THE developer behind the $600-$700 million Rum Cay Resort Marina has acquired that island's only existing marina, Sumner Point, for a 'seven-figure' sum, The Tribune has learnt, enabling it to target high-end 'super yachts' as well as fishing nuts.John Mittens, Montana Holdings's British chairman, confirmed the developer had acquired the Sumner Point Marina from US investor Bobby Little. Although he declined to say what the purchase price was, it is understood that Mr Little will receive a sum upfront plus a percentage of any future real estate sales.

Mr Mittens told The Tribune: "He [Mr Little] owned the marina down there, and he approached us. It's a marina that has docks and a number of rooms, so we were immediately presented with a logistical base, restaurants and places for people to stay. We took advantage of the offer." Mr Mittens said that while there were some "residual" things to be settled with the Sumner Point Marina purchase. including a surveyor dealing with the land boundaries."But the contract is going forward, and there's no going back as far was we're concerned." he added, explaining that the Sumner Point Marina would target a different client base to the Rum Cay Resort Marina's own.

Meanwhile, Mr Mittens said Montana Holdings had to date spent an estimated $25-$26 million on its Rum Cay Resort Marina project. "The big money will start to get spent commencing this year, when we obtain all the confirmations we're waiting for to proceed in accordance with the Government's requirements. Then we'll be off and running."

Montana Holdings is currently laying the concrete bases for the new airport terminal on Rum Cay and after consultations with government "hopes to start construction shortly thereafter". All materials for the airport construction were now on Rum Cay. he added. Up to 90 people have been working on the Rum Cay Resort Marina at any one time, although that number had reduced as the project waited for Spur Tree to mobilize its workforce. Montana Holdings itself was currently directly employing 30 persons. Mr Mittens said "a large contract had been awarded to a Bahamian company", Spur Tree, to construct two islands within the marina at the Rum Cay Resort Marina. These would be the sites for the project's -luxury" real estate, and Montana Holdings had also reassigned the separate marina contract.He added that the two islands would cover nine acres of the total 27 acres allocated by Montana Holdings for the Rum Cay Resort Marina's marina.

Mr Mittens said surveying was currently being done on Rum Cay for the drilling out of wells for the project's water utilities, with Montana Holdings also set to put out to tender a contract to construct accommodation on Rum Cay for up to 450 workers. In addition, Montana Holdings was awaiting confirmation from the Government and the Water & Sewerage Corporation on aspects of its plans to provide water to the resort project and wider island.

Montana Holdings was looking at a joint venture with the Water & Sewerage Corporation, Mr Mittens said, and had been offered certain incentives as there was no existing water producing of sewerage plant on Rum Cay.
He added that Montana Holdings was awaiting confirmations from the Bahamas Electricity Corporation (BEC) regarding plans for power supply to the development.

Meanwhile, Mr Mittens confirmed to The Tribune that Montana Holdings had earlier this year acquired 550 acres of land at Pigeon Creek in San Salvador for another potential resort development, the land purchase having been approved by the Government. "We're going to address it and apply for government approval towards the end of the year," Mr Mittens said of the San Salvador possibilities. "I just want to get Rum Cay to a certain position, then that's the rolling snowball.

'There's all sorts of considerations on that and we haven't started thinking about' the possibilities. It's just an exquisite piece of land that came up and we took advantage of the opportunity. We will focus on Rum Cay until November, December then, turn to San Salvador."

Source: The Tribune