The Grand Bahama Development Company (DEVCO) is urging Bahamians to seize the opportunity and invest in the $2.5 to $3 billion development boom in Grand Bahama, having commissioned an Ernst & Young study to identify key areas for investment and land use in the Lucaya area, particularly near major developments.
Charles Pratt, DEVCO’s Senior Manager of Sales and Development, recently held a promotional event in Nassau, explaining, “It was really a DEVCO investment promotion initiative, capitalizing on the work we did last year in collaboration with the Grand Bahama Port Authority when we launched the satellite office. At that time, we also did some investment promotion.” He continued, “We had committed to returning to Nassau to present the results of Ernst & Young’s market analysis report and an EDSA report, which highlighted key strategic land investment opportunities in the Lucaya area, such as the Carnival Cruise Port and Weller Six Senses.”
Pratt emphasized the importance of informing investors, real estate brokers, agents, and the public about the land investment opportunities identified by Ernst & Young and EDSA, noting that these areas are near key developments. The event highlighted key sites, types of development for those sites, and projected timing for short, medium, and long-term growth based on research of similar Carnival projects in the Caribbean.
He further noted the ancillary benefits from Carnival’s investment, pointing out that this is the largest investment Carnival has ever made in the Caribbean, with the new cruise port expecting to handle at least 2 million passengers in its first year. The port is set to open in July of this year, and its second phase, which will accommodate two additional ships, is expected to bring the passenger count to 4 million by 2028. Pratt also highlighted the redevelopment of the Freeport Harbour by a consortium of Royal Caribbean International (RCI), ITM, and MSC, which is expected to bring in 2 million passengers in its first year. This would raise the total passenger throughput for Grand Bahama and Freeport to 6 million by 2028, which Pratt called substantial.
In addition to these cruise port developments, the Grand Bahama Shipyard is investing $500 million to build the world’s largest dry dock, which will significantly benefit the local economy. Pratt added that the cumulative impact of these large-scale developments will have a positive trickle-down effect on the daily lives of Grand Bahamians and, by extension, all of The Bahamas.
Pratt also echoed the call from the Minister of Grand Bahama for Bahamians to return home and take advantage of current and future opportunities. As master developers of the Lucaya area, DEVCO owns over 72,000 acres of land and has identified specific areas for investment. The company commissioned Ernst & Young and EDSA to guide the process and provide advice on the best types of investment and the optimal timing for each.
The DEVCO report highlights over 400 acres of prime land in Lucaya as ideal for investment. With substantial developments already underway, the area is poised for rapid growth, and DEVCO is urging local investors to act now and become part of this exciting transformation. Key areas identified for development include residential housing to cater to the growing population, commercial real estate such as office spaces, retail, and mixed-use developments, tourism-related infrastructure like excursion services, accommodations, and leisure and entertainment projects such as casinos and resorts.
Given the expected growth in population and tourism, Pratt noted that housing shortages are anticipated. DEVCO owns land around the Carnival Cruise Port, which is planned for both commercial and residential development. Carnival is also contributing to housing projects in the area. Investments in housing and warehouse spaces will be essential to support the growing workforce and the expanding tourism industry in Grand Bahama.
