Six months since title transfer

Posted on May 3, 2012 by Marcus Adolfsson

Six months has passed since the transfer of the development to the lenders group. While the new management company, Replay Resorts, has provided some information to lot owners, we are still anxiously waiting for an announcement regarding the direction of the development. Hopefully we will hear some news later this spring.

At the time of the transfer, the Prime Minister of the Bahamas stated that the lenders group told the government “that during the first six months following the Lenders becoming the absolute owners of the mortgaged lands, they propose to focus on: master planning; re-engaging the marketplace; commencing a builders’ program; construction of model homes; and preparing for sales launch.”

Other updates: The latest I have heard the airport is still closed. I will have some updated pictures of the houses under construction next week.

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Construction continues going vertical

Posted on March 21, 2012 by Marcus Adolfsson

Tommy Logan from Logan Construction Group sent me some recent photos of the double lot house going up in the development. With ScotiaBank starting to provide construction financing, and Replay shortly presenting their new master plan for the community, we should hopefully see more housing starts this year.

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Less Atlantis, more like Green Turtle Cay and Hope Town

Posted on March 2, 2012 by Marcus Adolfsson

In an interview with the Tribune, Replay Resorts’ chief operating officer Bill Green said their plans for the development “was now more to emulate the Family Island-style of living epitomised by communities such as Green Turtle Cay and Hope Town,” rather than the previous mega-resort concept.

Green thinks refocusing the development is the right approach, and plans to cater to buyers that intend to remain long term owners and not flippers.

Replay is still in the process of making modifications to the master plan. “We’re very cautious, because we think that if this next phase of development does not succeed, it will be a very severe blow to the development, so we want to make sure we don’t miss.”

“Connectivity to the water” and the close proximity to Florida’s boating community will remain among highlights of the development. They plan to share their plans with the owners soon.

To stimulate home construction, Replay has arranged for home construction financing through Scotiabank and plans to build several model homes. They also announced today that they have cut the builder fee from 8% to a flat $5000.

Regarding the relationship with Lubert Adler, Green said that Replay are “proceeding on an individual path”. “We have had many meetings and conversations with them, and wish them well. We need everyone to succeed here, but it’s difficult to ascertain their plans and timing. A successful formula is one that enables us to proceed on our own.”

Painting by Pat Anderson

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Airport temporarily closed, should open soon

Posted on March 1, 2012 by Marcus Adolfsson

The airport within the development temporarily closed late last year, following the transfer of the property to the new owners Resort Holdings / Replay Resorts.

Replay has worked to secure a new operating agreement with the Bahamas government, and following an inspection of the runway and re-staffing they expect to open the airport to lot owners shortly.

Local staff is planned to be available “on-call”, so pilots can expect more flexible hours of operations compared to the past.

If you plan to access the resort by plane, please notify Michael Guenter from Replay so he can add your tail number to the list of restricted users.

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Lubert Adler transfers management of Old Bahama Bay hotel to Condo owners

Posted on December 17, 2011 by Marcus Adolfsson

Lubert Adler’s OBB Resort today announced that they plan to transfer management of the Old Bahama Bay hotel to the resort’s condo owners, but plan to continue operate the marina and food and beverage operations.

The condo owners has not yet publicly stated whether they plan to keep the hotel open. All employees directly involved in the rental and property management would fall under the the responsibility of the 73-unit condo owners.

More info as we get it.

Source

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Two developers, one West End

Posted on November 11, 2011 by Marcus Adolfsson

A clearer picture of the development’s future is starting to take shape. Going forward there are two intertwined developers on the property, Replay Resorts on behalf of the Resort Holdings (aka Credit Suisse Lending Group / G-LA Resorts) and Crave Real Estate Ventures on behalf of LRA OBB Resorts (Lubert Adler) / West End Resort (WERL).

Replay manages all the red areas in the map above (larger map), which include:

  • Existing unsold lots
  • Majority of the undeveloped land, specially on the east side of the property.
  • Airport
  • Gate House and Beach Clubs

Crave manages the other areas (excluding West End Settlement), which include:

  • Golf Course (dedicated to the use for all owners)
  • The “Core” and North Shore next to Old Bahama Bay
  • Water and Sewer Utility Plants
  • Old Bahama Bay Resort and the connected residential development

With the land holdings intermingled, it is important that both teams agree on a unified vision for the development and work in tandem to offer complementary services and amenities. This is fairly common in the development of properties as large as West End.

Lorne Bassel, President of Crave, told the Bahamas Weekly that the “West End region is now a community of developers, not just a single entity. What that means is that present and future property owners can take comfort in the diversity of expertise and the concentration of focus. We’re happy to see other developers and investors involved. Anyone who understands this industry knows that having more participation from distinct contributors is beneficial to the entire effort, especially in today’s market.”

He expanded, “This new community structure allows all other stakeholders to assume control of their lands rather than rely on one company for all services. Many resorts have moved away from a ‘one ownership’ structure and become extremely successful. There are simply more people to carry the load.”

Bassel acknowledged to the Tribune that investor confidence in West End had been undermined by ”the involvement of so many parties, together with uncertainty over division of land/responsibilities and the protracted process for the Credit Suisse-led lending syndicate to take control,” but added that clarity will be restored.

While both developers are still tuning their plans, it is clear that the previous mega resort concept is a “a thing of the past.” Instead expect a more sustainable, eco-friendly development with an authentic feel.

Basset told the The Nassau Guardian that “the concept of a hotel and casino has been placed on the back burner.” To The Tribune he added that they “are doing what we can to stimulate interest [with external investors], and it’ll come when the market and the financing is available. We are talking to different groups. We are making sure the opportunity is known internationally, but we aren’t pushing too hard.”

