$2 Billion Injection:
By TOSHEENA ROBINSON-BLAIR -
Nassau, Bahamas:

Developers of a $1.3 billion mixed-use luxury resort, yesterday likened their project’s expected economic impact to that of Kerzner International’s $2 billion Atlantis Resort.

"I do not want to frighten people in terms of the magnitude or impact, but what the Kerzner development did for the country, I believe Albany is going to do that again, in a real serious way in the southwest," said one of the project’s managers, Dr. Tyrone McKenzie.

He made the comments while he appearing on the Love 97 flagship programme Jones & Company.

Developers project that Albany would inject roughly $2.7 billion into the economy, over a 15-year period. That money would primarily come from taxes and duties paid to the government, wages paid to employees and local expenditures.

Intended for New Providence’s southwest, Albany is projected to be a 565-acre new development inclusive of a 50 to 60-room boutique hotel, 350 private residences, a golf course and marina, and separate centers for horse riding, fitness and beach activities.

Financial impact aside, Dr. McKenzie noted that Albany’s social impact on the island would be "immeasurable."

"The commercial aspect of it is well planned out and will happen. When you talk about where the next hospital is going to be and what have you, certainly, medical facilities will be there," he said.

Dr McKenzie noted, that one cannot drive development unless those necessary components of a self-sufficient community – schools, police and fire stations – are established.

Jason Callender, another project manager, said if Albany were able to clear all of its permit hurdles within a month, construction could start within 32 days. The first project would be the golf course and marina.

During the first stage of construction, $800 million is expected to be pumped into the local economy.

According to Mr. Callender, time is of the essence.

"We have made commitments to a lot of people who have expressed high interest in becoming involved in Albany and we told them that we would open by the middle of 2009. If we can’t meet that deadline it would make it very difficult for us to commence," he said.

Dr McKenzie added: "The period of time that it is taking to execute this project – in business time – is long, and time is money, whether you like it or not. But, I don’t think you can minimize the complexity of the challenges or issues as it relates to the area."

The Heads of Agreement for the Albany resort was signed ten months ago under the former Christie administration.

Through a series of public meetings, developers are attempting to convince Bahamians that the project’s benefits far outweigh any drawbacks.

Perceived negative aspects of the project include the proposed creation of a new road that would shut off a portion of a major thoroughfare, concerns over beach access and the preservation of a historical artifact – a fisherman’s house – located on the site.

Although the re-routing of the road is included in the Heads of Agreement, it is still subject to approval by the Ministry of Works.

"The diversion of the road is in concert with a plan devised by the government and their planners to improve the road network on the west end of New Providence," said Mr. Callender.

"What we are trying to do is lay the foundation for a better network so when the development of the west end of Nassau happens, you won’t have the congestion and the problems that occur in other parts of the island."

Addressing the concerns over beach access, Mr. Callender said there is presently no access to the beach in front of Albany and there is limited access to the beach at Adelaide, he said.

"We are actually acquiring a 100-foot lot to allow the public to obtain better access to the beach to the east of Albany. To the west, we’ve actually coordinated with the developers of South Ocean whereby the Bahamian public would be able to have beach access to the beach west of Albany," he said.

"Whereas, before there was limited access to Adelaide beach and the beach in front of Albany, now there is going to be better access to the beaches."

With regard to the historical ruins, Mr. Callendar said the only artifact on the site was the foundations of what was "a Conchy Joe fisherman’s house."

He said the ruins are hidden in the bush, with no public access and very difficult to locate.

Mr. Callender said Albany has plans to celebrate the ruins by creating a park around it.

The Albany project comprises 100 percent privately owned land. No crown or government-owned land is involved in the development.

Internationally renowned golfers – Tiger Woods, Ernie Els and the Tavistock Group founded by investor and long-time Bahamas resident, Joe Lewis, are backing the project financially.

27 August 2007