Sterling Global Financial’s $250 million Sterling Hurricane Hole development received its first pour of concrete yesterday, marking the start to phase one of the development. A press release on yesterday’s activities revealed that 75 percent of the retail space at Sterling has already been leased, while 75 percent of the condos are already on contract.
Acting Prime Minister and Minister of Finance Peter Turnquest, who was on hand to witness the concrete pour, said yesterday’s event is proof that the investment is finally being realized.
“We are very excited that the project has reached this stage, where they are actually putting shovels in the ground, demonstrating to the naysayers that this project is in fact going forward,” he said.
“We’re very excited to hear that the project is two weeks ahead of schedule. That certainly bodes well for the economic growth that we anticipate coming from this project going into 2022, when they expect to have the first phase of the project completed.”
The press release explained that about 600 jobs will be created during the construction phase and 500 permanent jobs when the project is completed.
Turnquest said the project will aid the government in its growth and employment agenda.
The press release added that the project is expected to take five years to complete. It will be the only purely big boat marina in The Bahamas and the Caribbean and will feature the construction of five multi-story structures.
“Phase one consists of two three-story structures with retail on the ground floor, professional office space on the second floor and luxury condos overlooking the harbor on the third,” the release states.
“A tenant has been identified for the 5,000-square-foot supermarket, which is expected to start construction shortly.”
Phase one is expected to be completed by this time next year, the release points out.