Prime Minister Tours Sterling Commons, Lauds Sterling Global Financial for ‘Vision to Create Paradise Landing and Transform Hurricane Hole Marina’
Against the backdrop of the nearly completed Sterling Commons and construction transformating a historic marina into the Hurricane Hole Superyact Marina at Paradise Landing, Prime Minister Hubert Minnis today lauded developer Sterling Global Financial for a vision that was turning a dream into reality and benefitting the Bahamian economy.
“I think this is an excellent project,” the Prime Minister said during a site visit to the Paradise Island development rising east of the Paradise Island bridge. “It was all Bahamian and shows what Bahamians can do.”
The two, three-storey Sterling Commons buildings include service and retail businesses on the first level and professional office space on the second. Luxury, one and two-bedroom residences with panoramic views of the superyacht marina, Nassau harbour and the famed cruise port are located top floor.
The Prime Minister zeroed in on the potential of the marina.
“What they are doing for The Bahamas, they are building one of the largest superyacht marinas anywhere. We have the potential for The Bahamas to become the number one megayacht destination in the world,” the Prime Minister said, noting the spin-off benefits of attracting high net worth individuals who first view The Bahamas by superyacht and have the potential to become future investors or residents.
“The visit today demonstrated that Sterling is making its dream of a downtown Paradise Island a reality.”
That reality involves creating an urban oasis in the heart of The Bahamas’ best-known resort destination, home to Atlantis and Four Seasons Ocean Club.
Vessels that dock at the world-class marina will have access to dining, a gourmet grocery store, day spa, medical clinic, and other retail and service businesses. 700 Wines and Spirits is building a flagship liquor and high-end wine stores.
The developer noted that aside from providing jobs for 150-200 “hard-working Bahamians,” the project generated significant economic opportunities.
Despite the temporary construction lockdown to manage the spread of COVID, work at the development is on schedule, according to Sterling Chairman David Kosoy, who said the parent company, Sterling Global Financial, laid off no employees during the pandemic and actually grew its senior team with professionals who were available and represented “the cream of the crop.”
Located along Nassau Harbour adjacent to the eastern Paradise Island bridge and running east to the Warwick Hotel, the development was once slated to be high density, high-rise residential. Under Sterling’s plan, that was warmly received and applauded at a Town Hall meeting in 2018, the mixed-use development is lower in density, provides for extensive green space and includes a combination of luxury residential, professional office space in two of five buildings, basic and luxury retail and services, and world-class fine and casual dining.
“The landmark Hurricane Hole Marina will be restored to meet the requirements of today’s superyachts while taking great care to maintain, and wherever we can, improve the surrounding or adjoining marine environment,” said Khaalis Rolle, President of Sterling Advisory Services.
“We are committed to taking great care with the waters not only because it makes good business sense, but because it is the right thing to do. We know that we are just borrowing this land and these resources, and it is our role to protect and preserve for future generations.”
Sterling Global Financial currently manages and administers over $9 billion of assets in real estate investment, development, lending, infrastructure, and bank and trust services. The Company has more than $1 billion in projects in its development pipeline. For more information email firstname.lastname@example.org or call +1-242-677-1900 HurricaneHoleMarina.com and SterlingGlobalLTD.com.