STATEMENT: The developers behind a proposed luxury high rise condominium development in Lyford Cay say that the multi-million project is very much in line with vision and masterplan of the community’s founder Canadian business tycoon and philanthropist E. P Taylor, as it will offer high-end yet affordable residences to Bahamians and foreign nationals in the prominent gated enclave.
The developers, Eastmor Properties Ltd, are currently seeking Town Planning approval in principle for the project, which involves the construction of a 72-unit condominium development featuring four nine-story structures on a site totaling some 6.3 acres.
That site, according to the developers was always intended to be utilized for the development of condominiums for local and foreign residents- as part of an inclusive rather than exclusive community, as was originally envisaged by renowned industrialist and financier E.P Taylor when he founded the community back in 1959.
The developers are prepared to act on conditions imposed by the Town Planning Committee so that they may mobilize as soon as soon as the project receives the green light. They have already fielded dozens of inquiries from Bahamian and non Bahamian potential purchasers, and real estate agents. This is indicative of the strong demand for more residential offerings, particularly in the western district of New Providence.
The condominium development presents an attractive proposition for persons seeking to downsize from their current residence, young professionals, as well as foreign residents relocating to The Bahamas for work purposes.
The high-rise project is expected to provide a tremendous economic stimulus for the local economy both in the immediate and long term, creating hundreds of construction jobs, other spin-off employment opportunities as well as $15-$18 million to the government in stamp duty.
The developers have assured that the project will be undertaken with the highest degree of environmental stewardship and noted that concerns over increased traffic in the area persisted for several years, due in large part to the Property Owners Association’s (POA) inability to decide on a second entry point into the gated community.