Development Failure For Franklyn Wilson?

Sunday 08th, August 2010 / 22:19 Published by

There is no end in sight for the Cotton Bay Estates project in Eleuthera, even as managers are actively engaged in “planning and reorganising”, according to project developers.

Construction is underway on the club house and pool area, as well as the golf course, confirmed Donovan Henry, the project’s quantity surveyor. However, all contractors are generally “on hold”, while project plans are being reoganised.

Rob Fortson, a member of the development team and a specialist in real estate sales and marketing management, said property sales are also on hold.

He said: “We believe construction needs to be further along before lots are brought to market.”

He referred all questions to Franklyn “snake” Wilson, chairman of Eleuthera Properties, the main company behind the Cotton Bay Estates project, who was on vacation and unavailable for comment.

The project is set on 2,300 acres of land in Eleuthera. The original master plan included 99 estate home sites starting at $700,000. Some of the original plans are expected to change.

Estimates from 2007 valued phase one of the project at $300 million. At the time, more than 100 sub-contractors were on site, according to managing director Wim Steenbakkers. The grand opening was slated for 2008.

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