CBRE ENGAGED TO SELL
PROMINENT CARIBBEAN DEVELOPMENT SITE
Premier 385-acre property in The Bahamas slated for casino,
resort, residential enclaves and signature Greg Norman-designed golf course
Miami, FL – October 30, 2013 – CBRE Hotels has been exclusively engaged to market The South Ocean Resort property, a 385-acre development site situated on the southwestern coast of New Providence, The Bahamas. Generally considered to be the most important remaining tract of land in The Bahamas, the development of the South Ocean property calls for a $1 billion mixed-use project that will include hotels, a casino, residential enclaves, a world-class marina and retail components. CBRE is actively fielding inquiries from hotel, development and investment groups based in the United States, Asia, Europe, the Middle East and Australia.
CBRE will be working in close conjunction with famed golfer Greg Norman, whose real estate branding and development firm, Southern Cross Developments, has orchestrated an exceptional land plan on behalf of the property’s mortgagee-in-possession, the Canadian Commercial Workers Industry Pension Plan (CCWIPP), that ideally positions South Ocean to become a preeminent destination.
Norman’s plan, developed in close consultation with the Bahamian government, consists of a casino, two upscale resort parcels on an oceanfront lagoon, a vibrant retail village located around a 60-slip marina and dry storage boat facility, and a number of waterfront and golf frontage residential parcels situated around a signature Greg Norman-designed golf course. With over 3,000 feet of pristine shoreline and a strategic location directly adjacent to the successful, five-star community of Albany, South Ocean clearly represents an exceptional development opportunity.
“I believe that this is one of the best, if not the best, large-scale resort development opportunity remaining in the Caribbean,” said Greg Norman. “The proximity to one of the busiest airports in the region, together with over 3,000 feet of ocean frontage and direct access to some of the best diving and fishing grounds in the Bahamas, means that this site is impossible to replicate. The new plan reflects the research and design efforts of an internationally recognized team to create a sustainable and unique plan that also presents the highest and best use for this banner property.”
Added Southern Cross Partner Jeremy Seabridge,”We were appointed by CCWIPP to create a sustainable land plan that reflects the true state of the market and affords the best opportunity for this project to finally be developed. That process has now been completed and we look forward to working with CBRE in the marketing and sale of the project. We will continue to remain heavily involved and also look forward to having the opportunity of working with the new owners once the project has been sold.”
Paul Weimer, a Vice President with CBRE Hotels who is based in Miami, will lead CBRE’s marketing efforts. “As a firm, we take on land sale assignments in the Caribbean selectively, but we jumped at the chance to be involved with the sale of the South Ocean Resort property,” said Weimer. “Given the location on New Providence, the airlift, the large-scale development potential, and the plan that Greg Norman’s team has put together, South Ocean clearly represents the most significant development opportunity to come to market not only in The Bahamas but also in the greater Caribbean.”
Norman concluded, “I am a big proponent of The Bahamas and I see the development of a world-class golf, hotel and casino resort at South Ocean as being a benchmark project for the Bahamian economy and the employment opportunities for the residents of this island. We have committed considerable time and effort to preparing this project for sale and I am hopeful that the project will continue to receive the support it needs in order to realize its maximum potential.”
The Miami-based professionals marketing the property include Weimer, his associate Natalie Castillo, and Senior Vice President Christian Charre, a veteran hotel professional who has successfully transacted in excess of $2 billion worth of hospitality real estate.
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 36 offices across the globe. For more information, please visit our website at www.cbrehotels.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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