reviving Freeport and the wider island following the reversals of the past two-and-half years by attracting wealthy investors who will spend their money in the local community.

The 25-lot project, situated in the Bell Channel area overlooking Port Lucaya and its marketplace, has already sold two sites according to the project’s website, and Mr Galorneau confirmed that another “couple of deals are in the works currently as we speak”.

“We have all the approvals, and we’re getting the first permit to start moving the dirt this week,” he told this newspaper. “We’re definitely excited to break ground this week and get this project moving. We will get everything cleared, and start with the infrastructure, putting in the roads and utilities. It’s been in the works for probably about 14 months.

“What we’re doing is that we’re building a vacation resort. The lots will be purchased by someone who will build on them, and then rent the properties back out. It’s right on the water in Port Lucaya. We overlook the inlet there and the main marketplace. You couldn’t ask for a better spot. It’s going to be geared towards a fishing resort.”

Some 12 of the 25 lots will be located on the waterfront, providing dock and boat access. Mr Galorneau said the 13 interior sites will be priced at around $400,000-$450,000, with those on the waterfront ranging from $800,000 to $2.5m. He added that the developer will likely construct 50 percent of the homes, with the remainder to be built by lot purchasers themselves.

Estimating that it will take between two and two-and-a-half years to complete the O2 Resort & Marina’s build-out, Mr Galorneau added that the construction phase would likely create some 24-36 jobs that will all go to Bahamians.

“Everything will be sourced locally. There won’t be any outside jobs coming in. Everything will be done locally,” he told Tribune Business, estimating that the project will require a total investment of “somewhere in the neighbourhood of the $20m mark between the homes and everything being built”.

Asked about the vision behind the O2 Resort & Marina, Mr Galorneau replied: “It’s just creating more wealth for the island, bringing the community together and just looking to bring life back to the island is the main goal....

“Bringing in wealthy people to spend their money over the island, and bringing life back. It’s not there as much as it used to be, so we want to revive that and bring that back. There’s a lot of potential in the island, and we want to bring that back. There are so many properties not being used and sitting derelict. We’d love to see them come back to life.”

He indicated that further projects, similar in scope and nature to the O2 Resort & Marina, could be initiated once it was near to completion. “Once this is done, and close to completion, we will look for somewhere else and do similar if we can find the right spot. We want to do little bits, not big overwhelming projects that flood the island. We want to do it right.:

Mr Galorneau said the strategy of niche, boutique-type projects that are more manageable and digestible for Grand Bahama’s economy, was in keeping with the strong links that the O2 Resort & Marina’s main investor already has with the island.

Declining to reveal his identity, the project manager said the developer already owns vacation properties on Grand Bahama “and is very big in the community”. He added: “In Dorian, he organised 62 relief flights, loaded up his own truck and delivered needed supplies to the locals.

“He’s got a big heart for the island itself, and that has rubbed off on everybody involved in this project Stateside including myself. He himself went over there after Dorian several times throughout the process, loaded up his own truck and drove around the island, especially the eastern side, where not a lot of stuff was getting through, so he went out there himself and delivered it.”

The O2 Resort & Marina’s website, in describing the project, says: “Its concept reflects that of the original creation of Freeport, in which previously unused land has been claimed to create something of beauty and pleasure. The desire of the developers is to build quality homes to attract new investment and new people to this wonderful island.

“This exciting project will consist of the construction of a group of high-spec properties; exclusive custom-built homes all with the option of canal frontage and boat dockage. The location is highly attractive being private and secure, yet close to the Port Lucaya Market Place with its restaurants and bars.”