Entitlements Near Completion for Groundbreaking Development on 900-Acre PeninsulaMIAMI, FL, (Business Wire))--The Related Group, a privately-held, leading luxury real estate developer, today announced that it has completed a 50% acquisition of a 900-acre peninsula on Eleuthra Island, Bahamas.
The venture, TRG-Meritage Bahamas LLC, acquired the peninsula known as Lighthouse Point, the southernmost tip of Eleuthra Island, considered by many to be the most awe-inspiring, undeveloped vista on the island.
The Related Group partners, Jorge M. Perez (top right photo) and Stephen M. Ross (top left photo) , have years of combined experience investing in substantial development portfolios in the United States and South America, as well as the Bahamas as former stakeholders with Sol Kerzner of Kerzner International, owner of Atlantis, Paradise Island and One & Only Resorts, Bahamas. Related Group Chairman and CEO Jorge Perez stated, “While real estate values across the Americas have contracted sharply with the global credit crisis, the fact remains that large, undeveloped peninsulas of high quality beach-front land are a very limited natural resource.”
“Our stake in this amazing property is a testimony to our longer-term outlook on land values in the Caribbean,” stated Mr. Perez. “We are finalizing the entitlements with the Government and the Bahamas for a development program that is truly unique in the market and some distance beyond expectations.”
The Related Group is a leader in luxury real estate and the largest multi-family residential developer in the United States. Through a subsidiary, Related International, the company is developing landmark luxury resort properties that focus on maintaining the natural beauty, culture, and history of special properties.
The company is active in Mexico, Latin America, and the Caribbean.
Founded in 1979, The Related Group, based in Miami, Florida, also offers construction management, property management, asset management, sales and leasing, and loan financing solutions.
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