Palm Cay yesterday officially broke ground on the $100 million One Marina residences – two and three story luxury condominiums and penthouses overlooking the community’s award winning marina.

Among those turning the first shovel of soil in  the ceremony  was Minister of Works  Desmond Bannister, who said the multi-million-dollar injection proves there is still investor confidence in The Bahamas.

“It’s going to be important for our economy to show the type of continuing investment that goes on in The Bahamas,” he said.

“There’s an indication of the government’s willingness to look at these developments and see how we can assist in facilitating their movement,” he added.

“I  also heard Mr. Batchelor indicate that a number of Bahamians are going to be buying residences here, and so this is not some place where Bahamians will not be welcomed.”

The Minister said the marina marks an important milestone in Palm Cay’s overall development.

“We hope other developers will be inspired to revitalize their real estate offering to an upscale market hungry for vibrant communities to live, work and play and we appreciate the economic boost that a project like this generates.”

One Marina will feature 84, two and three bedroom residences at a starting price of $800,000.

The first building will comprise 10 units and the project is expected to be completed by the first quarter of 2020.

According to Palm Cay’s Chief Executive Officer, Rob Batchelor, the work is being done by fully Bahamian contractors, with more construction job opportunities for Bahamians.

The CEO said he expects the entire One Marina project to last between 3-4 years and be completed in eight phases.

Approximately 107 residences and 72 lots have already been purchased at Palm Cay with developers investing $65 million in infrastructure, construction and amenities.