A Miami real estate developer has acquired a beachfront resort and golf course and plans a massive redevelopment to the tune of $827 million.
Concord Wilshire Capital bought the Grand Lucayan Resort from the Bahamian government in a $120 million transaction that closed on Thursday, according to a news release. Included in the deal is the 56-acre beachfront resort and 160-acre Reef Golf Course. CWC plans to redevelop the property to include a walkable village home to a 36-acre cruise ship destination resort open to all cruise lines and able to accommodate 10,000 passengers a day.
The plans also include a branded 350-key hotel and 120 residential and timeshare units, a 25,000-square-foot indoor and poolside casino, 18-slip mega yacht marina and a 160-acre new Greg Norman Championship Signature Golf Course.
CWC is working in partnership with Bahamaland Investments, which is acquiring Port Lucaya Marina and Grand Bahama Yacht Club to bring in the facilities to the existing 120,000-square-foot Port Lucaya Marketplace that's home to local shops.
“By reimagining and redeveloping this entire resort, we're not just creating a destination, but we're reigniting tourism, generating local jobs, fueling the local economy and crafting a legacy that both the government and community can proudly call their own," CWC President Nate Sirang said.
Cruisegoers — as well as resort visitors and locals visiting the property — will find various zones to enjoy, such as an adult lagoon, welcome plaza and private club. A water park and access to excursions, like fishing and diving charters and boat rentals, are also expected.
Adam Petrillo, senior managing director of Cruise Ship Resorts for CWC, said the construction will begin "very soon," beginning with demolition of the existing infrastructure.
"This phase creates good jobs for the island by directly employing a vast workforce across various roles and indirectly supporting numerous related industries, as well as creating opportunities for both skilled trades and new technology-related jobs. Additionally, the project plans to retain all of the current employees of the existing Lucayan Resort,” Petrillo said.
According to CoStar data, the upper-upscale Grand Lucayan Resort opened in 1998 and has 542 rooms and 40,000 square feet of meeting space.
CWC, founded in 1992, has over $10 billion in total value of developed and acquired assets across residential, resort and mixed-use real estate.
“CWC’s track record is conclusive evidence of its ability to deliver on this complex redevelopment," said Philip Davis, prime minister of the Commonwealth of the Bahamas. "The proposed redevelopment will be another substantial project for Freeport and adds to the foundation of the island’s sustainable revitalization plan by the Government of The Bahamas."