The 'most important remaining land area in the Bahamas,' a development site of 385 acres, is back on the market. Golfer Greg Norman's Southern Cross construction plans a $1 billion mixed-use building on South Ocean Resort property. The site of the 3000-foot riverfront of New Providence has been in limbo for years after a number of lawsuits thwarted a project by a development company to build an extravagant resort.
"The South Ocean certainly represents, if not the whole of the Caribbean, the most significant development potential in Bahamas." rentcars
It is currently owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP), which was forfeited in 2011. Last year, in cooperation with the Bahamas government, CCWIPP contracted Southern Cross to produce a master plan for the property to attract additional purchasers.
The property is intended to include a casino, restaurants and residential apartments, which will focus on a 60-slip marina and a seashore lagoon. The property is adjacent to Mr. Norman's old Blue Shark Golf Course that has been closed for many years owing to financial problems of its owners.
In 2008, Roger Stein, a Florida consortium managed by Florida developer, and Max Holmes, a three year old hedge fund, have revealed intentions to construct the property for $860 million. The plans collapsed fast, though, and CCWIPP had to forecast a $72.5 million debt. In 2012, Plainfield was deregistered and liquidated.
According to the CBRE Hotels statement, the website listing agency "regularly investigates hotels, growth and investment groups located in the U.S., Asia, Europe, the Middle East and Australia."
The project would profit according to the business from its closeness to the airport and to the high-end population of Albany. Media reports state that the development plan may also help, even if purchasers are not obliged to follow it.
In a statement, CBRE Hotels Vice President Paul Weimer said, "The South Ocean is obviously the main growth potential to market in the Bahamas, as well as in the Greater Caribbean."
Buildings on this location will compete with Baha Mar, a $3.4 billion resort that will build in New Providence next year.
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