Backyard Farmers to Benefit from Donation to Church Commercial Farming Group – Magnetic Media

By Dana Malcolm

Staff Writer

#TheBahamas, April 28, 2022 What would have been the largest project of its kind in the Caribbean, the billion-dollar, 1000-acre mega hotel Coral Harbor project may be moving forward but only at a fraction of its initial size.

The smaller plan is estimated to cost no more than 300 million dollars but the original, designed by Winstanley Architects and planners for Bahamas Leisure & Resorts Ltd. President and Chief Executive Officer Aboudi Debs, was slated to have, Six hotels, class A and class B, office space, four marinas, two golf courses, over 3,500 condominiums, single-family lots and estates, as well as retail and rental apartments.

Unfortunately, the very same day Baha Mar went into chapter 11 my client made a proposal for a multibillion-dollar project in Coral Harbour. There was absolutely no taste for a large project of that size at that time and we all know the history of what took place at Baha Mar, and Christie will never get the credit for what he deserves with respect to resuscitating the Baha Mar project, but in terms of the project in Coral Harbour, there was just no appetite for it, Grimes said

The Baha Mar project was another venture that would have been the largest in the Caribbean but was plagued by controversy. After consistent delays and deferred openings, the project finally filed for bankruptcy in 2015. The principal developers blamed the development company, a Chinese company, for consistently missing deadlines and delaying the opening so far back that it became impossible to recoup the money spent. It was resold in 2017 and opened on a smaller scale.

Since then the Coral Harbor Harbor project has taken on a more bite-sized approach.

Grimes said the developers had assessed and scaled down to something that could be built in the foreseeable future. The approach seems to have yielded fruit as the principal developers met with the Bahamian government earlier this month.

Grimes told the Tribune, that the Coral Harbour Development is months away from making any formal submission to the government.

What they presented to the Government of The Bahamas was their intent to introduce phase one, stage one, which is a much smaller, well-defined project.

In terms of approvals, Grimes said they had not reached that stage.

Theyre in the very preliminary stages of finalizing plans so an application can be made as such in short order. It takes time to finalize plans, then you have to get approvals and then begin putting shovels in the ground.

Theyd not be applying, more likely for another four-plus months.

The attorney sought to refute any rumors that the development was breaking ground soon saying he and his clients had nothing to do with that release of information; calling it reckless and irresponsible for anyone to circulate that kind of information. He also cleared up rumors regarding a $9 billion transaction price tag on the resort saying it was untrue.

The rest is here:

Backyard Farmers to Benefit from Donation to Church Commercial Farming Group - Magnetic Media