One of the most exclusive corners of the region is getting a major resort project.

The government of the Bahamas has executed a Heads of Agreement for a new $94 million luxury resort at South Cat Cay.

The project will include a 53-room, five-star branded boutique hotel, along with 29 marina condo units, 37 residential units and a 137-slip marina.

It will also include restaurants, shops and recreational facilities, along with what’s expected to be an “upmarket residential community,” according to a government statement.

Partners in the project include Dr Enrique Murciano and his wife, who are residents of Florida, along with Ernesto Andrew Estrada Fernandez Salvador, a native of Ecuador.

The Ernesto family has a 40-year history in the Bahamas, along with a home in Lyford Cay and “extensive assets in the Bahamas,” Bahamas Prime Minister Perry Christie said.

Cat Cay is located in the Bimini chain close to the US coastline.

The development company, South Cat Cay Properties, projected more than $200 million in real estate sales over the first five years, along with the $94 million capital investment.

The project is also expected to employ 75 Bahamians during construction, and 170 permanent jobs during operation.

“This project is another manifestation of the confidence of foreign direct investors in the Government and future of the Bahamian economy,” Christie said. “It represents a wonderful addition to the attractive Bahamas tourism product, with very close proximity to the affluent South Florida market, and large number of other wealthy residents and visitors being attracted from South America and Europe to Florida. We look forward to working closely with the developers who plan to move ahead with construction as soon as they receive the necessary permits from the relevant Government agencies.”