$827 Million Redevelopment Project to Begin Immediately
FREEPORT, Bahamas and MIAMI, May 16, 2025 (GLOBE NEWSWIRE) — Concord Wilshire Capital (CWC) announced that it has acquired the Grand Lucayan Resort from the Bahamian government, including the 56-acre beachfront resort and 160-acre Reef Golf Course, for $120 million. The transaction, which closed during a signing ceremony on the property yesterday, paves the way for the rebirth of one of Grand Bahama’s most iconic properties.
CWC has formed a strategic alliance with world-class brands to redevelop and repurpose the Grand Lucayan Resort into a mixed-use destination resort and walkable village that will be home to a 36-acre cruise ship destination resort with a capacity of 10,000 passengers per day, open to all cruise lines; a state-of-the-art 25,000-square-foot, free-standing, indoor and poolside casino; a branded hotel and residential resort containing 350 hotel-keys and 120 residential and timeshare units; a 160-acre new Greg Norman Championship Signature Golf Course; and an 18-slip mega yacht marina. The total estimated cost for land acquisition and this redevelopment plan is approximately $827 million.
Community residents, cruise ship passengers and international visitors of the new Grand Lucayan Resort will be able to access the project by sea or air transportation. Besides the casino and golf course, they can enjoy an array of other anticipated amenities, including a world-class water park, residential and timeshare resort, dive and fishing charters, excursions, and boat rentals. “By reimagining and redeveloping this entire resort, we’re not just creating a destination, but we’re reigniting tourism, generating local jobs, fueling the local economy and crafting a legacy that both the government and community can proudly call their own. We are also proud to be working with Bahamaland Investments, which is acquiring Port Lucaya Marina and Grand Bahama Yacht Club, to integrate these facilities and the existing Port Lucaya Marketplace, containing 120,000 square feet of local authentic shops, into this unique mixed-use resort and village,” said Nate Sirang, President of CWC.
“We are excited to be a part of the rebirth and transformation of the Grand Lucayan Resort into a vibrant village resort with a sense of place that will enhance Grand Bahama and the Port Lucaya Marketplace,” said Peter Hunt, Principal and Managing Director of Port Lucaya Marketplace.
“We are pleased to enter the next phase of the Grand Lucayan Resort and conclude the sale to Concord Wilshire. CWC’s track record is conclusive evidence of its ability to deliver on this complex redevelopment. The proposed redevelopment will be another substantial project for Freeport and adds to the foundation of the island’s sustainable revitalization plan by the Government of The Bahamas,” said Honorable Philip Davis, the Prime Minister of the Commonwealth of the Bahamas.
“Resort and gaming investments require that we are very focused on selecting only the best partners for the Grand Lucayan Resort as we thoughtfully deploy our capital. Every element of this resort is being financed independently of the other elements, and each is coupled with a select branding partner to ensure long-term sustainability and growth,” said Richard Bosworth, Board Member of CWC’s Lucayan Resort and Gaming Platform.
The new cruise destination will be open to all cruise lines, resort guests and locals. It will feature multiple distinct areas, including an adult lagoon, welcome plaza, and private club with premium amenities, all offering various dining options, beach access, water activities, entertainment venues, and a comprehensive beach experience with different zones catering to diverse interests.
“We are pleased to enter the construction phase very soon, starting with demolition of the current site. This phase creates good jobs for the island by directly employing a vast workforce across various roles and indirectly supporting numerous related industries, as well as creating opportunities for both skilled trades and new technology-related jobs. Additionally, the project plans to retain all of the current employees of the existing Lucayan Resort,” said Adam Petrillo, Senior Managing Director of Cruise Ship Resorts for CWC.
“We are elated at the rebirth and reintroduction of the Grand Lucayan Resort visitor experience as the people of Grand Bahama welcome, with open arms, the much-needed mixed-use resort and the return of hospitality for which the City of Freeport and Lucaya were known. We are excited to also welcome our maritime guests and patrons as the project would return our seagoing visitors in mass to enjoy all of the amenities and activities at a destination like no other in The Bahamas and, I may say, the world. We join the voices of the people of The Bahamas, especially Grand Bahama, in welcoming and supporting CWC for its vision in creating what will be an adventure and experience like no other,” said Thomas Dean, Board Member and Counsel for CWC.
About Concord Wilshire Capital
Concord Wilshire Capital is a Miami-based, nationally recognized leader in residential, resort, and mixed-use real estate development and construction with over $10 billion in total value of developed and acquired assets. Since 1992, Concord Wilshire has developed, constructed, and invested in distinguished real estate assets in major markets throughout the United States. An award-winning company, CWC has received an array of accolades for many of its developments throughout the nation in recognition of its commitment to development, marketing, architectural design, and interior design. CWC has a successful and extensive track record that spans multiple investment cycles. (www.concordwilshire.com)
Media Contacts for Concord Wilshire:
Todd Templin or Angelic Bringas, BoardroomPR
ttemplin@boardroompr/[email protected]
954 370 8999
