By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A boutique hotel is among the build-out options under consideration by the likely purchaser of Exuma’s February Point development, with ultimate ownership likely to vest in a consortium of new and existing homeowners at the project.

Sources close to developments confirmed that John McGarvey, owner of Exuma’s former Coconut Cove Hotel, was looking to upgrade February Point with a host of new amenities, including docking facilities and possibly a restaurant.

The deal with the Hart family is understood to be close to $8-$8.5 million, Tribune Business understands, with Mr McGarvey keen on bringing new and existing February Point investors into the fold.

Together with the former Coconut Cove property, and his proposed Stocking Island project, Florida-based Mr McGarvey has become one of Exuma’s most prominent investors in a relatively short period of time.

Tribune Business was told that completion of February Point’s acquisition, which is likely to close within the next 45-90 days, might see Mr McGarvey tweak his plans slightly. It was suggested that the Stocking Island project might now become an ‘exclusive club’ for February Point homeowners, tenants and their guests.

“The deal is signed,” one source confirmed to Tribune Business. “The buyer is John McGarvey at present, but there will be a consortium of owners behind it, a mix of existing owners and new entrants - owners and investors at February Point.

“The plan is to re-do the development with new amenities. There are plans for new units to be constructed, new docking facilities to be constructed, and possibly a restaurant and other amenities tying into Stocking Island.”

Tribune Business’s sources suggested that under Mr McGarvey and the ownership group, February Point would be gradually converted to more of a ‘mixed use’ site, as opposed to its current status as a largely residential development.

The 85-acre property, which has around 165 lots, could see the construction of townhomes and condominiums, this newspaper was told.

And there was “talk of a very luxury boutique hotel being planned within February Point”.

Mr McGarvey did not return Tribune Business calls seeking comment yesterday, while Randy Hart declined to comment on the pending sale.

Mr McGarvey’s emergence as February Point’s likely buyer comes as little surprise, given that he had previously been in talks with the Hart family to acquire an adjacent property featuring an old concrete plant.

He came to the forefront after Toronto-based real estate developer, The Talisker Corporation, pulled back from its initial interest in acquiring February Point following a period of due diligence.

Sources familiar with developments said Talisker may have revived its interest in purchasing the dormant Crab Cay development, located near February Point, and was also exploring what to do with some 1,400 acres it owns on Little Exuma.

Crab Cay, which was approved in 2003, was an investment initiated by the Murphy family, hog farmers from North Carolina.

A bridge, utilities and much of the necessary infrastructure has been put in - making it an attractive foundation for someone like Talisker - but Crab Cay is yet another Family Island development that has come to a standstill, and effectively been abandoned.

Tribune Business understands that the Hart family had been seeking a purchase price around $10 million to exit February Point, and the McGarvey deal is not that far away.

The latter’s activities have helped make Exuma’s economy one of the most active in the Family Islands. The Stocking Island project is now awaiting final government approvals, a site visit with officials having taken place earlier this year.