Sterling Global Buys Hurricane Hole Marina, Unveils Initial Plans for $250 Million Development
Sterling Global Financial, an international financial services company with nearly US$10 billion under administration and management, announced today it has finalized the purchase of the 90-slip, 13-acre Hurricane Hole Marina site, one of the few remaining premier properties on Paradise Island.
Sterling Global Financial announced it has purchased Hurricane Hole Marina and plans to create a $250 million mixed use development on the 13-acre site, including condominiums, retail, dining and a complete rejuvenation of the 90-slip marina. The 5-year project is expect to provide hundreds of construction jobs and new entrepreneurial opportunities.
“This is a landmark day for Sterling Global Financial,” said Sterling Chairman David Kosoy. “We have a great vision for development of the entire site with mixed use residential, office space, financial centre, retail and dining. We will also be rejuvenating the marina, injecting it with greatly improved amenities to create a world-class luxury yachting and charter boat experience. Once underway, the project will provide hundreds of construction and professional service jobs over a five-year period.”
Kosoy expressed optimism that the revitalized marina, adjoining residences, offices and retail would be a win-win for Atlantis.
“Residents and marina guests will be new business for Atlantis with all its excellent dining options and amenities and the world-famous resort will be a draw for our guests,” said Kosoy. “We look forward to a mutually beneficial and enjoyable relationship.”
The project is expected to be a $250 million boost to the Bahamian economy. It will be headed by Sterling Global Development President Bill Green, a leader in resort/residential development.
“Paradise Island is a unique destination representing tremendous opportunities for the right kind of mixed-use development,” said Green. “With the nautical theme of the marina paramount, what we envision will marry that yacht-centric feel with contemporary Bahamian style while paying tribute to the very special sense of place of Paradise Island.”
According to Sterling Sr. Vice President, Development, Khaalis Rolle, the company has been expanding expertise at every level.
“We have worked assiduously and deliberately to assemble a powerful team at Sterling,” Rolle said. “We have the people in place who will guide this multi-million dollar project every step of the way, lending their expertise from experience in key areas of construction, financing, project management and resort and residential development. This will be our biggest project in The Bahamas to date and we have the right team to do it.”
Sterling Global Financial has won numerous awards for performance and managed fund security. The company, through its funds, has a broad reach in local and international development. Current projects underway locally include the new high-end condo development THIRTY SIX on Paradise Island, Beach House Villas, also on Paradise Island, Courtyard by Marriott, downtown Nassau, and Ocean Terraces, West Bay Street. It is also considering major Family Island style developments on Matt Lowe’s Cay, Abaco and at Sky Beach, Eleuthera. It has funded projects in Ireland and London and recently funded a share of the land acquisition for a major redevelopment of an iconic neighbourhood in South Boston.
The firm, headquartered on East Bay Street, opened in The Bahamas in 2006, and operates numerous subsidiaries including Sterling Bank and Trust, Sterling Trust (Cayman), Sterling Mortgage Income Fund, Sterling Global Opportunity Funds, Sterling Wealth management, Sterling Global Advisors and Sterling Global Development.