business@tribunemedia.net
MONDAY, AUGUST 22, 2022
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Lyford Cay developer says project fits with community’s vision By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CONTROVERSIAL potential Lyford Cay developer hits back at the objections to their 72 unit quartet of nine-storey condominiums in the heart of the gated enclave. Principals of Eastmor Properties Ltd (EPL) say their plans are an extension of the masterplan and execution of the vision that the community’s founder, EP Taylor, had for the space. CEO David Dingman said: “What we are proposing is an implementation of EP Taylor’s government approved masterplan for Condominium Site #2. What we are using was always intended to be a condo lot. “This project is not just a reaction to demand in Lyford Cay, but rather an execution of what has
already been set in place. EP Taylor always wanted to expand Lyford Cay to include more people from all sorts of economic backgrounds and more Bahamians as well, which I think is important to note in this conversation.” Dingman said about 40 people have expressed interest in purchasing units. He said: “I don’t want them to be priced out of the market. I also don’t want them to have properties that they are unable to maintain. So, in many ways, having something that is apartment living makes a lot of sense for the younger and the older. This is something that we are excited about. My family has owned that land for around 15 to 20 years and I believe that now is a very good time to develop it. We want to do it to the standard, including a Bahamian sense of place, that we believe we’ve always done our projects, some of
which involved Jackson Burnside as architect. The timing is great and we want to continue the growth on this side of the island.” Acknowledging concerns, he said he he is currently focusing on Town Planning Committee approval in principle. However, following that approval in principle, more definitive plans will be made. He said: “The intention was always to have a constructive conversation and build something that was generally acceptable to the entire community and give up some of our economic benefit for the overall communal vibe. I do think that we will get to that point. We’ve always done projects that were both aesthetically pleasing and enjoyable to the community. Once the approval in principle is in place, we will be
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Cooper: We’re going the right way with agriculture By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Deputy Prime Minister said the country is “moving in the right direction” on sustainable and climate smart agriculture. Chester Cooper, also Minister for Tourism, Aviation and Investments, in a statement to the media, said at the Agri-Investment Forum and Expo that took place in Port-of-Spain, Trinidad: “We are moving in the direction of forward-looking greenhouse technologies and climate smart agriculture, with the built-in advantage of being sustainable and carbon negative.”
CHESTER COOPER Mr Cooper led a delegation to the Expo inclusive of HE Winston Pinnock, Bahamas Ambassador to the UN Food and Agriculture Organization (FAO), to the two-day conference
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CIBC closing Palmdale branch By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net CIBC FirstCaribbean has announced that its Palmdale branch will close permanently on August 31, 2022. CIBC FirstCaribbean’s managing director, Dr Jacqui Bend, in making the announcement, said: “We regret this development; however, our bank recognises that our clients’ needs are changing, and we remain committed to meeting these evolving
needs. We are even more focused within the climate of evolving technology advancements on creating product options that focus on security, convenience, and ease of doing business.” Dr Bend noted that all branch employees were offered positions at other branches but also have the option to take severance as per labour guidelines. She said letters have been sent to clients informing of the closure and alternate arrangements put in place. She noted that all checking,
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Customers warned on rising costs on construction projects By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net NOT only are the price of construction materials “through the roof” but contractors have to tell their customers there are “escalating costs” that must be recovered on all projects. Quentin Knowles, the Bahamas Society of Engineers (BSE) president, told Tribune Business that dealing with the economic fall out of the COVID-19 pandemic is still taking a toll on the construction industry, but oddly enough projects have not stopped at all. In fact, “projects have ramped up in the last two years, to my surprise,” he said. Mr Knowles noted, however: “The cost of goods, especially for what we do for things like conduits, pipes and fittings, all of those things are now through the roof and out of control. Now that the pandemic is ‘over’ we thought that things would stabilise, but for me as a contractor I cannot give my customers prices that are valid for
more than 30 days, because some of my suppliers in Miami will give me a quote that is only valid for three days because they cannot guarantee the price.” The volatility in the price of construction materials has caused many contractors to tell their customers that “there are escalating costs that must be recovered”. Mr Knowles added: “Of course they don’t like it but it is what it is. This pandemic was a force majeure. Those were very unusual circumstances and it does cause prices to escalate.” As a result of the confusion in the market over the supply chain challenges coupled with pandemic related work shortages, some manufacturers have also taken advantage of the situation and raised prices when they didn’t need to. “A combination of all of that has caused prices to go through the roof.” Mr Knowles also said: “There are provisions in contracts that allow for contractors to claim on force majeure, which is like a
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