Palm Cay officially broke ground Monday, November 5, on what developers called its most ambitious project to date, the highly-anticipated $100 million One Marina residences, two- and three-story luxury condominiums and spacious penthouses overlooking the community’s award-winning marina.
In hard hat and equipped with a golden shovel, Minister of Works Desmond Bannister helped turn the first shovel of dirt in a postcard perfect setting with the Atlantic Ocean as backdrop and an array of boats docked at the marina in view.
“This waterfront community on Nassau’s southeastern shore has become a sought-after place to live,” said Bannister in his brief remarks to a gathering comprised largely of real estate professionals, members of the media, homeowners, representatives from key government ministries and departments including Tourism, Works and Town Planning, as well as other community stakeholders.
“One Marina marks an important milestone in Palm Cay’s overall development. We hope other developers will be inspired to revitalize their real estate offerings to an upscale market hungry for vibrant communities to live, work and play and we appreciate the economic boost that a project like this generates.”
One Marina will feature 84, two and three-bedroom residences. Two-bedroom units range in size from 1,780 to 1,940 square feet and are being sold at $800,000 and up. Three-bedroom units are priced between $1.5M to $1.9M, ranging in size from 2,751 to 4,228 square feet.
Plans call for modern interior design, storm-rated glass, high ceilings and high-end finishing touches.
One Marina is designed by Bahamian architect Winston Jones. The first building will comprise 10 units. The project should be completed by the first quarter of 2020, according to Palm Cay’s contractor, HNR Construction.
“We believe this offering will resonate with a wide range of buyers here on the island and those from abroad,” said Palm Cay’s CEO Rob Batchelor who described One Marina as a “winning formula” with its stylish design, top of the line finishes, doorstep access to the marina and beach with resort style amenities.
“For our homebuyers, we recognize this is not just a real estate purchase. They are buying a lifestyle and becoming a part of a neighborhood,” said Mr. Batchelor, noting that the beach club membership has grown significantly and will be limited at some point to ensure comfort and access to all amenities for residents.
Palm Cay considers itself an engaged neighbor with very real ties to the community as evidenced by the presence of St Andrew’s School officials at the event and students’ participation in the ceremonial groundbreaking.
“Great schools make a great neighborhood and add to the desirability of any offering,” said Mr. Batchelor.
Approximately 107 residences and 72 lots have already been purchased at Palm Cay with developers investing $65 million in infrastructure, construction and amenities creating much-needed jobs in the wider community.
This year alone, developers invested $2 million in upgrading and refreshing Palm Cay’s offerings inclusive of a new members’ fitness centre, half-size Olympic swimming pool, extension to the dockside grocery store, a beach bar and grill and enhancements to our poolside area.
“As we grow and develop Palm Cay will continue to invest in amenities and services,” said Mr. Batchelor. “Palm Cay offers an exciting real estate opportunity for upscale buyers in search of a second, or a well-appointed first home. We are proud to bring to the market a first class project such as this, one that’s unique in price and style which meets a growing demand in the marketplace.”