By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The deputy prime minister yesterday disclosed that Eleuthera’s proposed Ritz-Carlton Reserve project is increasing its planned investment by $160m and expanding the number of residences by 35 percent.

Chester Cooper, also minister of tourism, investments and aviation, told the Eleuthera Business Outlook conference that the development’s planned April 14 ground-breaking and anticipated construction start this month “marks a major milestone” for a development that has been promised since the latter years of the 20th century.

Acknowledging that many Eleuthera residents will likely only believe in the development, spearheaded by Cotton Bay Holdings, an entity owned by Colombian billionaire, Dr Luis Carlos Sarmiento, once they see work begin and physical buildings rise, he said the workforce will likely expand from its current 30 to some 450 persons at construction’s peak.

Both Mr Cooper and Daniel Zuleta, Cotton Bay Holdings’ construction managing director, were more vague on full-time employment. Both initially indicated this could hit 550-650 when resort operations began, but later signalled this applied to the construction workforce.

However, the deputy prime minister said Cotton Bay Holdings’ projected investment in South Eleuthera has increased from an originally-projected $200m to now $360m, with the number of guest residences expanding by more than one-third - from 72 to 97.

And Mr Zuleta added that the developer is now planning to supply 100 percent of its 10 mega watt (MW) energy needs from its own 47-acre solar farm following Eleuthera’s recent history of power outages and energy blackouts. And, pledging that the Ritz-Carlton Reserve will seek to set “the gold standard” for environmental sustainability, he added that the project is targeting a 40 percent reduction in its carbon footprint.

“We anticipate that construction will begin in April,” Mr Cooper said, “and I’ll be back here real soon for the ground-breaking ceremony. And I’ve indicated to them I’m not much for ceremonies, so I hope that when we break ground we will be breaking ground with respect to the actual construction and they have given me their commitment so to do.

“So this is a real start. This marks a major milestone in the project. It’s expected to bring significant economic and tourism benefits not just to Eleuthera but the entire country. It will be great for the brand of The Bahamas and seals Eleuthera’s reputation as a premier destination.”

Conceding that the project has existed in various forms since 1997, when its backers obtained a Heads of Agreement with the-then Ingraham administration, Mr Cooper added: “Cotton Bay Holdings has been a fixture here for 25 years and I am delighted that it has finally set to take-off. But you have seen and heard much about this development before, and I know you want to see the ground-breaking before you get too excited.

“They are currently employing 30 employees, and we expect the number in the construction phase to increase. At its peak, to 450, and during its operations to peak at 550 or 650.. during the height of construction. Already the plan is expanding, and we expect the proposed number of residences to increase from what was announced.

“Originally they had indicated 72 residences and that now increased to 97. They had originally forecasted overall investments of $200m, and I’m now reliably advised that has increased to $360m. So, ladies and gentlemen, this is real, and we want Eleutherans to be positioned to have first dibs at the jobs and the spin-off business opportunities in Eleuthera,” he said.

“It is necessary for us to seize the opportunities and not just be standing by but engaged and participate and find out how you may benefit.” Mr Zuleta, meanwhile, asserted that “one of the biggest differences we are bringing to the island is an employee compound” that Cotton Bay Holdings will construct itself for resort and construction staff to overcome Eleuthera’s residential housing shortage.

He described the planned employee housing as “an iconic compound...not only in The Bahamas but the region”, and proceeded to detail the project’s environmental credentials. “One of the recent decisions we made, with the challenges Eleuthera is facing, is to go 100 percent solar,” Mr Zuleta said.

“We had a commitment with the Government to supply 30 percent clean energy. That being the case, we move a step ahead, a step forward, and we are creating a 47-acre solar farm that will supply 100 percent of the 10 MW we need for the resort.”

Pledging that the Ritz-Carlton Reserve will source 60 percent of its required supplies from local Bahamian businesses, he added that the resort project will be in compliance with international air quality and water standards and use rainwater it collects to reduce water demand by 30 percent.

“From an environmental standpoint, the golf course will play a major role,” Mr Zuleta said. “We will use salt-resistant grass, which requires 50 percent less water, a sand-based soil system [to tackle] the run-off of water from the property, and we are not using any concrete paths or any major insecticides on the grounds to prevent damage to the flora and fauna.” Pesticide use, he added, would be cut by 70 percent.

“Sustainability is not a choice; it is a necessity,” Mr Zuleta added. “And luxury doesn’t mean wastefulness; it means innovation. If we succeed here we can inspire other destinations, so I invite all of you today to be part of this journey and make The Bahamas the gold standard for responsible tourism and, more importantly, maintain Eleuthera as a world class destination.”