The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

A PROMISED start to construction at the Grand Lucayan has failed to materialise, raising fresh questions about the status of the long-delayed redevelopment despite assurances just weeks ago that the deal was still on track.

Developer Concord Wilshire had said it would announce the formal commencement of development and construction within two weeks of a February 23 statement dismissing reports that the deal had collapsed. That deadline has passed without any update, and no visible work has begun at the property.

Omar Isaacs, FNM candidate for West Grand Bahama and a former investment officer at the Bahamas Investment Authority, said yesterday that the continued delay raises “serious” concerns about the project and the credibility of both the investor and the government.

“It's an unfortunate turn of events, and we cannot help unfortunately to hold the credibility of the investor as well as the government in question now,” he said.

Mr Isaacs questioned whether adequate due diligence was carried out before the agreement was announced, pointing to repeated missed timelines.

“As a former investment officer at the Bahamas Investment Authority, one must ask what kind of due diligence went into this whole process where we would have a start and stop such as this, and every timeline and date that was set in terms of a handover, nothing ever materialised.”

He said the prolonged uncertainty continues to affect former employees of the resort.

“Unfortunately, there are 200 persons whose lives are hanging in the balance because of the inability of this particular project to get off the ground,” he said.

“There's a lot of people that are hurting.”

Mr Isaacs said reopening the Grand Lucayan is critical to Grand Bahama’s economic recovery and broader investment climate.

“We need to see this particular operation up and running because it would signal to others that they can invest here,” he said.

He also pointed to what he described as warning signs following Concord Wilshire’s earlier announcement.

“When you see a press release goes out and it goes over the wire, and it isn't picked up by any other publications other than the publication within the jurisdiction that it's being touted in, that's a red flag for me,” he said.

“When I saw that Concord Wilshire was not posting their press releases concerning the Grand Lucayan in any other jurisdictions, I was taken aback by that, and I knew that it would have been a red flag for others who noticed it as well.”

Mr Isaacs urged the government to clarify the status of the deal.

“I just ask for the deputy prime minister and the prime minister to be open and honest with the Grand Bahamian public,” he said. “If you don't have a deal, just say so.”

“To have Grand Bahamians, especially the 200 families, in limbo like this over a four year period, it is not respectful, it is not something that I believe the leaders of our country should do.”

Efforts to contact Richard Bosworth, chief executive officer of Lucayan Resort at Concord Wilshire Group in Florida, were unsuccessful, as calls to the number listed on the company’s website went unanswered up to press time.

Keishla Adderley, deputy press secretary in the Office of the Prime Minister, was also contacted for an update but did not respond up to press time.