Baha Mar, the largest single-phase resort development in the history of the Caribbean, celebrated the commencement of construction with its official groundbreaking ceremony in The Bahamas on Monday.
The 1,000-acre, $3.4 billion resort, gaming and entertainment complex, slated to open in late 2014, will include some of the world’s most famous hotel brands, and is expected to set a new standard of luxury for the hospitality industry.
One hundred and fifty jobs have already been created on the project, according to Baha Mar president Don Robinson.
Robinson spoke to the media after the official groundbreaking ceremony for the Cable Beach development on Monday.
He said as the project intensifies in the coming months, more Bahamians will be employed.
Robinson noted that the first phase of the project commenced about two weeks ago with $60 million in contracts awarded to Bahamian contractors and subcontractors.
“That $60 million will cover approximately 9 to 12 months of work. So each week you’ll see the number growing,” he said.
Roberts Sands, Baha Mar’s senior vice president of governmental and external affairs, added that the majority of the Chinese labourers who will work on the development will begin coming in the 18th month of construction.
It is expected that a total of 8,150 foreigners will work on the project. However, no more than 5,000 will work on the site at one time.
Baha Mar CEO Sarkis Izmirlian said the developers will create something “that only exists in dreams.” He noted that the groundbreaking is the culmination of years of challenging twists.
In 2005, the Christie administration signed heads of agreement with Baha Mar. However, subsequent to that, the initial joint venture partners withdrew from the agreement. This was followed by a prolonged global economic downturn.
Izmirlian said the groundbreaking sends a clear message that not only is The Bahamas open for business but it will lead the region out of a recession. He added that it represents the birth of a new generation of destination resorts.
“The world has never seen what we are going to create,” he said.
Speaking to the media afterward, Izmirlian said the country is very lucky to have such a project realized on its shores.
“I think we’re extremely lucky. I live here and I want to make sure that this country is successful and prosperous,” he said.
“It’s not just the Caribbean. There is nothing like this right now being built anywhere in the world. And the whole world right now is watching that our partners from the Peoples Republic of China chose The Bahamas to invest these sums of money.
“Now these would be large sums at any time, but in the current economic crisis these are staggering. So it’s a vote of confidence for the project and a vote of confidence for the people of The Bahamas,” Izmirlian added.
Tourism Minister Vincent Vanderpool-Wallace said the project will also help to boost the country’s image and further promote The Bahamas as a premier tourism destination.
“When people look at what is happening, they will know there is something very special about The Bahamas,” he said.
Baha Mar will create a collection of world-renowned brands offering the highest levels of luxury, amenities and service, to include Rosewood Hotels & Resorts, Morgans Hotel Group, Hyatt Hotels & Resorts, and a world-class Casino Hotel, creating a total of 2,250 new rooms within four spectacular new hotels.
Baha Mar will include the largest convention center in The Bahamas, with 200,000 square feet of space, which can also double as a world-class entertainment venue and sports arena. Baha Mar’s new 100,000 square-foot casino will be the largest in the Caribbean, and will be the only true gaming experience outside Las Vegas.
Other amenities will include a 50,000 square-foot retail village combining an upscale shopping experience with Bahamian arts and crafts, chef-branded restaurants, and entertainment venues. A 20-acre Eco Water Park and pool experience, and three unique spas, including the largest spa in the Caribbean, will be set on the Bahamian Riviera, along 3,000 feet of the most pristine beach in the world. The planned 18-hole Jack Nicklaus Signature Course is one of a select few such top-tier Nicklaus courses in the world, and will be the only true championship course in The Bahamas.
Vanderpool-Wallace pointed out that the start of the project comes as the first phase of the Lynden Pindling International Airport redevelopment comes to an end. The official opening will be held on Friday.
“This is going to be a most significant week in the history of The Bahamas,” the minister said.
“It is the perfect bookends to a week that is going to be an amazing one that I think we’ll remember for a long period of time.”
Deputy Prime Minister Brent Symonette noted that the project will kick off the redevelopment of Cable Beach.
“This moment represents the culmination of a long painstaking process, and the beginning of the redevelopment and rebirth of a critically important part of the Bahamian tourism establishment,” Symonette said.
“Cable Beach has long been an integral part of The Bahamas’ tourism establishment,” he said. “The ongoing commitment of Bah Mar to the success of this project to redevelop this area is clear, and certainly bodes well for our collective efforts to ensure the dynamism, versatility and ongoing success of our tourism industry.”
Baha Mar represents a direct benefit to The Bahamas through the creation of 12,000 new jobs and the corresponding contribution of more than $305 million in annual wages. According to projections, Baha Mar will help raise the average annual income for a Bahamian family from $29,000 to $33,500, and in its first year of operations will contribute almost $1 billion to the local economy. Baha Mar’s long-term benefits to The Bahamas also include $4.7 billion in tax revenue and a GDP contribution of $11.2 billion over a 20-year period.
