SANDY POINT, Abaco – The Government of The Bahamas and Tyrsoz Family Holdings Ltd. signed a heads of agreement on Thursday for a $300 million up-market resort community that will provide hundreds of jobs and represents one of the largest ever for the island.
The development, which represents a minimum capital investment of $300 million, will include a wide range of amenities, including the expansion and upgrade of the Sandy Point airport, a marina, golf course, clubhouse, restaurants, a retail and residential component, swimming pools, waterpark, utility services, resort accommodations and related amenities.
“Today’s signing is an important part of the post-Dorian reconstruction and rebuilding effort,” Prime Minister the Most Hon. Dr. Hubert Minnis said following the signing of the Agreement at the St. Martin’s Episcopal Church Hall in Sandy Point.
The project will be developed over two properties – the Lantern Head property and the South West property.
Lantern Head is designed to be a private community inclusive of a boutique hotel and golf course.
South West Point is focused around a super-yacht marina and encompasses two boutique hotels and a marina village, along with residential lot offerings.
It is anticipated that 600 workers will be employed during the construction phase of the project.
Tysroz Holdings has agreed to aim for a ratio of no less than 80 percent Bahamian workers to 20 percent non-Bahamian workers.
Construction on the project and any other construction beyond the high-water mark will be prohibited until the review and approval of the Environmental Management Plan by the BEST Commission.
The developer must also submit an Environmental Impact Assessment for review and approval.
During the project’s operational phase, the development expects to employ 600 workers.
Tyrsoz has also agreed to maximize the hiring of Bahamians for additional operational employment and promote entrepreneurial opportunities for Bahamians in the commercial aspects of the development.
A variety of training programs for Bahamians will be implemented and $7 million will be made exclusively available for entrepreneurs who are looking to establish businesses in the Project in coordination with the Small Business Development Centre.
Under the agreement, Bahamian entertainers will have opportunities to work at the resort. Bahamian artwork will be used to decorate the property and Bahamian cuisine incorporated in its menus.
As a part of the community and infrastructure commitments under the agreement, the developer, at its expense, will undertake a number of community enhancement projects and infrastructure investments in South Abaco, including the expansion and enhancement of the Sandy Point airport, the extension of Queen’s Highway and a $1 million investment to restore the historic Hole-in-the-Wall Lighthouse and surrounding area.
Up to $250,000 dollars have been committed to restore the Alexandria settlement ruins adjacent to the South West Point Development.
And $750,000 dollars have been committed for community development initiatives in Sandy Point, Abaco in coordination with the Sandy Point community and local government.
The developer also proposes to cooperate with the Bahamas National Trust financially – up to $1 million dollars – and operationally to implement the conceptual plan for the Abaco National Park in certain agreed upon areas, including cleaning up the Forest, signage, creating nature trails and a welcome center.
“Abaco has started to rebuild,” said Prime Minister Minnis. “The task of restoration ahead of us is awesome and wide scale. But we are making progress. Today’s signing is yet another indication of the progress we are making together.”