Founder of Xquisite Yachts in Grand Bahama, Tamas Hamor has announced the company’s intention to develop a $40 million condo residence on property adjacent to their marina.

During a recent press event Hamor told reporters that the company is in the process of acquiring the property. He said, “the plans we have right now, preliminary let’s call it that way, is a gated community with high end luxury condos. It’s 70 condo units with docks around it and a passage like a walkway down to the beach directly. We planning to market a lot of these to our current boat owners and their families and our friends and clientele.”

The Xquisite Founder also spoke about investor interest in the project. “So these apartments that we’re planning to sell might bring in further investment money to the island from abroad which I think is everybody’s interest on this island. That’s the project that were working on. It’s not going to be fast. We’re also looking for some partners on this investment because it’s larger scale than what we can do on our own.”

Hamor says the completed projects should create fifty full time jobs.