By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The developers behind a $6 million marina in Nassau Harbour yesterday said they hoped it acted as “a catalyst” to further redevelop downtown, telling Tribune Business the project was 70 per cent complete and likely to create 30-40 full-time jobs.

Waterfront Marina, a 50/50 joint venture between prominent landowners, Bethell Estates, and brothers Craig and Brent Symonette, has also “initiated” the vision held by both Prime Ministers Perry Christie and Hubert Ingraham - that of a waterfront boulevard stretching from the western Paradise Island Bridge to the heart of downtown Nassau.

The project, located at the back of Luciano’s Restaurant and the Green Parrot on East Bay Street, has “easily employed” 50 construction workers to-date, and is targeting an opening before 2012 year-end.

Confirming the involvement of himself and his ex-Deputy Prime Minister brother as joint venture equity partners, Craig Symonette told Tribune Business that Waterfront Marina would feature 100 slips and 6,000 linear feet of dockage space.

Targeting “the larger American yachts” in the 50-90 foot range, Mr Symonette said the development also aimed to exploit the ‘underused’ Nassau harbour and waterfront as a location for fine dining, attracting boaters who could moor their vessels and come in for a meal.

A highly lucrative business in other harbourfront and riverfront cities, Mr Symonette said: “We’re full steam ahead. It will tie-in with the Green Parrot and Luciano’s restaurants. It will have access to both restaurants.

“We’re putting in a pool and marina office - a dockmaster’s office. It’ll have sewerage pumping facilities, and the most important feature is that it will actually initiate the waterfront boulevard both Prime Ministers have talked about.”

Confirming that Waterfront Marina had already built its section of a 20-foot wide boulevard, Mr Symonette added of the project: “It should only further the downtown redevelopment. No one currently wants to go east of East Street for their shopping.”

Describing the joint owners as “very optimistic” on Waterfront Marina’s prospects, Mr Symonette said the venture would also “lead” to the redevelopment of the former Tropical Shipping and old Nassau Shipping properties.

He added that the parties were now focusing on 
“landside development” of their real estate holdings, and were looking to find uses for their western property.

“We’ll be a full service marina, and are looking forward to having it complete by the end of the year,” Mr Symonette told Tribune Business.

“We’re about 70 per cent complete. The boardwalk is completed, and over 60 per cent of the pilings and the electrical systems are in.”

The BHM Group has been the main contractor on Waterfront Marina, aided by Bahamas Marine as sub-contractor, and Mr Symonette said that “easily 50 people” have been employed in the construction phase.

While marinas created “very limited” direct employment, requiring just a manager/dockmaster and several assistants, Mr Symonette said the “knock-on effect” from ancillary services such as ice warehouses and laundromats would likely create 30-40 full-time jobs from the project.

“We hope to aim at the US market,” he told Tribune Business. “We hope to bring in new business. We’ve lost Hurricane Hole, and the island lacks marina space.

“We hope to start withe the 50-90 foot range, the larger American yachts. We’ve very pleased with the progress to-date, and hope it [Waterfront Marina] acts as a catalyst for a lot more.”

Mr Symonette said the project aimed “to start with a bang”, given that its opening will coincide with the peak tourism season, and the Hurricane Hole Marina’s closure meant its former customers would be looking for a base.

Peter Maury, the former manager of the Atlantis marina, has been brought in to run Waterfront Marina, Mr Symonette revealed.

Explaining where the project’s inspiration came from, Mr Symonette said: “The Bethells and ourselves have been talking about it for some time.

“We knew we had to recreate revenue streams for the property [with the shipping companies going to Arawak Cay], and turned to the marina and waterfront.

“We wanted to focus more on the harbourfront dining, someone eating their meal against the great backdrop of the waterfront. We have a great harbour, but don’t use it. We take the harbour for granted.”

Mr Symonette contrasted Nassau with cities such as Boston, Miami and European locations, all of which had created waterfront boulevards with fine dining and recreational experiences.

He pointed to locations such as Potter’s Cay, which could offer a totally different experience if transformed with boutique stores, and restaurant and winery offerings.

And, while Bahamians could be pleased with the authentic experience offered by Arawak Cay and the Fish Fry, Mr Symonette said the nation had “to do more than that”.