Developer eyes $5m New Providence move

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

A BAHAMIAN developer yesterday disclosed it plans to invest up to $5m in developing a 2.3-acre project close to Lake Cunningham that will provide medical services to western New Providence residents.

Dr Theodore Turnquest, principal behind the Tabeet complex, which will be located off Baha Mar Boulevard at the first roundabout north of the JFK Drive exit, told Tribune Business the development will also feature town houses, condominiums and rental shop spaces.

“This is not going to be an expansion of my medical office,” he explained. “It will be mixed use because that is all Town Planning gave me approval for. That Urban Easter feel is what we are going for, so there will be some offices downstairs and some residences up top, and then some residences at the back.” The original plan was to have an enclave where people are able to work, live, shop and enjoy themselves alongside the presence of healthcare facilities.

“We can’t go on the lakeside, but we have two acres. We weren’t going to do detached homes. We

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FTX: $7.7bn owed to Bahamas ‘misleading’

By YOURI KEMP and NEIL HARTNELL

Tribune Business Reporters

A KEY financial adviser to FTX’s US chief yesterday disputed as “misleading” assertions that some $7.7bn is currently owed to the failed crypto exchange’s Bahamian subsidiary.

Edgar Mosley, in testimony before the Delaware Bankruptcy Court as John Rays’ team continued their battle with the Bahamian joint provisional liquidators, argued that any sums owed to FTX Digital Markets are “dwarfed” by those due to the failed crypto exchange’s 134 affiliates now in Chapter 11 bankruptcy protection in the US.

Asked to explain allegations that the Bahamian liquidation trio had “clouded the title” as to who controlled specific assets, he said: “This $7.7bn that’s been referenced by the joint provisional liquidators in a few places, most notably in their interim report, in my opinion is misleading.

“I’m not saying the number is incorrect. I’m saying they’re choosing to show only one side of the ledger. In this case, these

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROYAL Caribbean has pledged to reduce the size of building structures for its $100m Paradise Island project by a combined 24,000 square feet while “building the least amount of infrastructure as possible”.

The cruise giant, in new documents released prior to last night’s Department of Environmental Planning and Protection (DEPP) consultation on the Royal Beach Club, promised it will create “the ultimate beach day” for thousands of passengers with any beach expansion moving inland as opposed to into the sea.

The project’s supplemental Environmental Impact Assessment (EIA), produced by Bahamian consultancy Islands by Design, disclosed that Royal Caribbean plans to reduce the footprint for its so-called ‘front of house’ and ‘back of house’ buildings by 9,000 square feet and 15,000 square feet, respectively.