By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

HOPING to breathe life into Grand Bahama’s long-stagnant economy, the government of The Bahamas and US-based developer Concord Wilshire signed a Heads of Agreement yesterday for the $827m sale and redevelopment of the Grand Lucayan Resort, a move Prime Minister Philip “Brave” Davis says could transform the island’s economy and create thousands of jobs.

The project is expected to bring over 1,300 construction jobs and around 1,750 permanent positions for Bahamians.

“Now, finally, you, the people of Grand Bahama will have the development partner you deserve,” Mr Davis told a packed convention centre during a signing ceremony yesterday that sometimes felt like a Progressive Liberal Party rally.

Minutes after the signing, Mr Davis and company officials gathered on the Great Lawn, where demolition of the dilapidated resort began, symbolising a new beginning for the struggling island.

“The Grand Lucayan redevelopment is very ambitious,” Mr Davis said, with 80 percent of all jobs allocated to locals.

“We have said clearly Bahamians must be at the center of this,” he added. “It is not just a condition; it is a conviction because we know the talent is here, the work ethic is here; what has been missing is opportunity.”

The closure of the Grand Lucayan Resort years ago forced many residents to relocate for employment. Vendors in the nearby Port Lucaya Marketplace have fought to stay afloat. With this new investment, officials are optimistic about reversing that trend.

Concord Wilshire, with $10 billion in developed and acquired assets, has hired RSP Architecture to spearhead the redevelopment of the beachfront property.

“We are committed to being here to bring back tourism jobs and a strong economy to Freeport, and most importantly to bring a lot of Grand Bahamians back home,” said Nate Sirang, president of Concord Wilshire.

He described the future Grand Lucayan as a “powerful economic resort engine,” featuring seven major resort components. These include a 35-acre cruise destination open to all cruise lines and guests, a 25,000-square-foot indoor-outdoor casino, a 350-room branded hotel and convention centre, a 120-unit timeshare, the conversion of the Reef Golf course to a 160-acre Greg Norman signature golf course, and a 16-slip mega-yacht marina.

“At the core of all the projects is one simple principle: The community comes first,” he said.

“It has been a day that has been waited for decades by the people here who have seen highs and lows but have shown great resilience,” said Deputy Prime Minister Chester Cooper. “Today is only the start… the future and potential of GB looks bright.”

Ian Rolle, president of the Grand Bahama Port Authority, credited Prime Minister Davis for his leadership in securing the deal.

“Prime Minister Philip Brave Davis believed in GB and played a significant role in making this day possible,” he said. “So, let’s give honour where honour is due and show appreciation for our Prime Minister.”

The evening concluded with celebratory fireworks at Port Lucaya Marketplace at 9pm, capping a day many hope will be a turning point for the island.