The Ritz-Carlton Rose Island resort will cost "near $1 billion" to construct over a 10-year period, the hotel chain's senior vice president for Florida and the Caribbean told The Tribune yesterday, with the developers amending the resort design to move away from a seven-storey structure.

Ezzat Coutry, speaking after a breakfast hosted by Ritz-Carlton, said: "Rose Island alone will be near $1 billion in the construction span. I just know that the Rose Island hotel, 300 slip marina and all other components will cost quite a bit.

"It's a $1 billion project that will continue on for 10 years. It should have quite a bit of impact on construction employment. The residual impact will be quite substantial."

Russell Miller, the Ritz-Carlton Rose Island's general manager, said "approvals are all in place", and the developers had been assured by the Government that everything was set to proceed.

"It's a $1 billion investment," Mr Miller said. "Construction wise, we expect [to create] between 500-600 construction jobs, and once completed we are looking at 600 permanent, full-time jobs for the operation."

The Ritz-Carlton Rose Island masterplan had been fully approved, while permitting to allow the developers to begin dredging for the marina was "in hand".

Mr Miller, who is also the Bahamas Hotel Association's (BHA) president, told The Tribune: "Dredging is to begin very shortly." Renovation of the Nassau Harbour Club, which will house the project's offices, and act as an embarkation point for construction workers, resort staff and, ultimately guests, is also being conducted.

While the Heads of Agreement signed with the former Christie administration on February 13, 2006, allow the Ritz-Carlton Rose Island developers to construct a hotel seven storeys high, Mr Miller said that design was now being revised.

While the proposed design had generally been favourably received at planning charettes, where Bahamians were given an insight into the developer's plans, some opposition had been voiced to the seven-storey plan.

Mr Miller said that on reflection, the developers had decided that a seven-storey hotel was not appropriate for Rose Island and its setting, and accordingly revisions were being made.

"That's being reconsidered, and a new design is in development right now as we speak," Mr Miller said, adding that the resort was due to open in 2010.

He added that Ritz-Carlton, which is focusing on becoming a luxury lifestyle brand in the global hospitality industry, looked to establish resorts in environments that were "remote, very upscale destinations with beautiful beaches".

Rose Island had all these characteristics, he added, and was underdeveloped, but the project would look to preserve as
much of the island's existing environment as possible, and mitigate any impact from its presence and construction.

"I cannot begin to tell you how excited I am about the Ritz-Carlton Rose Island project," Mr Miller told attendees at the breakfast.

Describing the island as "the most desirable private outpost left in the Bahamas", he added that the resort would only be accessible by either boat from Nassau or helicopter.

Mr Miller said it would become "the destination of choice" for affluent guests and residents of its home sites and condotel, as it would allow those "who put a premium on privacy" to still enjoy downtown Nassau and Paradise Island's shops, restaurants, casino and golf courses.

Such amenities, Mr Miller said, were only a 15-20 minute boat ride away.

Set on 230 acres, the Ritz-Carlton Rose Island will include estate homes, condominiums, a hotel, marina, marina village and condotel. The original Heads of Agreement allowed for a hotel of between 95 and 61 rooms; 65 condo units between 1,800-1,900 square feet in size; 60 resort residences between 2,200 and 2,400 square feet; 137 resort estate homes. Of those estate homes, 69 will be constructed by the developer, and 68 either individually or jointly as agreed between the Rose Island Beach and Harbour Club and Ritz-Carlton.

The Ritz-Carlton Rose Island's developer, which will own a majority stake in the project, is the `Miami-based Gencom group, a hotel investment and development firm founded in 1987.

It is headed by Karim Alibhai, who also acquired the former Holiday Inn resort on Paradise Island and the Nassau Palm on West Bay Street. Ritz-Carlton will be the hotel operating and 'management partner for Rose Island. having linked up with Gencom on several other projects.

Meanwhile, Mr Coutry, who visited the Rose Island site on Sunday, said he was "amazed" every time he went there to see that the company and developer had acquired the site.

Adding that Ritz-Carlton had been attracted to the Bahamas by its ability to attract high-spending US tourists over the last 40-50 years. Mr Coutry said the hotel brand first entered this market two years ago when it took a 50 per cent stake at the Abaco Club at Winding Bay.

Ritz-Carlton has been managing 15 cabanas and nine two-four bedroom cottages at the private members' club, Prime Minister Hubert Ingraham having stayed there himself recently.

Ritz-Carlton has now acquired 100 per cent of the Abaco Club, having purchased flamboyant UK entrepreneur Peter de
Savary's remaining 50 per cent interest. It was Mr de Savary who founded and initiated the Abaco Club project.

"We got into the project two years ago," Mr Coutry said. "Mr de Savary has redirected his interests to Grenada. He's really focused on the project there, and we thought this was an opportunity to continue with the project as he envisioned. We're happy to have Abaco in our control."

Source: The Tribune