By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Bahamian developer yesterday voiced optimism that the planning authorities will eliminate “wasteful” restrictions to allow his proposed $20m project to proceed and create over 100 construction and full-time jobs combined.

Nick Dean, principal of Integrated Building Services (IBS), told Tribune Business he was “fairly confident” that the Town Planning Committee will use its lawful powers to eradicate restrictive covenants - imposed decades ago by Old Fort Bay’s developer - that “serve no real purpose” and presently block his proposed 30-unit Azumi community.

The residential project, targeted at a three-acre site in western New Providence that lies between Charlotteville and Old Fort Bay, is aiming to create 50 to 75 jobs during the construction phase and a further 30-40 full and part-time posts through operation of amenities such as a clubhouse, pool and wellness centre.

Speaking to this newspaper before Azumi’s upcoming public consultation with the Town Planning Committee, Mr Dean argued that the present restrictive covenants imposed on land his parents bought last century are simply “not sustainable” given the growing shortage of available land and affordable housing on New Providence.

The covenants, imposed by Old Fort Bay Company Ltd in selling the three-acre parcel to his father in 1998, presently limit development to two private residential dwellings of “no more than 3,000 square feet each”. A qualified engineer with some 30 years’ experience of working on major investment projects such as Baha Mar, Mr Dean is urging the Town Planning Committee to use its authority under the Planning and Subdivision Act’s section 25 and eliminate these obstacles.

Should this plea be successful, Mr Dean said he plans to give Bahamians an opportunity to finance and invest in Azumi via a private placement offering that will take place once all necessary permits and approvals are obtained. Forecasting that construction will take between 24 and 30 months to complete, he predicted that work will likely start in “the second half of next year” to allow for all design, planning and engineering work to be concluded.

“They serve no purpose now,” the Bahamian engineer said of Old Fort Bay’s restrictions. “The market is completely different from what it was 30-40 years ago. The development of two family homes on a three-acre plot is not sustainable. We need to provide more sustainable housing opportunities for people as land shortages will be a real thing in the next 15 to 20 years for New Providence.

“I’m thinking about my daughter. I have a five year-old toddler and don’t know where she’s going to live. It’s going to be a challenge. Finding affordable houses, especially first homes, is very difficult. It’s got to be a healthy mix of multi-family, and single residential options. Not everyone will be able to buy single family homes. You’ve got to have multi-family.”

Mr Dean, in making his case for the elimination of the restrictive covenants, argued to the Town Planning Committee that communities such as Azumi “should be encouraged, not stifled by outdated restrictions which do not serve the common good. This is especially poignant in the case of communities developed by Bahamians where most of the proceeds will remain in circulation in the Bahamian economy”.

He added of the restrictions: “In addition to being an inefficient and wasteful use of the three-acre property, this is inconsistent with the use of the adjacent developed properties. There are multiple townhome and condominium developments in the immediate vicinity beginning from as close as 600 feet north of the subject property along West Bay Street.

“Given the limited availability of developable land and housing opportunities in the area, the restriction only serves to retard the progress of economic development but it severely limits opportunities for other affected property owners by putting them at an unfair disadvantage compared to owners of similar properties in the adjacent communities.

“The restrictive clause on the original conveyance is outdated and in direct contravention with the current Planning and Subdivision Act... This application represents an appeal, in accordance with the Act, for the removal of the current restriction which unfairly restricts the use of the subject property and other affected neighbouring properties.”

Mr Dean also informed Town Planning that the 3.017-acre site, which is presently undeveloped land, will be transformed into a high-end community that complements “the value and calibre” of Charlotteville and Old Fort Bay plus other western New Providence projects.

“Azumi will be a low-density, high-end, multi-family condominium community consisting of approximately 30 units, resulting in a 10-unit per acre density,” he added. “This ten-unit per acre density will result in less than 40 persons per acre, which is well below the 50 person per acre maximum allowable density..

“The residential units will be condos, town homes or a mixture of both. The size of the units will range from 1,600 to 2,000 square feet. The design aesthetic will be Bahamian contemporary with an emphasis on creative landscape architecture to encourage healthy outdoor lifestyles and community interaction.”

Planned as a gated community, with 24-hour security, a community clubhouse, sports courts and electric vehicle charging station, Town Planning was also informed that there will be two parking spaces per unit together with guest parking. “Passive park space will, at a minimum, meet the 5 percent green space requirement,” Mr Dean wrote.

“The Azumi property is fully owned by Bahamians and will be designed and built by Bahamian companies, thereby ensuring that funds generated remain in circulation in the local economy... During the planning phase, Bahamian contractors will be engaged to construct the site and building aspects of the community.

“It is anticipated that 50 to 75 persons will be employed during the construction of the community. Approximately 30 to 40 persons will be partially or fully employed during the operational phase in areas including property management, Property Owners Association (POA) maintenance, concierge services, housekeeping, maintenance etc.

“Bahamian service providers will be engaged once the community is operational to provide services such as landscaping, solid waste management and cleaning etc. Given the current economic climate, Azumi and other similar communities which will contribute positively to the local economy should be encouraged.”

Mr Dean, who will be ‘hands on’ and “spearhead” the project, managing a team of Bahamian architects, engineers and other professionals, told Tribune Business: “It’s going to be a $15m-$20m investment. I want to use as much Bahamian input as possible. With a project of this size and complexity, it can be primarily Bahamian on the design side and construction.

“What I also want to do is create investment opportunities for Bahamians. We don’t have many options to invest and turn money over. I want to get Bahamians involved at the earliest level... I want Bahamian investors, Bahamian professionals and Bahamians taking care of the project.”

Mr Dean said he will work with a “development adviser” to develop Azumi’s economic feasibility plan and structure the capital raise from Bahamian investors, which will be in “the first tier”. He was unable to say what the target raise will be, but added that the remaining “balance” would come from conventional sources such as institutional investors and banks.

Revealing that his family had always planned to develop the three-acre site, and “things just kind of lined” up now from both a financial and engineering/construction expertise perspective, Mr Dean said: “I’m not too ambitious. I don’t want to do anything to large with many moving parts. I want something simple, and am keeping it very low rise, two-storey, simple, clean and serene. It will be a very low density, very low impact and very low energy type of development.”