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Freeport, Grand Bahama Island is situated off the east coast of Florida and physically 68 miles from West Palm Beach. It is easily reached by plane or boat, with many airlines flying out of West Palm, Fort Lauderdale and Miami airports. Day cruises run out of Port Everglades (Fort Lauderdale). This makes it the second most visited island of The Bahamas by tourists.
However the economy became very depressed since the 70's when the out dated hotels and lack of promotion by the government began its toll. In the mid 1990's Hutchison group purchased the Lucayan Beach Hotel strip and began renovations however closing all hotels at once and causing a great deal of unemployment. Work forces shifted to construction and work at the improved port and container shipping areas but there were still many untrained or unable to gain employment. Meanwhile the Princess became Bahamia and renovations went underway driven by Driftwood Properties. As of 2002 a beautifully remodeled resort complex complete with man-made beach where the road at one time separated the towers from the country club. Newly named will be Royal Oasis Resort (formerly the towers) and Sunspree Holiday Inn (formerly the country club). With the two flourishing resorts and a host of other facilities the employment aspects are high and despite the 11 September 2001 tragedy in American that sentthe Bahamian economy reeling it is prospering in 2002 with a bright out look toward the future.
Hutchison Port Holdings (HPH), a subsidiary of $30-billion Hutchison Whampoa of Hong Kong, has joined together with the Grand Bahama Development Company to create the $78 million Freeport Container Port. Phase 11 of the joint venture involves a $72 million development of 32 acres of land in addition to its 56 acres of stacking area. The facility will include 3,000 ft of berths, seven huge Super Post Panamax Quay Cranes, 22 straddle carriers, and a capacity to handle nearly a million TEUs a year. The port, with a dockside depth of 51 ft, can handle the largest container ships afloat. Contiguous to the deep water container port and Freeport International Airport, the forthcoming Grand Bahama Sea/Air Business Centre will include 786 acres for industrial development The airport, with an 11,000-ft runway, is capable of handling all types of aircraft. The last Census was performed in 2000 and the preliminary reports are that the population of Grand Bahama Island as 46,954. These figures are incomplete. The famed recluse, Howard Hughes, made his home in the penthouse suite of Xanadu Resort to enjoy this sun rich region. Grand Bahama Island offers two unique areas for both tourists and residents which include the International Bazaar in Freeport, which offers a variety of shops and restaurants separated by country or region. In Lucaya, is Port Lucaya Marina and Marketplace where local events are frequently held and each evening bands play in Count Basie Square. Port Lucaya offers a huge marina. There are also sleepy settlements where you can go to be treated right at home. A Sunday spent in East End or West End can provide a family day of relaxation.
The world class Westin and Sheraton, Our Lucaya Resort, 5 star facilities, 14 restaurants, convention centre, 7 1/2 acres of beach and pools with slides and activities. The beach strip formerly consisted of The Atlantik Clarion, which was imploded on July 16, 1998, Grand Bahama Beach Hotel also known as Holiday Inn and The Lucayan Beach Hotel and Casino. The new casino at Our Lucaya is scheduled to open in 2002 is expected to offer increasing employment opportunities to Bahamians. Moreover the new golf course, formerly the Bahama Reef, was redesigned by Robert Trent Jones, Jr. It opened in December 2000.
In West End the former Jack Tar Village and Marina is underwent refurbishment. It has now been renamed Old Bahama Bay with a full service marina; resort community and housing opportunities. This quiet island spot is an upcoming area for future tourism and thereby increasing the employment options for the community. Many other improvements are underway as well including the refurbishing of the Freeport International Airport. The economy is ready to take off to new heights. The container port at Freeport Harbour is the largest and most modern in the Caribbean. This island offers some of the newest infrastructure available, having only been developed in many ways over the past 40 years. It offers some of the most lucrative investment opportunities in light of the Hawksbill Creek Agreement which independently-governs the areas of Freeport and Lucaya. Under the aforesaid agreement there can be no real estate or personal property taxes at least until 2015, in addition to the absence of income, sales, capital gains and death duties that the entire country enjoys. Moreover, the Port Authority, which governs the zone, can issue licenses that allow the license holder to import one car and the materials and furnishings for one house, duty free.
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