By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

Phil Simon, president of the Royal Beach Club, said the project has completed 90 percent of the structure demolition with the process targeted for completion by September.

He said of the project, which is still in the site preparation and demolition stage: “We are probably 90 percent complete with the demolition of those structures. However, that’s not the completion of the demolition process. It’s also tree relocations, there’s site prep. There are other things that will probably take us to the end of August, I would say, for the completion of that process, end of August, September.”

Appearing on Guardian Radio yesterday, Mr Simon said the construction phase is expected to begin during the third quarter.

The heads of agreement for the 17-acre project on the western end of Paradise Island was signed in April, with work beginning shortly after.

During the signing, Prime Minister Philip “Brave” Davis said the $165m project will help further to enhance the vitality of the country’s tourism project. He said that not only would the project create 200 jobs, but Bahamians would also have ownership of the multimillion-dollar project.

“Bahamians will not just work there,” he said. “People of this nation will also share ownership in this development as well. It is anticipated that PDI Paradise Limited will hold at least 51 per cent of the shares in the Royal Beach Club, with the remaining shares allocated to the National Investment Fund for the benefit of the Bahamian people. Through this partnership, we will provide new employment and economic opportunities for this nation.”

Mr Simon said yesterday there are a “couple more steps” to finalise the offering that he expects to be made available by the third quarter of this year.

He said: “In a nutshell, it’s a partnership. So it’s a joint venture between the people of The Bahamas and Royal Caribbean, the split is 49/51, 51 percent Royal Caribbean 49 percent Bahamians.

“I know, everybody’s been asking, but you know, just a couple more steps required to get to the offering. But not the full 49 percent because the government does have a percentage share already, based on obviously the crown. But we want to get to that offering again later this year, hopefully by Q3. And so once that happens, Bahamians have the opportunity to buy into the project.”

He added that he expects formal requests for proposals (RFP) for vendors and services at the Royal Beach Club to be sent out by the last quarter of this year or the first quarter of 2025.