P.M Minnis says Sterling Hurricane Hole will Further Enhance Paradise Island

Ground-breaking ceremony for the Sterling Hurricane Hole Community Resort and Marina was held on the eastern end of Paradise Island, Friday, January 25, 2019. Pictured from left are Khaalis Rolle; David Kosoy, chairman of Sterling Global Financial; Prime Minister, Dr. the Most Hon. Hubert A. Minnis; Bill Green, President, Sterling Global Developments Limited; Stephen Tiller, President and COO, Sterling Global Developments Limited; and the Hon K. Peter Turnquest, Minister of Finance. (BIS Photo/Kemuel Stubbs)

Prime Minister, Dr. the Most Hon. Hubert A. Minnis has thrown his Government’s support behind the Sterling Hurricane Hole Community Resort and Marina to be constructed on the eastern end of Paradise Island. On Friday, January 25, 2019, the Prime Minister delivered remarks and participated in a ground breaking ceremony for the proposed $250 million project, which during the construction and completed phases, is expected to employ hundreds of Bahamians. The Prime Minister underscored the importance of such projects to the growth of the economy, which he pointed out is making progress and that such investments will help to achieve such goals.

Sterling Hurricane Hole is among the $3.7 billion dollars in foreign investment projects that the Government has approved since mid-2017. Last year the Prime Minister also participated in a ground breaking ceremony for the $120 million dollar GoldWynn Hotel and Residences project on Cable Beach, just east of Goodman’s Bay. Additionally, a number of large-scale New Providence-based Bahamian-owned tourism projects are in the works, as well as other projects on the Family Islands. “Developments like this demonstrate that investors continue to value The Bahamas as a world-class destination and an excellent place for investment,” the Prime Minister said.

The Bahamas is known as a signature destination for world-class resorts and residential developments. New Providence and Paradise Island boast some of the more prestigious brand names in global luxury hotels and residential resorts and properties. Furthermore, Paradise Island is one of the most coveted locations in the world, attracting celebrities, elite athletes, sophisticated travelers and those who appreciate what such a destination may offer. The project will be located at Hurricane Hole Marina, which has served as a safe haven for boaters for many years.  It is situated within walking distance to restaurants, shopping, and the Atlantis Resort, in an idyllic island setting.

Prime Minister, Dr. the Most Hon. Hubert A. Minnis addressing the ground breaking ceremony of Sterling Hurricane Hole Community Resort and Marina project on the eastern end of Paradise Island, Friday, January 25, 2019.  (BIS Photo/Kemuel Stubbs)

Sterling Hurricane Hole is the brainchild of David Kosoy, the chairman of Sterling Global Financial.  The Prime Minister congratulated Mr. Kosoy on launching such an ambitious project. Sterling Global is an international financial services company with nearly $10 billion under its administration and management. “I am told that Sterling believes in dreaming large and working smart to make those dreams a reality.  The company has its headquarters in The Bahamas, and has had a consistent presence in the country for more than a decade,” the Prime Minister noted. The project is expected to provide a $250 million boost to the economy.  It is also projected to provide approximately 3,000 construction jobs over a five-year period.  Moreover, when completed, it will provide 500 full- and part-time jobs.

The re-development of the 13-acre Hurricane Hole Marina site encompasses residential, retail, professional office space and a renovated marina.  It will take place in three phases. The first phase is expected to be completed and ready for occupancy by June 2020.  It includes repairs to the existing 90-slip Hurricane Hole Marina, the construction of 16 residential units, 15,000 square feet of office space, 20,000 square feet of convenience commercial retail, and two restaurants. The second and third phases will include the construction of 50 – 70 residential units and town homes, respectively. Sterling Global has undertaken other projects to include Beach House Villas, the Courtyard Marriott in downtown Nassau, and Ocean Terraces on West Bay Street. It is also considering major Family Island developments on Abaco and Eleuthera.

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