By the Caribbean Journal staff

One of the Bahamas’ most famous marinas is about to be transformed.

A new $250 million project has been announced for Paradise Island’s Hurricane Hole marina: Sterling Hurricane Hole.

The new mixed-use project will include a transformed marina, residences, retail restaurants, office space and yachting services, according to a government statement.

The property will also offer condominiums that begin at $500,000, according to David Kosoy, president of Sterling Hurricane Hole.

The project aims to be a “neighborhood revitalization” that will also include the latest in technology and renewable energy, according to Bill Green.

Hurricane Hole is located on the harbor-facing shore of Paradise Island, just a few minutes away from the Atlantis resort and adjacent to the Warwick Paradise Island resort.

Construction on the project is slated to begin in January 2019, with a five-to-seven-year total timeframe.

The project will employ an estimated 500 people on a permanent basis upon completion.

It’s the latest in what has become a wave of exciting new projects in Nassau, from the Baha Mar to the Pointe development in downtown Nassau, which recently announced a new Margaritaville project.