International
Walker's Cay purchase approved by Bahamas Investment Authority
By AlphAcre.com
Aug 4, 2010 - 10:36:04 AM

ATLANTA – AlphaCRE announced today the endorsement by the Bahamas Investment Authority (BIA) for the purchase and redevelopment of Walker’s Cay, the 69-acre island in the Bahamas’ Abacos chain.  In a letter issued Thursday, July 29, 2010 by Viana L. Gardiner, the executive director of investments of the Bahamas government investment department, authority has been granted paving the way for the purchase of Walker’s Cay on October 26, 2010, and its subsequent return as a superlative fishing and diving destination.     

Known as the world-class deepwater fishing and diving playground for former U. S. presidents as well as the rich and famous, Walker’s Cay was closed in 2004.   Off-shore developers, Victoria House IBC, submitted a comprehensive proposal for Walker’s redevelopment at an undisclosed purchase price to the BIA including a site plan, work force requirements, environmental improvement opportunities and income sources.   With a further commitment to build all structures to state-side commercial and residential construction codes, provide overarching island insurance by an international broker, and add a minimum of 200 jobs to the resurging Bahamas economy, the Bahamian government saw this well-planned proposal as a gateway to employ workforce, offer unparalleled services and improve the Bahamas brand.  

“The developers have created a solid plan for Walker’s Cay reemergence,” says Scott French – president, AlphaCRE and broker for the sale, “Combined with a top-shelf professional team to redevelop Walker’s Cay, I have every belief in continuing the legend of Walker’s Cay for generations to come.”     The team, which includes U.S.-based Coleman Talley, EOS Marketing & Communications, Loggerhead Marina management and Landry Design as well as Bahamas-based Regional Air, is currently developing an advisory board of VIPs and former Walker’s Cay aficionados.   Additionally, EOS is facilitating focus groups throughout the eastern United States with former Walker’s Cay fishermen and divers.  

The initial plans approved by the BIA for the casually elegant vacation and residential paradise include:

·    Two hotels offering 100 rooms and a five-diamond resort spa,

·    26 bluff lots

·    18, .50 acre beachfront properties for coastal and cay-facing cottages,

·     28 condominiums nestled above 60,000 square feet of a retail boardwalk and 10,000 square feet of office space along the resort’s promenade,

·     48 dry stack storage slips – built according to south Florida’s stringent hurricane construction codes,

·     258 wet slips within a marina that can accommodate vessels from 30 to 150 feet,

WALKER’S CAY PURCHASE APPROVED BY BAHAMAS INVESTMENT AUTHORITY

Legendary island under contract by off-shore buyer

·      Yacht club, complete with alfresco dining, poolside bar, comfort stations, fueling and a ship store,

·      2800 foot runway capable of accommodating twin-engine planes of a private, commercial or charter nature,

·      On-island customs and immigration at the Walker’s Cay airfield and marina.

Properties will be available for sale immediately post closing.  

About AlphaCRE

AlphaCRE is a land acquisition and commercial real estate firm based in Atlanta, Georgia.   The firm works with clients to identify knowledgeable and workable real estate solutions custom designed to fit each circumstance, especially during complex and challenging economic cycles. For more information, visit www.alphacre.com.

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