#SANDY POINT, Abaco – February 18, 2020 —- The Sandy Point airport will be expanded and enhanced under the heads of agreement signed between the Government of The Bahamas and Tyrsoz Family Holdings Ltd.
The existing airport will be improved in order to accommodate private jets and make it fully operational, inclusive of a fixed base operation, Prime Minister the Most Hon. Dr. Hubert Minnis noted at the agreement signing ceremony on Thursday 13 February at St. Martin’s Episcopal Church Hall.
The airport expansion and renovation will include a terminal, parking area and runway extension.
The Queen’s Highway roadway will also be expanded.
The development represents a minimum capital investment of $300 million and is expected to include a wide range of amenities, including the expansion and upgrade of the Sandy Point airport, a marina, golf course, clubhouse, restaurants, a retail and residential component, swimming pools, waterpark, utility services, resort accommodations and related amenities.
As a part of the community commitments outlined in the agreement, the historic Hole-in-the-Wall Lighthouse and surrounding area will get a $1 million-dollar facelift.
The operation and restoration of the lighthouse will be undertaken in partnership with the Government of The Bahamas, the Antiquities, Museums and Monuments Corporation (AMMC) and the Bahamas National Trust (BNT).
The Lighthouse’s outbuildings will be renovated to provide a small museum of the area and a shop featuring local artisans and craftspeople.
As a part of the Lighthouse renovation, the developer will:
• invest up to $500,000 dollars to create a safe and secure facility for the public to climb to the top of the Lighthouse;
• create the South Abaco Lighthouse Society (SALS), modeled after the highly successful Elbow Cay Lighthouse Society;
• provide a perpetual contribution of $250,000 per year and assist with organizing donations, and;
• invest up to $250,000 dollars to provide public access to the beach area near the Lighthouse.
Up to $250,000 dollars have also been committed to restore the Alexandria settlement ruins adjacent to the South West Point Development.
And $750,000 dollars have been committed for community development initiatives in Sandy Point, Abaco in coordination with the Sandy Point community and local government.
The developers have also agreed to cooperate with the BNT to help implement the conceptual plan for the Abaco National Park – up to $1 million – in certain agreed upon areas, including cleaning up the Abaco National Forest, signage, creating nature trails and a welcome center.
“We are an archipelago of enormous possibility, including a range of tourism amenities and services, with many linkages such as agriculture, fisheries, heritage tourism and the creative economy,” said Prime Minister Minnis.
“The island groups of The Bahamas must be developed in a sustainable manner, bearing the unique island heritage and signatures of our diverse islands and cays.”