By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Letter of Intent (LOI) is being finalised for a 40-room boutique resort at Grand Bahama’s Deepwater Cay property, with plans also underway to sell 40 waterfront lots.

Nicole Diaz Mendoza, vice-president of real estate at Deepwater Cay, said the new developments would take the private island to the next level. “Currently we have eight homes with eight homeowners, and we are trying to sell approximately 40 home sites,”she said. “You are going to buy the vacant land and build your own custom dream home. All the lots are waterfront. You can purchase the lot and build your home, or choose one of their existing floor plans. We have four existing homes, two of which are two bedrooms and two are three bedrooms, and those are from $850,000 to $1.5 million. These are all in the rental programme. It is a great investment for rentability or for private use.”

Mrs Mendoza added that a Letter of Intent (LOI) was also being finalised for a 40-room boutique resort. “We are in the process of a finalising an LOI, a Letter of Intent,” she confirmed. “We have sought after a particular brand, very high-end with our ideals of conservation.

“Most developers come into the Bahamas and come to make a quick sell, and don’t really care what happens. If they make money, fantastic, if not they bail out. That is not our intention. The owner is huge in the bonefish and tarpon trust. Also all of our employees are Bahamian. I believe right now there are about 60 Bahamians employed.”

Deepwater Cay, a private island southeast of Grand Bahama, is a renowned bonefishing spot.

John Christie, chief executive of HG Christie, said the developers have invested $30 million in Deepwater Cay to-date. “It’s one of the most serene, and environmentally beautiful, parts of the Bahamas,” he said.

“It started out in the 1950’s as a bonefish camp ,and now it’s been bought and the new owners have put quite a bit of money into it. It’s an amazing place and they now decided to open it up to a wider group of people and maybe have 40-50 families there, and a small boutique resort.

“It’s really a special place that few people know about. There are very few private islands with their own runways as well as Customs and Immigration. The current owners have invested in excess of $30 million in it. Running a private islands does cost money. The owners have deep pockets so they are going to keep at it,” said Mr Christie.

“The owners are big on conservation, so they are working with the Government right now to have about 250 acres next door turned into a national park.”