Posted by: Editor on Feb 27, 2007 – 10:37 AM
newsandinfo Kerzner International is in the process of closing the purchase of the Hurricane Hole Shopping Plaza, planning to create a second Marina Village and timeshare facility on the site.
George Markantonis, president of Kerzner International (Bahamas), told Southeast Rotary Club that “as you probably well know, we are involved, but have not closed, with the purchase of a certain shopping mall that borders our Hurricane Hole Marina. We’re talking about a Marina Village Phase II development. That is what will go there”.
He said this is not advanced yet. “But we do have all of that waiting in the pipeline, because there is just so many things one can build in a short period of time.” The Tribune revealed the Hurricane Hole deal on January 9, 2007.
Among the owners Kerzner International is negotiating with are Emanuel Alexiou, an attorney and principal in A.F. Holdings, owner of the Colina Group of companies and attorney Colin Callender. The pair is involved in other business ventures, such as the Nassau Guardian.
Mr. Markantonis said Kerzner International anticipates adding 200-300 units of timeshare above the Marina Village Phase II development. “But this time over the village – over a real village, with living, breathing shops, six food and beverage outlets, a completely redone, renovated Hurricane Hole Marina that will be able to take the larger yachts as well as the smaller ones, the 150 and 200 footers,” Mr. Markantonis said.
He added that if everything goes according to plan, “we will probably go in the ground at the end of this year. It will be pretty accelerated. Of course, right now it takes second place because we have so much else we are announcing”.
Another project that is being placed on the back burner is the proposed golf course on Athol Island. Mr. Markantonis told The Tribune that the project was designed initially to meet the demands of occupants in the 495-unit Residences of Atlantis, and to provide an alternative to the Ocean Club golf course. With the Residences not opening until the end of this year, demand has not increased, so Kerzner International has postponed working on Athol Island project until later.
Several retailers based in the Hurricane Hole Shopping Plaza have expressed concerns to The Tribune over whether they would fit in with Kerzner International’s plans for the location, and whether the Atlantis and One & Only Ocean Club owner would make it uneconomic for them to remain in the plaza by increasing rental rates.
A Kerzner International acquisition of the Hurricane Hole Shopping Plaza would make logical and strategic sense for the company though. Kerzner International acquired the Hurricane Hole Marina, the nearby condominiums and 11 acres of surrounding land for $23 million in June 2005, giving it control of all the main waterborne access points to Paradise Island.
The marina was purchased from Driftwood and its financial backer, Lehman Brothers’ private equity arm. Kerzner International is understood to have long been interested in the Hurricane Hole Shopping Plaza, and its acquisition would enable it to be redeveloped to fit in with the company’s plans to redevelop the marina and surrounding area.
Among the retailers currently operating in the plaza are the News Cafe, an Italian restaurant that shares the News cafe’s ownership, a Solomon’s Mines outlet, two food stores, another restaurant and a mix of outlets catering to tourists. Several have expressed concerns about whether they will have to vacate the plaza.
Kerzner International is planning to re-develop the Hurricane Hole Plaza in partnership with New York-based Island Global Yachting once government approvals are obtained, the latter’s chairman and chief executive, Andrew Farkas, told The Tribune last month.
This newspaper has been told that a June 2007 start date for the marina is being eyed.
Source: The Tribune
Leave a Reply
You must be logged in to post a comment.