The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Government has begun reaching out to the derelict International Bazaar’s 13 owners to gauge their interest in selling the site, but one warned yesterday: “We’ve been down this road before.”

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) president, told Tribune Business that successfully realising its ambitions to redevelop the Freeport property into the proposed African-Caribbean products marketplace hinges on whether the Government can get all owners “on board” to agree a purchase price and associated sales terms.

Disclosing that the union has “lost millions of dollars” through its 22 percent ownership interest in the Bazaar, he revealed that past deals have foundered as a result of smaller shareholders demanding “more money” than their larger counterparts.

“We did get a call, I think it was either Thursday or Friday last week, from someone representing the Government who wanted to know if there was any interest from the union in terms of wanting to sell,” Mr Woods told this newspaper. “They were going to send us a communication in that regard.

“We’ve actually been trying to dispose of that for some time. The problem with that last time someone expressed interest was getting everyone to agree. The smaller shareholders wanted more money than people with larger shareholdings; that’s where it fell through.”

Prime Minster Philip Davis KC revealed in unveiling the 2024-2025 Budget that the Government is aiming to acquire the International Bazaar site, along with the Royal Oasis property that is owned by Harcourt Developments, as part of a $30m investment aimed at creating an African-Caribbean products marketplace at that location.

Some financing for the project was secured at the recent African Export-Import Bank conference held in Nassau, while $1m was allocated in the 2024-2025 Budget to both the purchase of the similarly-derelict Royal Oasis and West Sunrise Highway.

“This budget year, we expect to source $30m to fund the purchase of the International Bazaar and the re-opening of the West Sunrise Highway to accommodate the projected growth in tourism and economic activity over the next few years,” Mr Davis had said. 

“Beyond preserving a significant landmark, this endeavour holds economic potential as the revitalisation of the Bazaar can stimulate tourism, create jobs and generate business activity. Similarly, reopening the West Sunrise Highway will improve connectivity and facilitate growth in Grand Bahama.”

Another source familiar with developments surrounding the Bazaar, but speaking on condition of anonymity, yesterday backed Mr Woods by revealing that talks with the Government have creaked to a start. “It’s sort of moving forward very slowly,” they confirmed. “They have announced their intent to buy.

“At the moment, they’re just reaching out to the owners to see if they’ll agree to what they’re thinking of offering. That’s taking a bit of time but they seem keen to go ahead.” Besides the hotel union, other owners of the Bazaar include John Bull and the Chee-A-Tow family.

“It’s only land sitting there,” Mr Woods said yesterday of the property’s condition. “Everything was derelict and taken away. It’s pretty much just the land there. For us, that has been there sitting for years, and it’s cost us so much money to try and keep it maintained. When we were part of the [owner] Association, there were fees associated with that.

“We don’t have money to pump into it because we couldn’t take live money and put it behind dead money. It was like putting money into a hole and not getting it back. The thing now is to get the land appraised and ultimately negotiate from there. We’ve pumped in millions of dollars and it’s just sitting there. We’ve lost millions of dollars down there.”

Mr Woods, though, said he was unsure as to the Government’s prospects of successfully negotiating a deal to acquire the International Bazaar if it “hinges on all of the owners having to agree”. He added: “We’ve been down that road before where we could not get all the owners to agree. I don’t know if the Government can use its persuasive powers to get everyone to agree.

“We anticipate that it will probably be a while. I don’t know if it’s a situation where they have to get all owners to agree, or those who want to sell, sell, and those who don’t they build around. It all depends on the owners, and I don’t know whether all the owners are on board. We’re based in Nassau, and don’t know what the temperature is like in Grand Bahama.

“I know from past experience that it didn’t go at all well as persons with smaller shareholdings wanted more money than persons with larger shareholdings. There’s been nothing concrete, nothing done yet outside a phone call.”

Chris Paine, president of the International Bazaar Owners Association, last year confirmed there had been preliminary contact and meetings with the Government but no agreement was imminent. “We have worked through some figures as it relates to square footage and common areas. Essentially, with 90 percent of the buildings vandalised or destroyed by fire, the only real value is in the land,” he said then.

“Obviously, the redevelopment of this entire area would be an enormous benefit to the very heart of Freeport, bringing life and activity to what has been such a depressed area for so long. The Port Authority has been doing an excellent job in demolishing a number of the buildings which are considered a danger to the public, which I understand will continue in the coming months.

“I think any potential investor would want to start with a clean slate. We anticipate there will be more talks in the weeks ahead.” The International Bazaar, which has steadily deteriorated ever since the Royal Oasis resort that supplied a significant proportion of its customer base closed in 2004, suffered further blows as a result of two fires that further devastated what remained of many buildings.

Ginger Moxey, minister for Grand Bahama, last year said of the Government’s plans: “Not only will the marketplace promote and distribute African and Caribbean products, but it will also offer a taste of Africa and the Caribbean, making it an appealing tourist attraction.

“In the marketplace, we envision seamless connectivity for trade between Africa and the Caribbean through the African Continental Free Trade Area (AfCFTA), with the Caribbean as the sixth region, and the added advantage of a 230-square-mile free-trade zone offering tax concessions on Grand Bahama.”

Using Grand Bahama’s proximity to the US, the marketplace would provide strategic opportunities for value-added manufacturing, transshipment, distribution and logistics. “This vision, however, goes beyond mere trade,” Mrs Moxey said.

“It represents the culmination of a world-class experience, showcasing the rich cultures of Africa and the Caribbean. The African-Caribbean Marketplace will become the home of ‘All things African and Caribbean’. It will feature a ‘Bahamas Bazaar’ representing each inhabited island of The Bahamas.

“With its conceptual design, including an amphitheatre, featuring a performance arts theatre, African and Caribbean-flavoured concessions and unique architecture reflecting the authenticity of our cultures, we aim to create a space that resonates with the spirit of Africa and the Caribbean.”