Albany Granted Approval:
By Quincy Parker -
Nassau, Bahamas:

The Ingraham Administration has granted subdivision approval for Phase One of the Albany Beach and Golf Resort, the Journal has learned; with the approval, the developers cross a major hurdle on the road to realizing that multibillion-dollar mixed-use resort.

Public Works Minister Dr. Earl Deveaux confirmed for the Journal on Monday that the Department of Physical Planning had granted the approval.

It appears the developers were assured of the subdivision approval last Monday by no less than Prime Minister Hubert Ingraham, and that the letter confirming the approval arrived by mid-week last week.

Consultant for the Albany development Dr. Tyrone McKenzie welcomed the subdivision approval, but noted that there are other matters outstanding.

"We are still awaiting the road rerouting permit," he said. "We have a couple of the approvals for parts of the project, but in terms of logistics and what is most practical, we need to reroute the traffic, so we have all the other approvals but one that is critical to the project."

Phase One of the Albany project is itself a massive undertaking, enveloping the marina, the water park, and critical infrastructure development.

"What is critical to Phase One is the infrastructure, and part of the infrastructure will include whatever we’re going to do to make the resort self-sufficient and further develop the area," Dr. McKenzie said.

According to Dr. McKenzie, Albany spent more than $70 million just to get "environmental and the other approvals," and has been spending about $2 million a month for six to eight months or so just to maintain the development.

"We’ve spent significant sums, and we continue to do as much prep work as we possibly can," he said. "We continue to do what we can do with the approvals that we have."

The Journal understands that negotiations are still ongoing over the approval for Albany to redirect the road, and the concessions the developer can access, although one insider was optimistic that the developers would get the approval to reroute the road.

"Very little in life should be insurmountable if you have agreements in place. Now we may have to rework some of those things, but I suspect that they are not insurmountable," Dr. McKenzie said.

"We have gotten the bulk of the approvals that we need, but we are still waiting on certain documents from the government."

Concern has been expressed that the developers cannot simply assume that they will be granted the rerouting approval, however.

"(The developers) can’t go and build, and then you don’t know if the road is going to run through the middle of your project," another source said.

Clearing for construction – so-called "grub and clearing" – has been ongoing, as have other necessary preparations for the Albany Resort to be built, but the rerouting permit remains critical to the developer’s plans.

The property, after all, is on both sides of the street.

Christopher Anand, managing partner of the Albany Beach and Golf Resort, had given the government something of an ultimatum earlier this year, saying at a town meeting held to air concerns about the development that if the government didn’t grant the necessary approvals within seven weeks or so, the project might be in danger.

This is the seventh week since that remark was made.

1 October 2007