Developer Breaks Ground on $700 Million Rum Cay Project in the Bahamas

Rum Cay Resort Marina, a $700 million mixed-use resort development project, has broken ground on Rum Cay, Bahamas, located 165 miles southeast of Nassau and 40 miles east of Great Exuma.

The island, nine miles long and five miles wide, is inhabited by less than 100 islanders and is reachable by charter flights via numerous carriers from Fort Lauderdale or via Cat Island Air from Nassau.

The development, which will include a mega-yacht marina; a luxury hotel; private residences; restaurants and shops; and spa; and fitness facilities, is being done in three phases, according to Montana Holdings, a Nassau-based real estate investment and development firm.

Phase I will concentrate on the 80-slip marina, marina village, condominiums and estate homes and will be in full swing by September.

Phase II will center on the luxury hotel, slated to open in 2010. Phase III will complete the residential components and expand the marina village, targeted for a 2016 completion date.