THE developer behind the $700 million Rum Cay Resort Marina said it expected to "finish off our financing rounds in the next three weeks", as makes plans to redevelop the island's Sumner Point Marina and work on the beach lots at its main 817-acre development.

Michael Farrant, Montana Holdings' chief operating officer, said the development company was "having positive signs from investors", who would enable it "to do all the development we want to do on Rum Cay".

Acknwleding that the Rum Cay Resort Marina was in a "construction lull" as the developer put together new debt and equity financing, Mr Farrant added: "We're finishing off our financing rounds in the next three weeks. It is a construction lull as we put together financing to roll-out the Sumner Point development and the beach lots."

He said Montana Holdings had already dredged the marina at its main 897-acre Rum Cay Resort Marina site, and completed and compacted the first private island, which will lie in the middle of the marina basin. "In Sumner Point, we have been upgrading the restaurant; we are examining for this season how we improve the existing docks, and we have done a lot of landscaping," Mr Farrant said.

"We are making Sumner Point ready for the season, so that when boaters arrive they can see things have changed for the better. We have hired Rum Cayans for this work, we have an island manager, and are putting together designs for Phase I at Sumner Point."We're going to do Sumner Point and the beachfront lots on the 07-acre site in Phase I. Those beachfront lots will start at $1 million."

Mr Farrant explained that at Sumner Point the developers planned to construct homes and lots on the inside of the marina basin, and also on land facing the sea. Docks would also be constructed, and the main communal areas cleaned up.

Then, in Phase II, Montana Holdings planned to construct a small boutique hotel at Sumner Point Marina to cater specifically to its yachting, boating clients. "We want a nice, measured approach" to developing the Sumner Point Marina, Mr Farrant said, adding that Montana Holdings was "in the process of completing" the final details of its acquisition from Sumner Point Properties, the company owned by American Bobby Little.

Montana Holdings has already been given "power of attorney" and is running the Sumner Point Marina from an operational viewpoint. "This has existing infrastructure, gives work to Rum Cayans, and keeps development going during these challenging times," Mr Farrant added of Sumner Point."It gives a nice platform, in terms of lots of prestige and profits, to roll into Phase II and finishing off the [Rum Cay Resort Marina's] marina, which is not far away.

"There is a huge following that Bobby Little has built up over the years. It [Sumner Point Marina] will be very successful. It's a nice platform for the development of the southern coast land that Montana owns, both at Sumner Point and the 897-acre site.

"It's coupled with a more challenging environment, but at the same time will be successful.

We have the ability to go through with the Sumner Point development, the beachfront lots and roll into the next phase of the development. We've got the financing, and got more investors coming to make it quite good for the future."

Montana Holdings had previously received permission from the relevant government authorities, including the Civil Aviation Department and Ministry of Works, to construct a new terminal building and extend the runway at Rum Cay's airport.

Mr Farrant said the developer had not decided yet when to commence with these projects, but pledged that Montana would "put in temporary facilities with the intention, as our Heads of Agreement says, of building a new terminal in the future, including accommodation for Customs and Immigration".

Montana Holdings earlier this week told The Tribune that the project's progress has been "severely impeded" by a series of "scurrilous attacks" mounted against it, plus the "confusion" caused by a rival hotel development with a similar name that appears to be claiming land it already owns.

Mr Farrant said the net effect of these challenges had been to deter potential investors in both the company itself and the residential, real estate component of the development.

He added that another element impacting Montana Holdings' project was the "confusion" caused by a rival project that has yet to be approved by the Government.

That development, Rum Cay Club, Marina and Spa, had a similar name to Montana Holdings' project, Mr Farrant said, and according to its website was purporting to be located on a site that was not only next to his company's land, but also incorporated the property on which Montana's marina resided.

Source: The Tribune