Instead, Crave plans to first build 25-30 homes on the western tip of Harbor Island (behind the OBB marina) through a partnership with West End Resort and slowly expand from there.

Derek Gape, senior Project manager for OBB Resorts told the Bahamas Weekly that “with the Old Bahama Bay condo hotel and marina as the existing anchor property, we are working to extend that success along the north shore beach land. That’s the natural and obvious path of progression for the property.”

Replay has not announced plans for their parcels yet, but is actively seeking input from existing lot owners through surveys and phone conversations.

News Clippings

OBB Resort pursues ‘critical mass’ development

Old Bahama Bay owners clarify the situation on land ownership and responsibilities in West End developments

WEST END PROJECT ‘CRAV-ING’ SUCCESS

WEST END’S ‘FRONT DOOR’ DEAL BOOST

‘NOT PUSHING’ ON WEST END HOTEL/CASINO

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Vision Airlines starts five direct flights to Grand Bahama

Posted on November 8, 2011 by Marcus Adolfsson

Vision Airlines has started direct flights to Grand Bahama from Ft Lauderdale, FL, Louisville, KY, Richmond, VA, Raleigh/Durham, NC and Baltimore/Washington airports.

The new fares will start as low as $99 round trip from Ft Lauderdale and as low as $149 each way from the other cities (plus taxes and fees).

“These new flights will help to revitalize the tourism economy for Grand Bahama Island.  The Island is gorgeous and there is so much for a visitor to enjoy, including world-class bone fishing, a variety of eco-tourism opportunities, beautiful beaches, great watersports, golf and fantastic shopping and dining,” said David Meers, Vision Airlines Chief Operating Officer.

“Grand Bahama Island has always been a great destination but getting there has become a very expensive and time-consuming process.  Our new non-stop, low-fare flights will make getting to Grand Bahama Island easy and affordable.  Our public/private partnership with the tourism board is a very good model and one that we have used successfully in Florida,” added Meers.

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Express Ferry Service returning to Grand Bahama

Posted on November 7, 2011 by Marcus Adolfsson

Spanish firm Balearia has announced plans to start daily service between Ft Lauderdale and Freeport with their high-speed ferry Bahamas Express. The ship will eventually add Bimini to its route. The crossing takes about 2 hours and tickets will start at $99.

The 450 passenger ferry features a variety of amenities including:

  • Cafeteria
  • Bar
  • Duty-Free Shop
  • Mini-Casino
  • First-Class Cabin

Previously Cloud X offered a high speed ferry between Palm Beach and Freeport, but discontinued service after six months due to lack of passengers.

Making the island more accessible from South Florida is important to drive interest in West End.

News Clippings

TravelAge West

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35% Property Tax Exemption

Posted on November 2, 2011 by Marcus Adolfsson

The Bahamas Treasury has issued a 35% property tax exemption for 2011 and 2012 on many properties within the development. This is a welcomed relief that brings the land valuation more inline with market prices. No word how long this exemption will remain.

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Title Transfer Complete!

Posted on October 31, 2011 by Marcus Adolfsson

Finally!

Resort Holdings (aka Credit Suisse Lending Group / G-LA Resorts) today announced that it has obtained controlling title of the former Ginn Sur Mer resort community and has engaged Replay Resorts to continue its two-year relationship with the new owners in advancing the development of the resort community.

The transferred assets include 1,500 acres of land and the associated development rights, 632 finished lots, and an airport including a helicopter landing pad. Replay is an internationally recognized Vancouver-based company focused on the planning, design, development and operation of destination resorts and resort villages.

“Replay is an ideal partner to manage this incredible asset,” said Ted Dameris, Managing Director of the firm with the largest stake in the new ownership group. “With its extensive experience in large-scale master-planned resort developments, we are certain Replay can help us bring this irreplaceable oceanfront community back to life. We are also grateful to the Prime Minister and the Bahamian government which has been diligent and responsive when necessary to assist getting this transfer done in a timely manner.”

Although the Sur Mer resort community has endured a prolonged period of uncertainty, the new owners ensured that the construction of vital infrastructure never ceased and has now been completed. With the finalization of the title transfer process, the resort is ready to begin marketing again to potential owners. More than $500 million has been invested to create a distinctive community complete with a marina, hotel, golf course and airport.

On behalf of the new ownership group, Replay intends to bring this vision to fruition with preparations underway to re-engage the market and to continue the development of the residential component of the resort.

Over the next six months, the focus will be on master planning, re-engaging the marketplace with today’s emerging destination home customer in mind, commencing a builders’ program, construction of model homes, and preparing for a sales launch. This process will include market research within the US and Canada, as well as discussions with the existing owners in the community.

“We are pleased for all involved that this resort community has a chance to move forward once again,” said Bill Green, C.O.O. of Replay and spokesman for the project. “Dialogue will begin immediately with the current owners and other stakeholders so that they can help to shape the master planning process. We have been working with this ownership group at Ginn sur Mer for over two years and are eager to re- engage the marketplace”.

After years of nearly no communication from Ginn, it will be very nice to have an engaged development group involved with the project. I am still uncertain on Lubert Adler’s involvement with the new entity – hopefully we will have some answers later in the week.

News Clippings

GINN SUR MER RESORT SOLD

Title transfer signals new beginning for Sur Mer

G-LA Resorts gains control of Ginn

BIG MOUNTAIN TO CLIMB’ OVER EX-GINN PROJECT

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