The building work is half way completed and the complex will become the primary employer for most of the Berry Islands residents.
A portion of the pristine 950-acre island will be turned into residential property for second-home buyers from around the world.
Realtors have already ex-pressed interest in the project well in advance of the completion date.
“Most of the sales have been direct, but we cooperate with brokers,” said Walt McCrory, President and CEO of Chub Cay Club Associates Ltd.
Mr McCrory pointed out that the big selling point of Chub Cay lies in its rich history and pedigree. The “great legacy” of the island is really its selling ticket he said.
The developers have already seen returns on their investments as 65 per cent of the villas have been sold, all with average down payments in excess of $250,000.
Private residences are also involved the development. Mr McCrory and the other principal owners of the project, including Caye Pearson, Bob Moss and Ed Stone, have no intention of approaching the private home owners to sell.
And the home owners have no complaints about the project. In fact, many home owners consider themselves lucky to be smack in the middle of a great deal.
A prestigious development like the Chub Cay Club is likely boost the value on their homes.
Because those properties blend into the design concept of the Club, Mr McCrory said there will be no problems.
“We’re delighted that they are here and they are delighted that we are here,” he said.
Before the developers came up with the idea of the Chub Cay Club, the island was mainly a family fishing destination. But “it got a bit tired” Mr McCrory said, meaning that infrastructural improvements became a concern.
With the completion of the development on the horizon, Mr McCrory said the project could have a considerable economic impact on neighbouring settlements, such as Bullocks Harbour, the capital of the Berry Islands, where the majority of residents live.
“It means an awful lot of jobs for Bahamians. We’ve had as many as 480 workers on the island, 90 per cent of whom are Bahamians,” added Mr McCrory.
This includes major Bahamian contractors from Nassau and Grand Bahama.
When operations commence early next year, Chub Cay Club will retain about 100 permanent Bahamian staff.
The Chub Cay project could be considered a plus for the Perry Christie administration, which instituted a policy of establishing at least one anchor project on each island since it came to power.
By: Barry Williams, The Nassau Guardian
