The Eleutheran - Eleuthera News, Sport and much more from Eleuthera: Meritage Hospitality Receives Gov't Approval on Two Eleuthera Oceanfront Development Sites

Meritage Hospitality Receives Gov't Approval on Two Eleuthera Oceanfront
Development Sites
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admin on 13 January, 2008 
 
Plans for this development, to be located in  Rock Sound,  were initially
announced in August of 2006 by the Michigan based group and site plan schematics
are shown online at http://www.meritagehospitality.com/international.html.
According to their website, the project is anticipated as consisting primarily
of pre-sell condominium hotel investment units to be offered through Marcus &
Millichap, a real estate investment brokerage company headquartered in New York
City.
In a press release, the company said that the purchase of both properties is
conditioned upon approvals from the Bahamian government and the closing of a
larger and separate 884-acre parcel development on South Eleuthera for a
large-scale destination resort community. The 884-acre development has also
received an "Investment Approval in Principal" from the National Economic
Council, and is awaiting the final documentation from the Ministry of Works on
various rights, titles and interests necessary to complete the permit
documentation.
Meritage's CEO, Robert E. Schermer, Jr., expressed delight and appreciation in
receiving the approval, "Today it may be difficult to fully appreciate the
intrinsic value in our development approvals and entitlements. We have obtained
site plans, environmental assessments, surveys, market feasibility reviews,
schematic designs, architectural plans, land planning and title commitments for
these developments. Both Rock Sound Bay and Northside Beach are designed to
provide affordable resort accommodations, and will also provide, in the near
term, affordable accommodations to support the pending development of the
884-acre development." he said.