NASSAU, The Bahamas – The estimated $1.3 billion projected touted for the south-western end of New Providence is also set to enhance the lives of Bahamians through job opportunities and affordable housing.
These are some of the aspects included in The Heads of Agreement between the Government of The Bahamas and Park Ridge Securities Corporation signed Thursday, November 9 at Cabinet Office.
“This project will constitute one of the glittering jewels in this transformation of southwest New Providence now underway,” said Prime Minister the Rt Hon Perry Christie during the signing ceremony. “This agreement represents a great benefit to the Bahamian people and to the development of The Bahamas.”
The project brings together three top names in golf, Tiger Woods, Ernie Els and Tavistock Group to create Albany Golf & Beach Club, seven minutes from the Lynden Pindling International Airport. Construction is scheduled to begin immediately with plans for the community to open in the fall of 2008.
The project calls for an 18-hole championship golf course; an exotic family swimming complex, a state-of-the-art marina for boats and mega-yachts, a beach club, a tennis and racquet centre, a variety of water sports, spa and fitness centre, children programs and adult activities.
This is part of a master plan for the southwest, which also included a new sea port, a national park inspired by the Clifton Heritage site, a newly develop upscale South Ocean hotel casino and mixed resort, a large affordable housing sub-division and an expanded public beach access, new recreational public parks and wildlife sanctuaries.
“Taken together, this list represents the planning and future of the Bahamian economy well into this 21st Century,” the Prime Minister.
He noted that his Government is pleased to welcome this “important investment” by Joe Lewis and his Park Ridge Securities Group, developers of the Albany Golf and Beach Club on a 565 acre-site.
“This development is destined to become one of the world’s finest golf resort communities,” the Prime Minister said. “I am confident that Albany will add significantly to the attractiveness and appeal of The Bahamas to residents and visitors alike.”
An independent economic study has concluded that this resort will generate about 1,600 jobs during peak construction period and support over 1,100 permanent jobs when completed. The study also forecasts major increases for Government revenues with $1 billion in incremental Gross Domestic Product (GDP) to be derived by the economy.
The Prime Minister noted that as a luxury resort, Albany would conform to the “highest” environmental standards and preservation guidelines, particularly with respect to historical or cultural artifacts, which might be found at the site.
Minister of Financial Services and Investments the Hon Vincent Peet also acknowledged the significance of the project, the potential employment and business opportunities for Bahamians and growth of the economy.
Christopher Anand, managing partner of Albany touted the project as the first luxury report the world has ever seen”. He said that it was a pleasure working with the government over the past 18 months in negotiations and added that Bahamians would be proud of such a development.
The Tavistock Group is a global private investment company founded 30 years ago by investor Joe Lewis. The company is involved in private luxury residential resort properties, master planned real estate development, life sciences, amongst other projects. It is noted for development of Lake Nona Golf & Country Club in Orlando, Florida and Old Fort Bay, Bahamas
