Bahamas & Turks + Caicos
Bill Ando and Brian Courtney
10/01/2006

As the old ax goes, "The three most important elements in real estate are location, location, location." These days, anywhere in the Bahamas or Turks & Caicos archipelagos seems to meet those criteria.

After taking office in 2002, Bahamas Prime Minister Perry Christie developed an anchor-property concept. Designed to rejuvenate the lagging economy of the 100,000-square-mile island chain and create opportunities for its population, the plan encourages resort developers and foreign investors to build high-end properties on the inhabited Out Islands (islands other than Grand Bahama and New Providence). Concessions and incentives—such as rebates, relief from customs duty and tax rebates relative to casinos—are being offered to developers who construct properties beneficial to the Bahamas.

"The projects intend to conserve, as opposed to use up, what we have. We are assuming the responsibility to improve the space," says David Johnson, deputy director-general of the Bahamas Ministry of Tourism.

Port Lucaya Marina is expanding under new ownership. (Click image to enlarge)

Part of Johnson’s task is to find suitable, capable and willing builders and to make it easier for them to get through governmental red tape. Proactive, not reactive, is more the style these days, and Johnson says, "The process is working smoothly."

The Bahamas obviously possess the natural amenities to attract charter yachts. With the government’s commitment, will it become an alternative to the Caribbean? Larry Ebbs, director of operations for International Yacht Collection, says that while relatively few yachts charter exclusively in the Bahamas, that could change. "We need more land bases for the big boats, then the market will mature." This is happening. Johnson says that $11 billion in new projects—approximately 40 developments—are committed and under way in the last 24 months; about a dozen include marinas.

Grand Isle is a villa residence community on Great Exuma. (Click image to enlarge) 

Fraser Yachts Charter Manager Pat Saks-Codere says the company has seen an increase in requests for Bahamas charters. She says La Dolce Vita, a 109-footer, did so well in the Bahamas last season that it won’t be returning to the Caribbean anytime soon.

Merle Wood & Associates was among the first big-boat charter companies to support the Bahamas, operating an office at Nassau’s Atlantis Resort since the property opened in 1998. According to Merle Wood’s John Cohen, the company keeps two or three vessels in the country year-round. "The Bahamas used to just be a nice place to visit, but nobody stayed. Atlantis changed that. Atlantis made Paradise Island a destination; it set the bar, establishing a standard that everyone else aspires to."Down island, about 120 miles southeast of Nassau at the south end of the Exuma chain, Great Exuma has long been a cruising stop, but mostly for its rustic solitude and 8,000-foot runway—a convenient point for embarking and disembarking passengers. Today, 470 acres of the island’s northeast corner are the Emerald Bay resort. The property includes a Four Seasons Resort and Spa with a European-style casino, a Greg Norman–designed golf course and The Club at Emerald Bay. It also offers residential developments, such as Grand Isle Villas, a 72-villa resort of condos selling for $735,000 to $5.1 million.

Prime Minister Christie believes these units will appeal to upscale visitors, and the project has a dedicated company behind it—the combination of elements the Bahamas hopes to attract. Developer James Clabaugh, president of EGI, says: "We’re committed to the Bahamas. We hope to stay here for many years and do additional projects in Emerald Bay and Eleuthera."

Chub Cay is an upscale update of the Berry Islands’ storied 1940s fish camp. Photograph by Forest Johnson. (Click image to enlarge)

The Marina at Emerald Bay makes the resort a waypoint on every captain’s GPS. Its 120-foot-wide entrance with a controlling depth of 14 feet is easily accessed from Exuma Sound. Doug Black, vice president of marina operations, says the 47-slip marina—open since November 2005—has enjoyed more traffic than anticipated. Accommodating yachts from 35 to 175 feet at the floating concrete docks and up to 225-footers at the fuel dock, the marina will offer 88 additional slips when it’s completed in early 2007.

