By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Prime Minister yesterday pledged “the days of Bahamians being observers to our own development are over” as ground was broken for a resort project billed as creating 500 total full-time and construction jobs.

Speaking at the launch of Eleuthera’s $200m Cotton Bay Holdings development, Philip Davis KC said the Government has mandated that Bahamians “be involved from day one” in all investment projects - not just as workers, but in management posts as well as ownership.

The project, which will develop a Ritz-Carlton resort, is forecast to generate 200 construction jobs as well as 250 to 300 full-time posts when operations begin. Cotton Bay Holdings, the developer, is an entity owned by Colombian billionaire, Dr Luis Carlos Sarmiento, and his family.

“I think it’s also important to say that growth cannot come at any cost. It must be responsible. It must be fair. It must include the people who call this island home,” Mr Davis said.

“This government has made it a requirement - across every major investment - that Bahamians be involved from day one. Not only in labour, but in management. Not only in service, but in ownership. The days of being observers to our own development are over.”

Noting that Cotton Bay Holdings has worked closely with the Bahamas Investment Authority (BIA) to plan a project, which was first conceived more than 25 years ago in the late 1990s, the Prime Minister said plans to realign Chris Brown Boulevard - the former Coco Plum Road - to make way for the development have already been subject to consultation.

“But I say this: We will hold every developer accountable to these commitments. Because the future we are building demands more than ribbon cuttings. It demands results. It demands integrity,” Mr Davis said. “To the people of South Eleuthera, your patience has not gone unnoticed. Too often, you have seen grand promises without follow through. Today, you are seeing action. Real equipment. Real capital. Real momentum.”

Describing the project as a “turning point” for the area, Mr Davis said: “The Cotton Bay Holdings Project is a $200m investment into this island. It reflects the confidence international investors have in our country, our economy and our people. It also reflects something more profound - the belief that growth should reach every corner of our nation, and that no island should be left behind.

“This first phase will see the development of 320 acres. It includes a 115-room luxury hotel, 40 private villas, a restored golf course, restaurants, a commercial centre, employee housing and infrastructure to support it all. A comprehensive development, planned with long-term sustainability in mind.

“During construction, 200 jobs will be created. Once the resort opens, 250 to 300 Bahamians will find stable employment. For many families, this will mean more security, more opportunities and the ability to plan ahead with confidence.”

Chester Cooper, deputy prime minister, told the recent south and central Eleuthera Business Outlook that Cotton Bay Holdings’ Ritz-Carlton Reserve project was increasing its planned investment by $160m and expanding the number of residences by 35 percent.

“We anticipate that construction will begin in April,” Mr Cooper said recently, “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 is 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.”

Daniel Zuleta, project director for Cotton Bay Holdings, said yesterday: “This is more than just a ground-breaking for a luxury resort. It marks the beginning of a new chapter for Eleuthera - one defined by vision, partnership, and a commitment to sustainable, community-centred growth.

“This project was born from bold ideas and brought to life by the resilience of many. We are building not just in Eleuthera - we are building with Eleuthera.” Maria Claudia Sarmiento, speaking for the Sarmiento family, said: “For years, we have held the mystique of South Eleuthera close to our hearts.

“With the support of the Government of The Bahamas and our partnership with Marriott, the arrival of this Ritz-Carlton Reserve will establish South Eleuthera as a world class destination, welcoming visitors from around the globe and fostering a stronger, more sustainable local economy.”

Brian King, president of Marriott International in the Caribbean and Latin American region, added: “Today marks a momentous occasion as we break ground on the newest addition to our exclusive Ritz-Carlton Reserve collection here in The Bahamas.

“This extraordinary property will join our rare estates, set apart from the world, offering an exclusive sanctuary with personalised service and deeply personal experiences for each of our guests.

“Our Ritz-Carlton Reserve properties are renowned for their intimate luxury. This will be no exception, offering a unique location handpicked for its lush, unspoiled landscapes. Guests will have the opportunity to explore this beautiful destination and indulge in uncommon luxury.”

Current Ritz-Carlton Reserve properties are located in Saudi Arabia, Thailand, Japan, China, Indonesia, Puerto Rico, Mexico and Costa Rica. Mr Zuleta told the recent Business Outlook 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. Mr Zuleta asserted that asserted that “one of the biggest differences we are bringing to the island is an employee compound” 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.”