The Ginn Development Company of Orlando, Fla. has completed the acquisition of a substantial portion of land in Grand Bahama crucial to a much-anticipated billion-dollar development, according to a company official.

"We have closed on 2,000 acres on the West End of Grand Bahama Island and we are currently at the government’s request moving forward with an expert third party analysis feasibility study about the proposed value of the project," said Ryan Julison, Ginn’s senior vice president of corporate communications.

The project [will be] a joint venture with the present investors of Old Bahama Bay and would entail the development of the entire 2,150 acres of the Old Sammons property. The plan also encompasses a world-class resort, condominium, golf course, residential, and yachting community.

[Prime Minister] Christie had said, "The magnitude of it is truly staggering. It envisions a total investment of $2.5 billion over 18 years in West Grand Bahama."

The Ginn master plan calls for two 18-hole signature golf courses; three marinas with approximately 600 slips; and the re-opening of the airport as a private non-commercial airstrip with 47 runway access lots. Three thousand eight hundred and eighty units are planned for the project, it was announced nearly two years ago.

At the time of the announcement, the prime minister said, "It is expected that over 700 direct jobs will be created in the first five years of the project, climbing to over 1,400 direct jobs within 10 years."

Government revenues from the project and the sale of residential lots, villas, condominiums and otherwise had also been projected to exceed $45 million over the first five years, growing exponentially as the properties are developed and then resold.

In her most recent update on the negotiations, Minister of Financial Services and Investments Allyson Maynard Gibson said that the negotiations with Ginn were at "a very, very sensitive stage."

"When concessions are given that have not been given before we have to be sure that our citizens who are our shareholders obviously understand what it is that we’re doing and why we’re doing it," she said.

"We fully recognize that West End was an area that was devastated by Hurricane [Frances] and every effort is being made to give that economy the vital lifeblood shot that is necessary for it."