NASSAU PALM DEVELOPERS SERIOUS ABOUT SOUTH OCEAN
 
2014-02-18

NASSAU PALM DEVELOPERS SERIOUS ABOUT SOUTH OCEAN

Scieska Adderley Guardian Business Reporter scieska@nasguardian.com Developers behind Nassau Palm Resort’s acquisition have expressed a “strong” interest in the South Ocean property. Guardian Business understands that the group is very serious about acquiring the 383 –acre property. Their bid is set to be a joint venture between the principals behind Sunset Equities, and another group. Just last month, over 40 groups, including Bahamian interests, executed confidentiality agreements with a view of potentially purchasing the South Ocean property. In addition to the principals behind the Nassau Palm project, Guardian Business has also learned that Albany and former U.S. Ambassador Ned Siegel are among the bidders vying for the property. Offers reportedly came from the U.S., Europe and the Bahamas. Late last year, the property, owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP), was placed on the market and Southern Cross Developments, a real estate and investment company owned by Australian golfer Greg Norman, was hired to produce a master plan for the property. The plan reportedly is currently reviewing a proposal from a Bahamian group, led by Tennyson Wells, which is also seeking the casino license that has been tied to the South Ocean property as a critical component of its investment plans. “We have taken the view that the first real group that comes along will be the beneficiary of the casino license. So it means the Tennyson Wells group must in fact pursue their interests as well Greg Norman and those…but they both should know that we’re going to deal with the first viable investor and investment proposal that comes along, “Prime Minister Perry Christie revealed to Guardian Business in a previous interview. “I would obviously be partial to any group that has a significant Bahamian component, but the terms of the best interest of the country we would want to the best possible development out there.” The South Ocean resort has been closed for nearly a decade after shutting down back in 2004.
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