Palm Cay Pours Millions Into Local Economy
Against the backdrop of a recovering real estate market, the $200 million Palm Cay development on New Providence’s southeastern shore is providing quiet economic stimulation, contributing millions to the economy through construction-related activities and partnering with local professionals, banks and a growing list of vendors who developers said are chosen not only because of their skills but because they share a vision for the future of the active marina and residential community.
“At Palm Cay, our goal is not just to build a development but to create and sustain a sense of community,” says Zachary ‘Zack’ Bonczek, Palm Cay’s Director of Sales and Marketing. “This includes the creation of strategic partnerships and relationships that allow us to add to the experience of our residents while impacting the economy in a positive way. We are absolutely committed to engaging local companies, particularly with those who appreciate and share our vision of transforming the real estate market on the eastern end of the island with the development of an active, secure and amenities-rich lifestyle experience at a really attractive price point.”
According to Bonczek, benefits to the local economy benefit Palm Cay.
“A thriving local economy bodes well for a real estate development such as ours, so it is in our best interest to continue to do our part in promoting economic activity in the community through these partnerships,” he noted. “Throughout the five-year construction and operations, local professionals and organizations have been and are being engaged. Those include architects, contractors, architects, engineers, planners, consultants and banks, as well as those related to property management, repairs, activities and entertainment. Every time we engage a firm, we go the extra step — ensuring that they understand the Palm Cay experience. Selecting vendors cannot just be about who comes in with the lowest price. It’s about who gets what Palm Cay is all about and how it is different from anywhere else in The Bahamas.”
Key vendors involved with the development include three architectural firms –TDG Architects (Marcus Laing), and PlanIt Bahamas (Andrew Sterling) and Winston Jones & Associates, three law firms including Callenders, Alexiou, Knowles & Co. and King & Co., quantity surveyors Construction Cost Engineering, builders Northwest Builders and Burrows Developers D&L Limited, those providing water sports, food and other entertainment including catering by Chives restaurant, Wolf Kayaking, Pappa Surf Paddle Boarding, professional associations, among them Marina Operators of The Bahamas, marina-related vendors including Mosko’s, several banks including BOB (Bank of The Bahamas), CIBC First Caribbean and Royal Bank of Canada, along with advertising, marketing and public relations agencies and Fidelity National Title and others.
“There is an established understanding of what the Palm Cay vision and experience entails that is shared by owners, managers, partners and buyers alike,” said Bonczek. “As the real estate market continues to recover from the effects of the lengthy recession, we anticipate continued growth and enhancement of the Palm Cay experience. This will call for even more partnerships and business relationships so the contributions to date are only the tip of the iceberg of the economic impact of the Palm Cay development.”
The 69-acre Palm Cay development features the island’s largest midsized boat marina, 1,200 feet of white sandy beach, a clubhouse, pools, residences and ocean view townhomes. In the near future, construction will begin for the first phase of 50 single and 2-storey, 2-bedroom condominiums, a fitness centre, tennis courts and completion of a restaurant. Recent activities have included a boat show, family fishing contest and Family Fun Saturdays, all part of the Palm Cay community’s commitment to foster a family-oriented experience in a secure environment.
Diane Phillips and Associates
ECONOMIC BOOST — From marina and residential construction to building the new harbourmaster’s office (pictured), from art shows and boat shows to family fun days on the beach every Saturday, Palm Cay on Nassau’s southeastern shore is pumping millions into the local economy. (Photo by Roland Rose for DP&A)
TROPICAL, TASTY & HEALTHY FOR THE ECONOMY — Palm Cay, the $200 million residential and marina community on Nassau’s southeastern shore, is contributing millions to the local economy from contracts with construction firms to creating opportunities for local entrepreneurs like Dino Higgs whose tropical conch salad is so famous he is about to be featured in a full-length Hollywood film being shot in Nassau. (Photo by Donald Knowles for DP&A)economy, real estate