A landmark property located on West Bay Street between Arawak Cay and Saunders Beach has been formally placed on the market for sale. The property, which has been owned by the United States Department of State since 1975, is best known by the eight-foot-high, white concrete wall that runs approximately five hundred and sixty feet along West Bay Street.
The property has served a number of purposes for the Department of State’s operations in The Bahamas and the decision to sell the property aligns with plans coordinated between the United States Embassy in Nassau and the Bureau of Overseas Buildings Operations (OBO).
In October of 2019, the Department of State broke ground on a new Embassy located at the corner of Shirley Street and East Street. The $318-million-dollar energy-efficient facility will provide a secure, modern, sustainable, and resilient platform for diplomacy representing a significant jewel in the crown of Downtown Nassau’s revitalization. It is expected to employ approximately 160 local workers at the peak of construction activities and is expected to be completed in 2023.
Local company Engel & Volkers Bahamas, in concert with CBRE Inc., has been selected to represent the sale of the property. Listing Advisor Silvina Andrews notes, “The property is underutilized in its current residential use as it is zoned Commercial Tourist (C2) and permits commercial, office, flex and mixed uses. The size and location of the property lends itself to a diverse list of commercial uses. The proximity to the port, Downtown Nassau and Baha Mar just to the west places it in a very central location.”
The West Bay Street property is a significant commercial site representing a rare opportunity to develop a property of this size so close to Downtown Nassau. In total it comprises 3.6 acres and also has a protected waterway along the entire length of its northern coastline. Currently, the property has two residences built in 1975 and 1989 as well as a gym, pool, basketball court, cottage, guardhouses, 2 gated entrances and a number of smaller buildings. The listed price is US$3,150,000.
