NASSAU, The Bahamas -- Exuma is set to get an economic shot in the arm with the development of Cave Cay to the tune of $550 million, under a Heads of Agreement between the Bahamas Government and Cave Cay Limited developers.

The HOA signing ceremony took place at the Office of the Prime Minister on Monday, March 20, 2023. Present were the Hon. Philip Davis, Prime Minister; the Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation; Secretary to the Cabinet Nicole Campbell; Phylicia Woods-Hanna, Director of Investments, Office of the Prime Minister; Felipe MacLean, CEO of Cave Cay Ltd., and other officials.

Deputy Prime Minister Cooper said,  “This is a continuation of the renaissance that we are seeing in the Exumas.”

He further observed that it is going be a “deepening and strengthening our already vibrant product”, while providing hundreds of jobs in construction for Bahamians who reside on the Exuma Cays, and elsewhere.

And, according to Prime Minister Davis, the development demonstrates efforts in expanding the tourism product, and the level of confidence the international community has in the local tourism brand.

Cave Cay CEO MacLean envisioned that “Cave Cay will be the best resort in the world,” and that the development is not expected to have an adverse impact on the environment.

Total completion of the project is expected to take eight years. The first phase to be completed within the next two years, with between 250 – 500 employees at full capacity and at least 80 per cent Bahamians employed.

The company has partnered with DISCOVER Collection, a high-end resort company for the management and branding of the destination.  It will be a boutique resort and marina constructed on Cave Cay, an exclusive 220-acre private island in the heart of the Exuma Cays, with deep-water harbour, private marina and private landing strip.

The resort will have an aggregate of 70 bedrooms and will be comprised of a 45-key boutique hotel -- 17 over the water units, 23 ocean view units, and 5 four-bedroom villas.

There will also be a residential component that includes 214 residences consisting of 38 estate homes, 92 villas, and 84 cottages, among other amenities.

A Heads of Agreement was signed between the Bahamas Government, and Cave Cay Limited developers for the creation of a $550 million resort on the Island of Exuma. The HOA signing ceremony took place at the Office of the Prime Minister on Monday, March 20, 2023. Pictured from left: the Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation; the Hon Philip Davis, Prime Minister and Minister of Finance; Nicole Campbell, Secretary to the Cabinet; and Felipe MacLean, CEO of Cave Cay Ltd.

The Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation addressing a press conference for the signing of Heads of Agreement between the Bahamas Government, and Cave Cay Limited developers for a $550 million resort on the Island of Exuma. The HOA signing ceremony took place at the Office of the Prime Minister on Monday, March 20, 2023. Also pictured are the Hon. Philip Davis, Prime Minister; Felipe MacLean, CEO of Cave Cay Ltd; and Javier Guerra, CIO, Cave Cay Ltd.

The Hon. Philip Davis, Prime Minister and Minister of Finance greets Felipe MacLean, CEO of Cave Cay Ltd. and officials, during a press conference for the signing of a Heads of Agreement between the Bahamas Government, and Cave Cay Limited developers for a $550 million resort on the Island of Exuma. The HOA signing ceremony took place at the Office of the Prime Minister on Monday, March 20, 2023.

BIS Photos/Kemuel Stubbs