‘Fruitful’ meeting on multibillion-dollar GB project
Guardian Business Reporter
Published: Sep 26, 2013
The government is waiting on a number of documents before it can approve the multibillion-dollar Blackwood Point Resort & Spa, set for East Grand Bahama, Guardian Business understands.
Following a meeting with Prime Minister Perry Christie and representatives from the Bahamas Investment Authority (BIA), Kenneth Russell, one of the development’s key principals, said he is confident that once those documents are in to the prime minister’s office, they will receive approval in principle.
“The meeting was a very fruitful one. We are working on getting those documents in to the prime minister’s office as soon as possible,” Russell said.
Close to 30 officials hailing from the United States, France and China connected to the East Grand Bahama project traveled to The Bahamas to attend Monday’s meeting. On Tuesday, the delegation, including Lawrence McDonough, the development’s leading principal, toured the potential development site.
“We also had a meeting this morning. Now, we have a team that’s going around Freeport looking at the electrical systems,” he told Guardian Business yesterday.
The delegation is expected to leave the country today.
The multibillion-dollar resort project, slated for East Grand Bahama, would be comprised of several key features, including a touristic development, cruise ship terminal, a power station, an airport, medical facilities and manufacturing interests.
A 1,500-room casino hotel would headline the properties. The development would involve Crown land on the eastern side of the island.
Originally, all key stakeholders including partners and financiers were expected to be in Nassau to meet with Prime Minister Perry Christie on September 10 but that did not happen.
Those partners include the New York-based Plaza Hotel and Chinese-based partners and manufacturers. Monday’s meeting marked the sixth between the government and developers.
Once approved, Russell estimates the project will take three years to complete and could generate anywhere from 7,000 to 10,000 jobs.