Branded as the new downtown Paradise Island, Sterling Hurricane Hole offers a unique live work play lifestyle, as touted by Prime Minister Dr. Hubert Minnis, who brought the keynote address at the official ground-breaking ceremony for the project.
The project’s expected to provide a $250 million boost to the economy.
“It is projected to provide approximately 3,000 construction jobs over a five-year period and when completed, it will provide 500 full time and part time jobs,” he said.
“The development of the 13-acre Hurricane Hole marina site encompasses residential retail professional office space, and a renovated marina.
“It will take place in three phases; the first phase is expected to be completed and ready for occupancy by June 2020.
“It includes repairs for existing 90 slip hurricane hole marina, the construction of 16 residential units, 15,000 sq. ft of office space, 20,000 sq. ft of convenience, commercial retail and two restaurants,” said Dr. Minnis.
The project’s second and third phases will include the construction of 50-70 residential units and town houses respectively.
Sterling Global is also developing a new high-end condo triplex on Paradise Island.
“Beach house villas also on Paradise Island, Courtyard Marriott Downtown Nassau and Ocean Terraces on West Bay are a part of the portfolio. It is also considering major family island developments in both Abaco and Eleuthera,” said the Prime Minister.
He stated that “Sterling Hurricane Hole will enhance Paradise Island’s international reputation as a premiere destination.
“Developments like this, demonstrate that investors continue to value the Bahamas as a world class destination and an excellent place for investment,” he said.
Sterling Global Financial CEO and Chairman, David Kosoy, said the goal is to bring people to The Bahamas, they’re looking to hire many new people, as well as provide student tuitions.
“We are sponsoring kids here. I’m talking about 10, 11, 12-year-old kids here that are brilliant, for school,” Kosoy said.
“On the proviso that they come back to the country.
“We’ll send them to medical school, we’ll send them to whatever schools they want, if they’re A students we will help give them scholarships.
“And we’ve done that and where people can’t afford to send their kid to a good medical school, where I know they were working as a waiter or whatever,
if they’re an A student and they promise to come back, we’ll help them. If they don’t come back, they owe us some money, but if they come back, they don’t owe us no money.
“So, we want to encourage the youth, where we’ve met many people that are not in the country right now, that are outside, we want to encourage them to come back.”
According to Prime Minister Minnis, Sterling Hurricane Hole is among the $3.7 billion in foreign investment the FNM has approved since mid-2017, adding that a number of other large-scale New Providence based Bahamian owned tourism projects are in the works.
