The Tribune

By FAY SIMMONS

jsimmons@tribunemedia.net

Downtown Nassau business owners and stakeholders are questioning "what's the real story" behind the Central Bank's decision to abandon plans for the construction of its new headquarters at Royal Victoria Gardens.

John Rolle, the Central Bank's governor, did not respond before press time to questions seeking the reasons for why a project that was first conceived some five-to-six years ago has suddenly been dropped.

While downtown Nassau stakeholders voiced disappointment with the decision, they were optimistic about potential alternative uses for a property that the Central Bank is now in the process of handing back to the Government.

Ms Smith, a restaurant manager, said the outcome was disappointing given the fanfare that surrounded the Urban Planning and Architectural Design Competition, held in 2018, to design a new Central Bank building. Architecton Design Studio Bahamas won the competition, received a $50,000 prize and was subsequently contracted to provide architectural services for the project.

She said: “After all of the fuss about the architecture competition, I’m surprised they just gave it up. I wonder what’s the real story, you know? This project and all that was supposed to be part of a plan to revitalise downtown, so I hope they keep going because downtown needs to be cleaned up.”

Ms Smith suggested that the Government use the site to construct a tourist attraction such as a museum, and said: “Hopefully they will make good use out of it, maybe put up a museum or something to draw the tourists in. It’s an historical site, so it would be a shame for it to just stay in such a state”

Another downtown business owner, who wished to remain anonymous, questioned if the site's proximity to the new US embassy played a role in the decision to cancel the new Central Bank headquarters building. He said: “I wonder if it has something to do with the closeness of the new embassy by the old Post Office? Maybe that’s why they can’t move there any more.”

The business owner suggested that the Royal Victoria Gardens site can be used for a new Supreme Court complex or international arbitration centre. However, the former Post Office building immediately south of Royal Victoria Gardens was demolished to make way for the very same Supreme Court complex.

"Maybe they can use this as the new [site for] the Supreme Court. It's in disrepair, and the judges and lawyers been calling for something to be done. Or they can use it for an arbitration centre. Whatever they do I hope Bahamians will benefit," they said.

The Government passed the new International Commercial Arbitration Bill, and reforms to the existing Arbitration Act 2009, in March as part of ambitions for The Bahamas to establish itself as an international arbitration centre.

Adrian White, the St Anne's MP, questioned the timing of the announcement and why Parliament and Cabinet officials were not made aware of the changes before the Central Bank's announcement. "The drastic 180-degree decision not to proceed sounds like interference occurred," he argued.

"Before there was any indication of this happening, the Government already had the title. We hear multiple communications in Parliament from Cabinet ministers in the House of Assembly, but I don’t recall any communication forewarning of this outcome.”

Mr White also questioned why the Central Bank governor made the announcement instead of Prime Minister Philip Davis or deputy prime minster, Chester Cooper. He said: “The people are in the dark over the cause. The good governor of the Central Bank, John Rolle, has again had to give the facts of an interaction involving this current Davis/Cooper administration as diplomatically as possible.

"The people, however, deserve a communication from the Office of the Prime Minister, or a minister, on what their motivating intentions are for the land that took precedence over the approved construction of the Central Bank’s new, modern head office building. “

Mr White questioned if the new US Embassy's proximity played a role in the decision to cancel the Central Bank's construction plans. He added: “The public won’t accept it if this has to do with another foreign nation’s interest to move on to land adjacent to the new US embassy site.”

The new Central Bank was designed to be an “iconic structure” and a “one-of-a-kind building” that was to play a central role in the overall revival of downtown Nassau.

“The Central Bank of The Bahamas wishes to advise the public that it has terminated its project to construct a new headquarters building on the Royal Victoria Gardens site in downtown Nassau,” the Central Bank said on Thursday night. “Accordingly, the Central Bank has started the process to transfer ownership of the property back to the Government so that alternative use can be made of the site.

“In 2017, the Government agreed to transfer the Royal Victoria Gardens to the Central Bank for development of its new headquarters building. The transfer was approved by Parliament in 2019 and executed in 2022. In 2018, the Central Bank hosted a competition and selected a conceptual building design from Architecton Design Studios. The firm was subsequently contracted to provide the architectural services for the project.

“The Central Bank will explore alternative arrangements to meet its long-term accommodations needs.”