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No NEW $9 Billion Dollar Development for Nassau; Price Tag & Scope Scaled Back

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By Dana Malcolm

Staff Writer

 

#TheBahamas, April 28, 2022 – What would have been the largest project of its kind in the Caribbean, the billion-dollar, 1000-acre mega hotel Coral Harbor project may be moving forward but only at a fraction of its initial size.

The smaller plan is estimated to cost no more than 300 million dollars but the original, designed by Winstanley Architects and planners for Bahamas Leisure & Resorts Ltd. President and Chief Executive Officer Aboudi Debs, was slated to have, “Six hotels, class A and class B, office space, four marinas, two golf courses, over 3,500 condominiums, single-family lots and estates, as well as retail and rental apartments.”

“Unfortunately, the very same day Baha Mar went into chapter 11 my client made a proposal for a multibillion-dollar project in Coral Harbour. There was absolutely no taste for a large project of that size at that time and we all know the history of what took place at Baha Mar, and Christie will never get the credit for what he deserves with respect to resuscitating the Baha Mar project, but in terms of the project in Coral Harbour, there was just no appetite for it,” Grimes said

The Baha Mar project was another venture that would have been the largest in the Caribbean but was plagued by controversy. After consistent delays and deferred openings, the project finally filed for bankruptcy in 2015. The principal developers blamed the development company, a Chinese company, for consistently missing deadlines and delaying the opening so far back that it became impossible to recoup the money spent. It was resold in 2017 and opened on a smaller scale.

Since then the Coral Harbor Harbor project has taken on a more bite-sized approach.

Grimes said the developers had assessed and scaled down to something that could be built in the ‘foreseeable future. The approach seems to have yielded fruit as the principal developers met with the Bahamian government earlier this month.

Grimes told the Tribune, that the Coral Harbour Development is months away from making any formal submission to the government.

“What they presented to the Government of The Bahamas was their intent to introduce phase one, stage one, which is a much smaller, well-defined project.”

In terms of approvals, Grimes said they had not reached that stage.

“They’re in the very preliminary stages of finalizing plans so an application can be made as such in short order. It takes time to finalize plans, then you have to get approvals and then begin putting shovels in the ground.

They’d not be applying, more likely for another four-plus months.”

The attorney sought to refute any rumors that the development was breaking ground soon saying he and his clients had nothing to do with that release of information;  calling it reckless and irresponsible for anyone to circulate that kind of information. He also cleared up rumors regarding a $9 billion transaction price tag on the resort saying it was “untrue.”

 

CAPTION (April 18, 2022) – NASSAU, The Bahamas — Coral Harbour Development executives recently paid a courtesy call on Prime Minister the Hon. Philip Davis (third right) at the Office of the Prime Minister.  Pictured l-r: Permanent Secretary Davis Davis; Voldemaras Kanchas, CHD Project Manager; Aboudi Debs, CHD Principal/President; Prime Minister Davis; Farid Abou Fadel, CHD Principal/Senior VP; and Attorney Valentine Grimes.

Bahamas News

BAHAMIANS ADVISED: AVOID TRAVEL TO IRAN, ISRAEL, LEBANON | EXERCISE CAUTION IN U.S. CITIES AND HIGH-RISK REGIONS

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MINISTRY OF FOREIGN AFFAIRS, Public Security Advisory – Global Travel & Security Risks, June 22, 2025 – The Ministry of Foreign Affairs advises all Bahamian citizens to exercise extreme caution in light of escalating hostilities between the Islamic Republic of Iran and the State of Israel, and the wider deterioration of security across the Middle East. Bahamians are further urged to remain vigilant when visiting major U.S. cities due to emerging threats linked to the conflict.

