The developer behind the $1.8 billion Mayaguana, investment project, have started marketing the development to a brand-name hotel operators and others, telling The Tribune they were confident of the new administration's support and the, progress made to date. Junaid Yasin, the Mayaguana Development Company's (MDC) executive vice-president, told Tribune Business' they had wanted to get to a "certain level" of development before starting to market the project, and have now reached that point.

Project

The Mayaguana project is a 50-50 joint venture between the Boston-based I-Group and the Government. Mr Yasin added that the office in Boston had been working on the marketing, and indicated that a number, of "name brand operators" have viewed the property. He said that negotiations have begun to see what companies may be coming in.

Prime Minister Hubert Ingraham said during the general election campaign that if elected to office the FNM would seek to amend the Heads of Agreement between the I-Group and the Christie administration, which led to the creation of MDC and project management firm, Mayaguana Island Developers Ltd. Yet this has not disrupted work on Mayaguana or relations with the new government. "As far as we are concerned, we are going on as planned according to the agreement that we have with the Government of the Bahamas and the Bahamian people, which is for a 50-50 partnership, and we have a very definite number of obligations that we have to meet," Mr Yasin said. Too date, he added that the I-Group has met with several Cabinet ministers and things are proceeding as planned.

Mr Yasin admitted that the project is behind schedule, but said that they are not worried.""Mayaguana is a hard place to work because of the location and the logistics of building there, but we are grinding away," he added. Too date, Mr Yasin said the 70 -75 employees on the project have been working on asphalting and paving the roads. He said the teams are working on the island's roads as a first step to not only improve the island's infrastructure, but ensure that all the workers are on the same page ahead of paving the 7,300 foot runway and apron for the new airport facility. The paving is the main concern at present and should continue for at least another 30-60 days, Mr Yasin added. The joint venture between the Government and the I-Group is supposed to lead to the creation of the Bahamas' second free trade zone after a 15-year build-out.

Components

The development components are slated to include two 200-room hotels, 2,194 residential sites, two golf courses, an equestrian ranch facility, a wellness centre and educational institutions, commercial centres, marina city and expanded marina of 200 slips, luxury villas, and a 500-acre industrial park.

Mayaguana Island Developers is to pay the Hotel Corporation 10 per cent of the sales proceeds received from all sales of residential lots in the development area, and 5 per cent of the gross sales proceeds received from the sale of all commercial lots. The project will involve some 9,999 acres of land, of which 5,825 are involved in the first phase. The second tranche of 2,087 acres to Mayaguana Island Developers will occur once substantial completion of the airport has been confirmed, and the airport is open and operational. The third tranche of 2,087 acres will be transferred once the initial project is substantially completed.

Source: The Tribune