Photo: WalkersCay.com

The Nassau Guardian revealed back in June that a bid had been submitted to bring back to life the resort which was battered into closure by hurricanes.

Once known as a premier deep-sea fishing hotspot around the globe, particularly popular with U.S. devotees, Walker's Cay in the Abacos fell into disrepair after being struck by hurricanes Frances and Jeanne in 2004.

The property was on the market for $26 million and it is believed that the investor could bring at least as much again to the table to build its dream.

Now AlphaCRE, the U.S. referral agent for the purchaser offshore developer Victoria House IBC - said it could announce today the endorsement by the Bahamas Investment Authority (BIA) for the purchase and redevelopment of the 69-acre island.

A statement from AlphaCRE said: "In a letter issued 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, and its subsequent return as a superlative fishing and diving destination.

"Offshore 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 (a) work force, offer unparalleled services and improve the Bahamas brand."

The initial plans approved by the BIA include:

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

* 26 bluff lots,

* 18 half-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,

* A yacht club, complete with alfresco dining, poolside bar, comfort stations, fueling and a ship store,

* A 2,800 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.

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