More than 50 years ago, Chub Cay was a rustic outpost in the then-unknown Berry Islands. It drew the patriarchs from moneyed families such as the DuPonts and Bushes, who eschewed luxury vacations for the chance to fight world-class game fish. Today, developers Kaye Pearson, Walt McCrory and Bob Moss are matching the bountiful oceans with plentiful amenities that are anything but 1940s fish camp.

Thirty-five miles northwest of Nassau, Chub Cay Resort is being built around a 210-slip full-service marina accommodating vessels larger than 200 feet. Already open, Phase One established the 12-foot depth for the channel and the first 100 slips; the remainder will be completed by the end of 2007. Amenities include a dive shop, pool, fishing charters, several eateries, three beaches and the marina clubhouse. Its second-floor dining room, bar and trophy room are for members only.

Many new island properties, including Emerald Bay offer resort accommodations and activities along with ownership opportunities. (Click images to enlarge)

Architect Gordon Mock designed the five floor plans—each with two to five bedrooms—for the 69 villas in the initial residential build. Conch Point will feature custom waterfront homes on half- and full-acre lots. Townhomes will be built along portions of the marina frontage.

Bimini, the quiet sportfishing haven on the Gulf Stream that inspired Ernest Hemingway, is also in on the renaissance. Once limited by the 10-foot depth of the channel, the Bahamian government dredged it to a controlling depth of 15 feet. The Bimini Bay development’s 84-slip marina accommodates vessels up to 60 feet, and construction will begin on a megayacht marina early in 2007. When finished, 31 slips will accommodate yachts from 90 to 200 feet, with 18 of the spaces designated for 150-footers. Bimini Bay has delivered 173 residential units, and 125 more are under construction. A 20,000-square-foot casino is due to open in early 2008, and a 400-room hotel is planned.Although closer to Palm Beach and Fort Lauderdale, Grand Bahama has been the bridesmaid to her New Providence bride. With established properties like Our Lucaya and Old Bahama Bay, which "civilized" the West End in 2001, Grand Bahama’s popularity is again on the rise. Developer West End Resort has taken title to 78 acres of land adjacent to the existing 150-acre property for future expansion of Old Bahama Bay Resort & Yacht Harbour. The project is expected to inject $281 million into the Bahamian economy and more than $83 million in tax revenue during the next 20 years.

Plans include expanding the existing 49-room hotel to 73 deluxe rooms and suites in fall 2006, and construction of a dive shop and a charter-fishing center. Also planned is a full-service spa, with over-the-water treatment rooms allowing guests to view sealife through clear acrylic floors. The new marina, due to open in 2007, will expand the existing 72-slip facility to 180 slips, including accommodations for five 200-footers.

Emerald Bay. Rendering courtesy of Ginn Real Estate. (Click image to enlarge)

Also on the West End, 192 home sites are being cleared for the 2,000-acre Ginn Versailles sur Mer. This small city will include Jack Nicklaus– and Arnold Palmer–designed golf courses, a 5,500-foot private airstrip, a 55,000-square-foot casino, retail space, two water parks and 4,000 condos. The first of three marinas will begin construction at the end of 2006 and be completed in 18 months. The marinas and behind-home dockage will account for 1,400 boat slips, with spaces for 250-footers.

The Lucayan Marina Village, in operation for 20 years, is being rejuvenated at the hands of Preben Olesen, who bought the property in September 2005. It was practical business as well as an emotional play for the Central Florida developer who has owned a home in the village since 1999. Having cruised the Caribbean aboard his 65-foot Azimut, he admits he always finds his way back. "It’s a civilized island. There are Winn-Dixie grocery stores, 30 restaurants within walking distance of the marina, and we’re 20 minutes away (by plane) from Palm Beach."

With 55 acres and only 14 completed homes, there is plenty of room to grow. Olesen is building 300 residences ranging in price from $495,000 to $10 million for homes of 12,000 square feet, each with servants’ quarters and a boathouse; two are already reserved.