TRAVEL WARNING – MIDDLE EAST

Avoid ALL travel to the following countries:

Iran

Israel

Occupied Palestinian Territories

Lebanon

Syria

Iraq

Yemen

Exercise a high degree of caution when travelling to or through:

Bahrain

Egypt

Jordan

Kuwait

Oman

Qatar

Saudi Arabia

Turkey

United Arab Emirates (UAE)

CURRENT RISKS IN THE REGION
High risk of drone and missile attacks

Terrorist activity remains elevated

Possibility of sudden airspace closures or border restrictions

Public venues, transportation hubs, government buildings, and tourist sites are potential targets

Increased risk of wrongful detention and kidnapping, especially near border areas

If you are currently in any of these areas:

Continuously monitor trusted news sources

Follow local authority guidance

Identify safe areas for shelter during air-raid alerts

Have travel and identification documents ready

Avoid all protests, demonstrations, and large gatherings

U.S. SECURITY SITUATION – HEIGHTENED CAUTION ADVISED

Bahamians travelling to or residing in the United States, especially major urban centres, should remain alert due to an increased terrorism threat. The U.S. Department of Homeland Security has issued notices regarding possible retaliatory actions by Iranian-aligned entities.

Cities of special concern include:

Washington, D.C.

New York City

Los Angeles

Miami

Chicago

Atlanta

Other large U.S. metro areas

High-risk locations:

Government offices

Public transport systems

Airports and airlines

Places of worship

Tourist hotspots

Large events and festivals

Restaurants, shopping centres, bars, and nightlife venues

Bahamians should also remain aware that, as a predominantly Black nation, travellers may encounter varied experiences in some U.S. locations. Be prepared for additional screening or delays, and remain vigilant at all times.

ONGOING GLOBAL RISKS
Given heightened tensions, Bahamians should exercise caution in any travel to Western countries, especially Europe and North America, as Iranian-linked groups may seek retaliation.

CONSULAR ASSISTANCE & REGISTRATION
All Bahamians abroad are strongly encouraged to register with the Ministry of Foreign Affairs for assistance and advisories.

For emergency consular assistance:
consularcrisis@bahamas.gov.bs

The Ministry continues to closely monitor the evolving situation and will issue further advisories as needed. The safety and security of Bahamian nationals remain our highest priority.

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Bahamas News

Scotiabank Bahamas Hosts Exclusive Mortgage Seminar & Cocktail Event, Honours Top Referral Partners  

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Nassau, Bahamas – Scotiabank Bahamas recently brought together a distinguished network of real estate professionals, attorneys and industry partners for an exclusive Mortgage Seminar & Cocktail Event designed to share insights, deepen collaboration and celebrate the achievements of top performers in the Bank’s Mortgage Referral Programme.

The Mortgage event featured expert-led discussions that explored key elements of the homeownership journey, including Scotiabank’s industry-leading mortgage offerings, innovative financing solutions, and its commitment to service excellence. Note worthy were the contributions real estate professionals, attorneys and industry partners make to the bank’s referral program.

The program has not only helped thousands realize their homeownership goals, with up to 95% financing available, but has also proven to be a valuable tool for industry partners to earn. Some realtors and brokers have referred up to $50 million in mortgage loans through the program, a testament to its success and the strong relationships the Bank maintains with its professional network.

During the evening, awards were presented to top-performing agents and brokers who consistently referred clients to Scotiabank and demonstrated unwavering support of the Bank’s mission to deliver quality financial solutions.

“We are proud to recognize and celebrate the professionals who play such a vital role in helping people achieve the dream of homeownership,” said Na-amah Barker, Director of Retail Banking and Small Business, Scotiabank Bahamas. “Their trust in Scotiabank, paired with their commitment to their clients, is what makes our Mortgage Referral Programme so impactful.”

Scotiabank continues to be the preferred bank for mortgages in The Bahamas, thanks to its competitive rates, flexible financing options, and a deeply knowledgeable team of mortgage specialists who provide personalized guidance every step of the way. Working in tandem with a trusted community of real estate agents, brokers, and legal advisors, the Bank ensures that clients experience a smooth and informed mortgage journey from pre-approval to closing.

