Baha Mar signed construction contracts yesterday totalling $15 million, which are projected to create 450 jobs for Bahamians.
The contracts are the first of the exclusively Bahamian contracts in the non-core phase of the Cable Beach redevelopment project, with the second round of contracts to be handed out next Monday.
Baha Mar executives awarded contracts to build the new Fidelity building, Scotiabank building, police and fire stations and Commonwealth Bank building. The contractors are John F. Dunn and Associates, Cavalier Construction, CGT Contractors and Developers and Osprey Development.
The buildings will be constructed in a new commercial village. The demolition of the old buildings will clear the way for the Baha Mar campus and the rerouting of Bay Street, scheduled to begin by the second quarter of 2011.
Three months after the commencement of the commercial village, work on the core of the project, which includes the six hotel structures and their surroundings, is expected to begin.
Vice President of External Affairs for Baha Mar, Robert Sands said the contracts signed yesterday are conditional letters of intent and are subject to full approval following the finalization of Baha Mar’s loan facility with China Export-Import Bank and the final approvals from the government.
According to Sands, the Bahamas Investment Authority has already approved the project and Baha Mar officials expect the government’s approval of the amended heads of agreement for the project to be imminent.
Within that time, Baha Mar expects to award additional contracts to Bahamian companies totalling $60 million.
Source: The Nassau Guardian