An ultra-luxury residential condo complex on Paradise Island got an all thumbs-up today following a tour by investors and developers who pronounced the project, THIRTY SIX, ‘100% on target in sales and slightly ahead of schedule in construction.’
“We are extremely satisfied both with the progress of the infrastructural development, particularly in light of Hurricane Matthew, and with the interest from prospective buyers which continues to be very strong,” said Jason Kinsale, Aristo Development President and CEO.
Aristo is partnering with award-winning financial services provider Sterling Global Financial, specialists in real estate and property development funding.
“THIRTY SIX appealed to us when the plans were first presented,” said Sterling Global Chairman & CEO David Kosoy. “We were impressed by a combination of factors – the developer’s track record being one of the most important.” Aristo designed and built the highly successful Balmoral residential community in the heart of Nassau and is nearing completion of ONE Cable Beach, a luxury high rise on the oceanfront with penthouse units selling for upwards of $4 million.
“The company (Aristo) is known for distinctive, upmarket style, quality construction and on time completion,” said Kosoy. “So that was the first indication that this could be a venture in which we would be interested in becoming an equity partner. But equally important was the proposed project itself. THIRTY SIX is the first new condominium project development on Paradise Island in a decade so we knew there would be foreign and local interest and market demand would be a given. Beyond that, the drawings were exciting, very sophisticated style, a four-storey atrium entry lobby, European kitchens and baths, large expanses of storm-rated glass, covered parking for golf carts and vehicles and a lot of amenities including 24-hour concierge and front desk. And they were bringing this type of living on Paradise Island in at a price that was incredibly attractive with the junior one bedroom units starting at under $500,000.” Prices range from $495,000 for junior one-bedroom, to $975,000 for two-bedroom residences, and $1,075,000 to $1,250,000 for two-bedroom penthouse with the higher priced one featuring a generous roof top terrace and panoramic views of Nassau Harbour.
For Minister of Investments Khaalis Rolle, who toured the property this week, the project was a “clear demonstration that local expertise and funding are important contributors to quality construction projects and to the Bahamian economy as a whole. This is the type of vision being brought to life that allows us to disabuse people of the belief that everything we do is about foreign. There are tremendous strides being made by local companies like Sterling, which is international but chooses to have its headquarters in The Bahamas, and Aristo which had an excellent track record of quality real estate development.”
Kosoy agreed with the quality assessment
“What we have seen to date does not disappoint. It reaffirms our initial attraction,” said Kosoy, whose company has funded the redevelopment of a downtown Nassau hotel that was recently rebranded as a Marriott Courtyard, developed Paradise Beach Villas and is assisting with land assembly funding for a major redevelopment of a South Boston community. Its Sterling Mortgage Income Fund (formerly New Providence Income Fund) has been the recipient of numerous awards and was just nominated for a third year as best fund since inception by AI Barclays Hedge Fund Awards. The fund, singularly dedicated to real estate investment and property development financing, earned 13.8% return on investment in 2015 and in the four years since its inception has reported average earnings above 12%.
THIRTY SIX is slated for a Spring 2018 completion. Baker Construction is participating in project development along with Aristo. According to Sales & Marketing Director Matthew Marco, pre-completion sales are brisk with interest from Bahamians, Europeans, Canadians and Americans. “Paradise Island is renowned for having some of the world’s most sought after real estate with top business executives, elite athletes and Hollywood celebrities calling the island home. Even if someone has never been to The Bahamas, they have heard of Paradise Island and want to be here.”