Senior officials from the Ministry of Financial Services and Investments reiterated on Tuesday that the government does not comment on negotiations for heads of agreements until those negotiations are complete.
Meritage CEO Robert Schermer told the Journal a bit about the proposed projects, though he added that until those heads of agreements are finished and signed, the groupﾒs plans are “all conjecture.”
“What we have done is we have presented to the government a plan and what we desire, and what we need in terms of entitlement and we are just working through the process. The heads of agreement is a process and it takes time,” Mr. Schermer said.
“We have gone forth and presented the Environmental Impact (Assessment) and (environmental) mitigation (measures) and spent a lot of time and energy in the work-up of the presentation.”
Meritage has a parcel of land under contract in the settlement of Rock Sound, Eleuthera. This is the property described in a press release issued weeks ago by Meritage, and would reportedly be developed into a small, 78-unit, extended stay condominium hotel.
Asked whether his group was encouraged by the governmentﾒs response to MHGﾒs overtures, Mr. Schermer was positive, but he added that had it not been for SEC (Securities and Exchange Commission) rules forcing him to disclose material opportunities that arise in his business, he would have kept it quiet until the heads of agreement is concluded.
The Journal has learned that Meritage would also like to acquire a larger property that would complement the condo-tel. This larger property, which would cover more than 800 acres around Lighthouse Point at the southern tip of Eleuthera, would be a luxury mixed-use resort destination.
Plans for this second property, as outlined in the press release issued in August, include two ultra-luxury condominium hotels, a marina, golf course and oceanfront estate lots.
In the August 17 release, Mr. Schermer said, “From my perspective, the ﾑrational rich baby boomers are looking for upscale, unique experiences two flights from home. Eleuthera today is like Hawaii was 35 years ago ﾖ with world class scuba diving, sport fishing, and beaches all in a pristine ecological environment which is vigorously protected.”
Mr. Schermer was reluctant to elaborate on his groupﾒs plans for either project, noting that he has seen too many announcements about “grandiose plans that never come to fruition.”
Meritage is one of the United Statesﾒ largest franchise operators, currently operating 53 restaurants in two brands; Wendyﾒs and OﾒCharleyﾒs. Headquartered in Grand Rapids, Michigan, Meritage has approximately 2,000 employees.
By: Quincy Parker, The Bahama Journal
