By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

THE approval process is underway for interested buyers for the former Royal Oasis property and the International Bazaar in Grand Bahama, said Minister of State for Grand Bahama Kwasi Thompson on Thursday.

Mr Thompson had been speaking at the Grand Bahama Business Outlook in Freeport –- but did not mention either Royal Oasis or the Bazaar in his address.

Explaining why he had not gone into detail on the future of the properties, he said: "We are not at a stage where we can begin to talk about it. But there are persons who are interested in the purchase of the Harcourt properties, and the International Bazaar. They are going through the process of the approval, so I cannot speak further on it."

In the meantime, Mr Thompson assured his listeners that the government is working to correct and improve laws on how to deal with dilapidated buildings that are neglected by the owners, and go through the process of allowing someone who is interested to purchase and redevelop.

While taking questions on Thursday, he was asked about what is being done about the unsightly buildings at the Bazaar, and the rundown hotel property owned by the Harcourt Development Group.

Mr Thompson agreed that the hotel property owned by Harcourt, in addition to the nearby Bazaar, must be dealt with if the island is to recover completely.

"The Bazaar and Royal Oasis, in fact, all the Harcourt properties are a huge challenge – they cannot remain the way they are," he insisted.

"We in GB, I believe will never feel as though we have completely recovered until the Harcourt property, including International Bazaar, have been dealt with."

In 2004, the old Royal Oasis properties sustained severe hurricane damage by Hurricane Frances. The initial owners, the Driftwood Group, decided to close the property, leaving more than 1,000 hotel workers jobless.

At the time, the 500-room tower hotel, and the 900-room country club and timeshare, was the island’s premier anchor resort property for many years.

The casino was the main attraction and visitors flew in from the US to gamble and enjoy Freeport’s nightlife, while staying at the hotel.

Although the properties were purchased in 2007 by the Harcourt Group for $33m, the developers' plans to redevelop the property did not happen due to the economic crash of 2008.

The property has deteriorated over the past decade, and remains in a state of disrepair. Successive governments have been unable to get Harcourt to live up to its obligation.

The nearby International Bazaar, a once premier shopping mecca, was subsequently affected by the hotel's closure, forcing some 80-plus merchants to close their stores or relocate. Today, only a handful of straw vendors remain at the Bazaar.

When the Minnis administration was elected to office in May 2016, they met with the principals of Harcourt about whether they would resume plans to develop the property.

The property consists of a 300,000sq ft hotel, as well as a 45,000sq ft casino, and 55,000sq ft convention facility. In addition, the tower hotel covers 350,000sq ft with 650 timeshare units.

The property, on the main city thoroughfare of Ranfurly Circus and the Mall Drive, is now considered an eyesore.

Mr Thompson indicated that the government is working with the GB Port Authority through a Dilapidated Buildings Committee which has been meeting for the past several months, assessing and making recommendations on how to address, not just the International Bazaar, but all of the dilapidated buildings.

"We will be receiving recommendations on the buildings themselves individually, and on the laws that would need to be changed in order for us to address that situation," he explained.

In addition to the Royal Oasis and Bazaar properties, Mr Thompson said there are also two hugely challenging buildings in downtown Freeport which are also being looked at, but there are legal challenges that must be addressed.

"The law is a challenge in how those things can be addressed by the Grand Bahama Port Authority and the government," he said.

"So, we are working along with the Port Authority in how we change those laws for us to be able to address those kinds of buildings, and included in the recommendations would be how we address the International Bazaar as well."