The Government has signed an agreement with PMR Bahamas for a tourist development on a privately owned island in the Exumas. The signing ceremony took place this week at the Office of the Prime Minister.
At the event, PMR Bahamas Managing Director, Philip Simon told reporters, “the start date has been well over a year ago in terms of preparations etc. but in terms of literally shovels in the ground, they might have already gotten that text right. Obviously there is a policy and the goal of this project is not only to meet the policy but to beat policy.”
Philip Penske, Principal Investor in the project explained that the project will have multiple stages. “The goal is to have the marina built in the first three years. The golf course completed in the next thirty months. So that’ll be the full completion of the entire project but there’ll be stages of multiple milestones much earlier.”
Prime Minister, the Hon. Philip Davis was also on hand at the event. He said, “I cannot wait to see this project and all its facilities come to fruition over the course of the next decade. The distinct forward thinking community will serve as a valuable economic stimulus for the residents of Exuma and indeed the entire nation. Valuable jobs will be created where they are needed most. More visitors will flock to our shores and witness the magnitude of what we have to offer.”
The Torch Cay project will be completed in eight to ten years at an estimated cost of $175 million.