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|Cotton Bay Appoints New Project Manager (Guardian)|
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|Posted by:||Sep 6th 2007, 06:50:52 pm|
|Fig Tree News Team||Cotton Bay appoints project manager
By TERENCE MURRELL, Guardian Business Editor
A new project manager has been appointed for the $300 million Cotton Bay project in Eleuthera, in light of ongoing negotiations by its developers Eleuthera Properties Ltd. to appoint a new contractor for the development.
The new project manager, John Elke, has had a long tenure in The Bahamas' construction sector, with a portfolio which includes Sunnyside Estates in Lyford Cay. His appointment and plans for a new contractor come on the heels of the removal of previous contractor, Penn Construction.
"The fact of the matter is the parties have parted ways. We are doing all we can to move ahead and meet our deadlines," said Franklyn Wilson, prominent Bahamian businessman and chairman of Eleuthera Properties. "We are at the advanced stage of negotiations for a contractor," he added.
The project has been heralded as an example of what Bahamians can accomplish with regard to property development. When completed, Cotton Bay will be the single-largest project ever undertaken by a group comprised of a sizeable number of Bahamian investors.
"It took us 20 years to assemble the group of investors in Cotton Bay, a collection of 50 shareholders virtually without comparison in terms of the diversity, including some of the best known people in The Bahamas, Wilson pointed out. Bahamas, Wilson pointed out. Institutional investors such as RBC, a number of pension funds, and individuals from Eleuthera and Nassau, are also involved in the project.
The whole concept of Eleuthera Properties, according to Wilson, was to show that Bahamians can take the leadership in these kind of projects.
"This (project) is a mission, this is about showing that nationals in The Bahamas can do these things, these projects," stated Wilson. "This is a project that Bahamians can look at with pride, and should seek to emulate."
In 2005 Starwood Hotels & Resorts signed an agreement with Eleuthera Properties to develop the 1,500 acre project. When completed it will be comprised of a number of two and three bedroom villas, 114 estate lots, a spectacular 26,000-square foot clubhouse, a private marina, and an 18-hole golf course. Eleuthera, approximately 100 miles long and less than one mile wide, is home to many international celebrities, with access to the island from Nassau and south Florida by commercial air carriers and private jets.
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