Developer Touts Positives Of Billion Dollar Resort:
By Darrin Culmer -
Nassau, Bahamas:

A representative of the billion-dollar Albany Resort slated for southwest New Providence moved Thursday to calm the fears of concerned residents that the 565-acre development will reduce access to beaches in the area, disrupt travel through the area due to the re-routing of a road and otherwise disrupt their lives.

On the contrary, the mixed-use resort will generate over $2.6 billion in economic activity during its first 15 years, improve access to area beaches and make currently inaccessible historic sites available to residents, the project’s managing partner, Christopher Annand, said in a conference call with local media.

The news conference came the day after a town meeting was held at St. Paul's Church Hall, Lyford Cay for residents to air their concerns about the Albany project.

Another town meeting was held last night on the South Ocean development.

With regard to the economic impact which the Albany development is expected to have on the Bahamian economy, Mr. Annand said the project’s contribution could be divided into five major categories, specifically, tax revenue, salaries associated with direct and indirect employment, spin off revenue for area businesses, real estate commissions and revenue generated from a major golf tournament and other promotions planned by Albany.

Over the next 15 years the project is expected to produce stamp tax paid on the transfer of property, import duty paid on materials brought in for residential construction and property taxes amounting to roughly $550 million; $1.1 billion in salaries; over $660 million in revenue for area businesses; over $200 million in commissions; and $100 million in revenue from promotions, Mr. Annand said.

Currently, less than $400,000 in tax revenue is generated by Albany’s land holdings, he said.

Elaborating on the potential economic impact of the Albany development Mr. Annand estimated that a guest staying in a hotel would spend around $3,000 for a one-week stay whereas a homeowner would spend around $75,000 per year maintaining the home.

Over the next 10 years the project would employ between a minimum of 600 and a maximum of 1,000 construction workers every year, he said.

"What’s interesting about this is that, economically, this is a much better way to develop the construction industry than, say, massive hotel projects because what tends to happen with massive hotel projects like Atlantis is that you have such a heavy need for labour for such a short, intense period of time…and then (the jobs) disappear," he said.

"One of the problems that creates this is that the Bahamian labour force isn’t strong enough to deal with those demands, which is why, I think, a lot of imported labour comes in to help deal with that short-term problem that the developer has."

The project would likely hire about 1,000 workers by the end of this year.

Additionally, the Albany is projected to create 600 direct, full-time jobs and indirect employment for roughly 500 people, he said.

In response to the many and passionate concerns articulated by a number of residents, particularly during Wednesday night’s town meeting, Mr. Annand said Albany officials want to establish a public body to oversee efforts aimed at addressing residents’ concerns.

"What is proposed for Adelaide and Cave’s Beach we would rather eliminate those projects and turn the decision-making over to a group of residents that are elected to sit on these foundations," he said.

"I hope that people that were there last night to appreciate that they do make a difference and I hope that the government will support us in creating this board."

The Albany project comprises 100 percent privately-owned land, Mr. Annand said, emphasising that no Crown or government-owned land is involved in the development.

The original owners of the 565 acres upon which the Albany will be situated were the Chalopin estate, which held the 77 acres enclosed by the well known long pink wall in the Adelaide area, and the Nassau Development Company, which contributed 488 acres of land to the venture.

The Albany project is co-spearheaded by three principals, namely, the Tavistock Group, and golf standouts Ernie Els and Tiger Woods.

The Tavistock Group is the principal holding company of Lyford Cay resident Joe Louis.

Albany will be a mixed-use resort including both a hotel component and a private, residential component.

24 August 2007