Residential Options in Downtown Nassau, a Key Factor in Revitalization
Developers are having a difficult time envisioning getting a decent return on their investment in the downtown area, due to the current height restrictions in place. Downtown Nassau without a doubt has suffered from a loss of life in the city center and has left the eastern end of Bay Street vacant and abandoned. It has become very difficult for businesses to survive on the eastern end of Downtown.
Outside of regular working hours, apart from when stop-over cruise ship passengers are in port, the reality is that downtown shuts down during the week in the evenings. Walking the sidewalks of Downtown Nassau on a Tuesday evening, you will notice little to no businesses open, and it is rare to see any activity.
This problem can be minimized with an injection of attractive housing options in the downtown area for local and foreign buyers. It has been decades since we have seen residential options made available on Bay Street, and it is crucial if we want to see life in our city’s center like other popular destinations around the world. Housing options in the downtown area will appeal to consumers who are looking for lifestyle. It will appeal to individuals who are open to living in the heart of a city and the territory that comes with it. You will then begin to see a downtown with many pedestrians at night, looking for late night dinner options, frequenting local bars for an after work drink with colleagues and even getting last minute shopping in before stores close at night. You will start to see the city begin to come to life once again.
These types of housing options are very attractive to millennials, local and from abroad. Living downtown is perfect for ambitious working professionals who would benefit from the ability of being able to walk to work in the mornings. It is also attractive to lifestyle seekers, who would love a harbour view condo away from home to visit with their friends and family on their trips to The Bahamas. It is also a perfect location for vacation rental options.
However, for these housing options to be a success, their price point is very important. Currently, land in the downtown area is priced at a premium, and is some of the most expensive real estate on the island. In order for developers to be able to create the volume of inventory needed to deliver affordable housing options for the downtown area, the buildings must go higher, and currently height restrictions are constraining that from happening.
Downtown’s revitalization is a pressing matter for our country, and it must be treated as one of our priorities if we want to remain a premiere tourist destination. There are many issues we face downtown, that have resulted in its current condition, but housing options are a very viable solution that can put us in the right direction for a successful recovery of the island’s downtown area.