Tuesday, March 23, 2010Transforming Downtown Nassau

Scott Armstrong - Nassau GuardianPort Deal Boosts $1 Billion Downtown Dream

At least $1 billion could be pumped into transforming downtown Nassau by developers hungry to invest in 30 acres of prime waterfront real estate, made available by the container port relocation to Arawak Cay.

Managing Director of the Downtown Nassau Partnership Vaughn Roberts spoke about the "significant step forward" to The Nassau Guardian in the wake of an announcement from the Arawak Cay Port Development Company confirming that the $60 million relocation is on track.

Chairman Jimmy Mosko confirmed that an agreement between 20 private shipping firms and the government could be signed within six weeks, with construction beginning immediately. He also said that the first ships could land at the new docks by the end of the year, and that the whole relocation project should be completed by October 2011.

That relocation will free up some 30 acres of waterside land off Bay Street, between downtown and the Paradise Island bridge, currently used by shipping companies to load and unload containers.

Roberts said: "This really is a critical move which will see the potential of 30 acres of prime waterfront real estate unleashed.

"This could really be a major development particularly when you consider the mindset of investors who see this rare opportunity to develop arise.

"This will create a 'new town' which could help bridge the area near Dowdswell Street between the Paradise Island bridge, which is economically important, and the traditional Downtown area. It will complete an "economic triangle" which then turns Downtown into not just a destination for cruise ships, but also a destination for stop-over guests at Atlantis and Paradise Island.

"The advantage many developers will see is that you have waterfront real estate which is already dredged and so it has great potential for attracting mega-yachts. You have that ability to build a destination marina development such as you see either at Atlantis or in the South of France.

"I think that the new town which could be created would be a mixture of residential, small boutique hotels, office and commercial enterprises.

"I think that you are looking at least at around $1 billion being pumped in develop the area, plus the amenities which will have the opportunity to service that development.

"Economically is it the single most important decision that can be made. It won't happen overnight, and it will come in phases, but it will complete the repositioning of The Bahamas as a major destination."

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