Bimini Bay will provide amenities and a casino; its enlarged marina will be able to handle 200-footers. (Click image to enlarge)

To eliminate any confusion with Port Lucaya Marina, Olesen changed the name of his property’s facility to Grand Bahama Yacht Club. It provides 125 slips for boats 40 feet and longer, but is currently in refit. "We’re extending concrete piers to 100 feet and removing pilings to make room for more megayachts." That will provide berthing for 30 150-foot yachts and the room to dock four 190-footers.

On the northern end of the Abaco’s Great Guana Cay, 585-acre Baker’s Bay Golf and Ocean Club will include a Tom Fazio–designed golf course, a world-class spa and an expansive beach club. Residential opportunities include 359 custom homes—cottages, bungalows and villas—on sites ranging from one-third acre to more than one acre. Amenities and infrastructure will be in place in 2007 and will include waterfront dining, a general store, a luxury inn and an authentic Bahamian farmer’s market. The marina will feature 180 slips ranging in size from 35 feet to more than 200.Even Rum Cay, a bit off the usual cruising track, is getting an upgrade. Located 185 miles southeast of Nassau, the island is rimmed by dive-inducing reefs and surrounded by deep water. The development’s target market is anglers who know of legendary offshore sportfishing. John Mittens, chairman of Montana Holdings, says: "Yes, there are other places that are more conveniently located, but they are devoid of the magic. Do you want to go where the fish are, or somewhere more convenient?" Mittens says the resort will sponsor at least two major fishing tournaments per year.

Plans for the recently started 900-acre Rum Cay Resort include a protected 80-slip marina with interior slips for smaller boats and end ties for vessels up to 150 feet. Hillside villas, condominiums, oceanfront estates and a luxury hotel, spa and fitness center will complete the project.

Turks & Caicos and the Bahamas have naturally rugged appeal. (Click image to enlarge)

Paradise Farther South
Yachts heading south from the Bahamas to the Caribbean often bypass the twin island chains that comprise the country of Turks & Caicos; a tragic mistake for anyone in search of baby-powder beaches, stellar snorkeling and scuba, world-class sportfishing and plenty of undisturbed solitude. Currently, anyone taking advantage of this bounty does it from the hook. A single marina—Turtle Cove on Providenciales (nicknamed Provo)—accommodates large yachts, but all that’s about to change. Turks & Caicos is booming, particularly around stunning Grace Bay on Provo, already the country’s most developed island, but the marinas are popping up on nearby out islands.

Just 10 minutes from Provo, West Caicos is abuzz with building backed by The Ritz-Carlton Hotel Company and Logwood Development Company. The West Caicos Reserve will feature the Molasses Reef Ritz-Carlton resort, villas, single-family homes, cottages, townhomes and a marina. The 10.5-acre marina accommodates 126 slips, six for yachts of 100 to 150 feet. The leeside entry and basin have a 12-foot controlling depth.

Resorts require help, so thousands of palm trees are imported. (Click image to enlarge)

Immediately west of Provo, North Caicos is home to the exclusive Parrot Cay Resort and Shambhala Spa. New to the neighborhood, the North Caicos Yacht Club and Marina residential community will surround a 12-acre basin with transient slips to accommodate yachts up to 200 feet.

Fifty-five miles south of Provo, Ambergris Cay is home to the Turks & Caicos Sporting Club, a membership enclave of 450 waterfront homes that will be managed by Greenbrier Resort. The plan for the Hawkes Nest Harbour Village portion includes 100 homes and an inland marina for at least 100 boats, including space for yachts larger than 200 feet. The marina will offer fuel and chandlery services, provisioning and restaurants.

The Sporting Club will add 450 homes to Ambergris Cay. Rendering courtesy of Ginn Real Estate. (Click image to enlarge)

The Bahamas and Turks & Caicos are on track to fully realize their yachting destiny, perhaps leaving the Caribbean to the deep-draft sailboats. But if you want a piece of these tropical islands, you’d better lay a course now before they’re all sold out.