Executives of Abacoﾴs Winding Bay development are confident that the multimillion-dollar 520-acre project will officially open by its projected date.
The investors are sticking ﾓvery closelyﾒ to their March 2005 deadline, according to the resortﾴs interim marketing director, Gina Guttuso.
She said the investors have already sold 39 of 60 lots, valued at over $80 million.
Ms. Guttuso said the investment calls for 70 cottages, 17 of which have already been sold and 13 of which have been constructed and are ready for the opening in March.
ﾓDuring Phase II of the development, we are going to create 20 club rooms for private use by our members. The first 10 will be done by July and the remaining 10 by October,ﾒ she said. ﾓI predict that weﾴll be doing very well.
ﾓWe have lots of interest and lots of prospects coming out to visit the property. Many people are interested in membership, as well as real estate and the cottages. So we do project pretty much selling through the real estate rather quickly.ﾒ
General Manager Mark Scott has indicated that once completed, the project is expected to pump more than $800 million into Abacoﾴs economy, an investment that would span a five to six-year period.
The Abaco Club is expected to be a members-only island retreat that appeals to homeowners and visitors from many different levels.
The development features the worldﾴs ﾓfirst everﾒ tropical Links style golf property.
It was founded and developed by English entrepreneur and sportsman Peter de Savary, who has also brought to fruition several other world-class developments, including the Carnegie Pub in Scotland.
This past Christmas Eve, officials marked the soft opening of the resort and plan to have an official opening in March with Prime Minister Perry Christie and international celebrities in attendance.
Government officials expect these kinds of resorts to sustain Family Island economies.
The government has given the go-ahead to large-scale holiday resorts on many islands, including Abaco, Eleuthera, Ragged Island, Bimini and Grand Bahama.
According to Minister of Financial Services and Investments Allyson Maynard-Gibson, the government has already received a formal application for the $1 billion investment for West End, Grand Bahama, a deal that would span a 15 to 20-year period.
That investment features hotel rooms, retail stores and second homes, which according to Minister Maynard-Gibson would promote the four Eﾴs: employment, entrepreneurship, environment and education.
Preliminary estimates indicate that this investment would result in the employment of at least 3,000 people.
Government officials have also expressed hopes that a much-anticipated development for Mayaguana will be ﾓflourishingﾒ sometime this year.
Macushla N. Pinder, The Bahama Journal