“Our network of referral partners is more than just a channel, it’s a community,” added Barker. “By working together, we’re creating a stronger, more supportive real estate ecosystem that’s centered on helping Bahamians build generational wealth through property ownership.”

Monica Knowles, Broker at Realty One Group Bahamas, praised the initiative and emphasized its significance for the wider market. Scotiabank continues to be the institution of choice for funding when acquiring a home.

Scotiabank Bahamas Hosts Exclusive Mortgage Seminar

Scotiabank extended its heartfelt appreciation to all who attended the seminar, shared insights and contributed to a memorable evening of collaboration and connection. The Bank remains committed to supporting its partners and clients alike, as it continues to lead in the mortgage space with integrity, innovation and impact.

Captioned Photos

Header: Demetri Mackey – Scotiabank Carmichael Rd branch manager & Jarissa Russell, Scotiabank East st & Soldier rd branch manager and guest presenter Wence Martin Attorney were panelist at the evening’s event.

1st insert: ERA Dupuch Real Estate team were happy to be in attendance a the Scotibank Mortgage Seminar.

2nd insert: James Galantis – agent at The Agency Bahamas Real Estate in conversation with industry colleague.

3rd insert: Lindsey Cancino – Bahamas Reality awarded Top Referral Partner with Na-amah Barker – Director of Retail Banking and Small Businesses

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Bahamas News

SOILCARE PHASE II ENGAGEMENT SESSIONS HELD AS BAHAMAS JOINS A COALITION OF COUNTRIES COMMITTED TO RESTORING LANDSCAPES AND SECURING A RESILIENT AGRICULTURAL FUTURE

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ST. GEORGE’S GRENADA – The Bahamas is joining a coalition of Caribbean Small Island Developing States, that committed to restoring landscapes and securing a resilient agricultural future, by tackling land degradation and drought. The Bahamas is one of six new countries scheduled to benefit from the Caribbean Small Island Developing States (SIDS) multi-country soil management initiative for Integrated Landscape Restoration and climate-resilient food systems (SOILCARE), Phase II, implemented by the Partnership Initiative for Sustainable Land Management (PISLM).

SOILCARE Phase I has been helping adopt policies, measures and best practices and support review of legal and institutional frameworks to achieve Land Degradation Neutrality LDN and Climate Resilience.

As PISLM prepares to launch Phase II of its flagship regional project, adding six new countries, two consultation sessions were completed on 3rd and 4th June by PISLM’s Sustainable Land Management Specialist Dr. Ronen Francis.

Project updates were present to the Permanent Secretary responsible for UNCCD IN the Ministry of Environment and Natural Resources, Mr. David Davis, Director of Agriculture – Dr Jason Sands and Danielle Hanek- Director of Forestry Unit of the Ministry of Environment and Natural Resources, the Bahamas.

This project will seek to assist the country in upgrading its National Soil Laboratories through provision of modern equipment, Standard Operating Procedures (SOPs) and training of technicians. It will also help the Bahamas, to develop Digital Soil Maps, develop their national drought risk plans, including improved drought management, Cat Island. It will also support a youth agri-business programme that will foster youth-led innovation and align with the CARICOM 25×25 vision.

This project is funded by the Global Environment Facility (GEF) and implemented with support from the Food and Agriculture Organization (FAO). Allocated funding is$17.9 million USD and $26.5 million USD in co-financing, by regional Governments, including the Bahamas.

Photo Caption:

Photo 1 Permanent Secretary responsible for UNCCD in the Ministry of Environment and Natural Resources, Mr. David Davis, Director of Agriculture – Dr Jason Sands Daniell, Ms. Danielle Hanek- Director of Forestry Unit of the Ministry of Environment and Natural Resources, the Bahamas and Dr. Ronen Francis-PISLM.

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