Business

RCI Wins Land Battle for $100m PI Project

NASSAU, BAHAMAS – Government giving Royal Caribbean International the green light for a multi-million-dollar beach club project for Paradise Island. It’s a complete turnaround from what Prime Minister Philip Davis said while in opposition.

Published

1 year ago

March 8, 2023

Berthony McDermott

Three years after he took this strong position on the matter, the Davis administration – now the government of the day – revealed it has granted approval for RCI for its $100 million beach club project on Paradise Island.

Prime Davis says from what was communicated, RCI will break ground right away.

Four acres of the land granted is crown land.

In a statement, Deputy Prime Minister and Minister of Tourism Chester Cooper said government intends to convert the crown land into an equity stake in the project and the equity stake will be conveyed to the country’s Sovereign Wealth Fund.

He said it’s important to note that the land currently proposed under the project has not been subject to any dispute or litigation.

But what has changed since the prime minister’s strong opposition to the project?

Cooper says Bahamians will be invited to invest in the project in which 49 percent will be Bahamian-owned.

The project will cover 17 acres, 13 of which represents privately held land.

Bahamian entrepreneur Toby Smith had been fighting for land in the area to develop a $2 million Paradise Island Lighthouse and Beach Club.

In June 2020, it was revealed he would sue the government and be represented by now National Security Minister Wayne Munroe.

Cooper says government believes the project will benefit Bahamians.