The start date and construction schedule for the $1.4 billion Albany Golf & Beach Resort "is entirely in the hands" of the developers, who yesterday told The Tribune they were working to "finalise one last document" with the Government at a meeting set for today. Dr Earl Deveaux, minister Of works and transport, said Albany had obtained all the necessary approvals from his ministry for phase I of their project, and did not need to "negotiate any further deal with the Government".

The Ministry of Works had granted subdivision approval for Phase I and permitted the marina excavation, the minister confirmed yesterday, while the design for this phase of the project had been "approved some time ago".

Dr Deveaux told The Tribune: "Albany's schedule and their start date is entirely in their hands. Albany has no further deal to negotiate with the Government. Anything else they want to do is procedural. "Albany's fate is in its own hands, and the speed with which they progress their project is entirely in the developers' hands and the speed with which their project managers wish to go. We are paid to deal with these developments in as quick and efficient manner as possible, and all the staff at the ministry know this."

Dr Deveaux added that Albany had requested a meeting, due to be held today, with technical officers at the Ministry of Works to discuss "the revised proposed road plan". Although unable to comment on this more fully, because he did not know the specifics of what Albany wanted to discuss, the road plan is likely to refer to the proposed re-routing of south-west Bay Street around Albany. Dr Deveaux confirmed that the acquisitions of land from private owners to facilitate this road re-routing had been completed. "All the pieces of land that border on the road, the acquisitions have been corn-pleted," he added.

Confirming that construction on Albany was likely to start soon, Christopher Anand, the development's managing partner, told The Tribune yesterday: "We are finalising one last piece of documentation with the Government, which we don't anticipate any issues with."We hope to start construction imminently - in a couple of weeks' time."

That is likely to gladden the hearts of many in the Bahamian business community, and especially the construction industry, who have been eagerly awaiting the start of developments such as Albany to provide a much-needed employment and capital injection boost for the economy amid a global slowdown.

Mr Anand had told The Tribune earlier this month that if Phase I sales went well, they would seek government approval to start Phase II of Albany this year as well, a move that would provide a further $400 million boost for this nation's construction industry.

Dr Deveaux said yesterday that Albany would have to return to the Ministry of Works to obtain subdivision approvals for Phases II and III of the project, completing surveys and ensuring that everything was in compliance with the governing Acts.
Albany is looking to ultimately complete and open the project's hotel, marina, amenities, infrastructure and initial residential units by Christmas 2009. It already has commitments from 80-90 founders.

The project site has already been cleared to enable Albany's contractors, who include Bahamian companies Cavalier Construction, TARM Corporation and Mosko, to start construction work immediately on infrastructure such as the roads and marina, the golf course, and initial hotel units.

Albany had estimated that the infrastructure and amenities work would involve $250 million of construction work, and if sales went well, Phase II - the condos, apartments and luxury residences - would begin this year. Albany has been projected to inject a cumulative $1 billion in extra gross domestic product (GDP) into the Bahamian economy over its first 12 years of existence, creating a total of 1,100 jobs once it becomes fully operational.

The economic impact assessment, conducted in conjunction with the former government, had shown that the Albany Project would generate 700 permanent. full-time jobs. A further 400 "indirect and induced" jobs would be generated from entrepreneurial ventures and other spinoffs. The economic study also showed that Albany would generate $400 million in property taxes for the Government during its first 12 years' in existence, with the $1 billion GDP impact over the same timeline coming from both the construction and operational phases. In 2017, the Albany Project is expected to generate $67 million in annual GDP from ongoing operations alone, according to the economic impact assessment.

The major investors in the Albany project are the Tavistock Group, the company through which Lyford Cay based billionaire Joe Lewis makes his worldwide investments, and world-renowned golfers Tiger Woods and Ernie Els.

Source: The Tribune