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From:TheBahamasWeekly.com Grand Bahama
Freeport, Grand Bahama Island - Grand Bahama landmark, the stoned Crab Restaurant at Taino Beach has been acquired by a new owner who vows to restore the historical site to it's original glory. In December of last year, the Stoned Crab Restaurant property was purchased by The Stoned Crab Restaurant Limited, a resident Bahamian company, after having received all Governmental and regulatory approvals. All of the issued shares of The Stoned Crab Restaurant Limited are beneficially owned by Mrs. Olivia Tina Pagés. Olivia has been a frequent visitor to The Bahamas since she was 3 years old. In July of 2011, she purchased a home in Fortune Cay Subdivision. The estimated capital investment in respect of the acquisition of the property and the renovation of the dilapidated structure is US$2.4 million. It is estimated that the renovation will be completed and the restaurant open for business during the first quarter of next year. It is estimated that 20 Bahamians will be employed in connection with the renovation (inclusive of sub-contractors) and 25 Bahamians will be employed full time during the first year of operation of the restaurant. The former Stoned Crab Restaurant was well known both locally and internationally and Olivia will endeavour to restore it to its former glory. The original façade of the building and the distinctive shape of the roof will be restored. The deal was signed that the office of Attorney Brenford Alexander Verdant Christie of McKinney, Bancroft & Hughes. Also present was Bruce Silvera of Frecon Construction Ltd, the builders of the original restaurant and the company chosen to do the restoration. MORE PHOTOS on FACEBOOK
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