Above: Bimini Bay
By the Caribbean Journal staff
The Bimini Bay Resort in the Bahamas has tapped Miami-based KW Property Management and Consulting to manage its residential component.
The resort, which will soon be adding a casino run by Malaysian gaming giant Genting, contains 384 private residences.
“They had a fantastic portfolio of local South Florida high-rises and development that gave me more comfort,” said Rafael Reyes, president of Bimini Bay. “If you’re in South Florida, your resources are closer to our island — South Florida is literally a hop, skip and jump away from our property.”
KW’s portfolio includes properties such as the Turnberry Village in Aventura and the 900 Biscayne condominium in downtown Miami.
“The addition of Bimini Bay in the Bahamas strengthens the depth and breadth of our residential property management services on an international basis, in addition to our well known expertise in Florida and recent expansion into New York City and Nashville.” said Robert White, Co-Managing Director at KW, in a statement.
As Caribbean Journal reported earlier this year, RAV is working to position the resort and the island as an international destination, highlighting the island’s proximity to Miami and South Florida. (It’s just over 50 miles).
Jesus Castañon, head of the real estate division at Bimini Bay developer RAV Bahamas, said the project had weathered the downturn far better than its Caribbean competition, closing more than $40 million in sales in the last year and a half.
“This is a small project, but this project has survived one of the worst real estate collapses in history,” he said. “For this to be in a Caribbean island, the fact that it’s around $40 million [in sales], is amazing.”
The casino will reportedly be completed by the middle of 2013.
New ferry service from Miami is also scheduled to launch to Bimini beginning in late January.
Reyes said the company had not yet decided whether KW would manage the recently-launched $250 million Rockwell Island development on the site.