Hurricane Hole on Paradise Island is set for a $250 million mixed-use redevelopment by Sterling Global Financial that aims to turn the 13-acre site into the island’s “downtown” and community hub. The project will feature retail, offices, residences, restaurants, expanded marina facilities, and significant green space, designed to complement Atlantis and nearby resorts while providing amenities Paradise Island currently lacks.
Sterling chairman David Kosoy revealed that 50% of retail space is already pre-leased, with unsolicited deposits received for both condos and retail units. Construction is expected to begin in January 2019, pending approvals, with development rolling out in phases over five to seven years. The project will create about 600 construction jobs annually through 2024 and roughly 500 permanent jobs upon completion.
Plans include 140–160 condos and townhomes (mostly priced between $500,000 and $800,000), buildings capped at seven storeys, and an expanded marina increasing dockage by more than 36%. Early upgrades have already been made to docks, security, staffing, power supply, and marina infrastructure.
Sterling acquired Hurricane Hole from Brookfield Asset Management in an off-market deal that generated $30.9 million in government fees. Once completed, the full development will span about 300,000 square feet and is projected to generate $3.2 million annually in taxes and fees for the Bahamian government.
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