The Grand Bahama Development Company (GB Devco), Port Group Ltd (PGL – a member of the Grand Bahama Port Authority Group of Companies), and Texterra Development LLC are pleased to announce the development of a 2,000 acre ocean front site, on the southern shore of Grand Bahama Island by The Barbary Bay Development Company Limited (BBDC). The development site is located at Barbary Beach, at the entrance to the Grand Lucayan Waterway. The development manager for the new project will be Texterra Development LLC, a Palm Beach based development company.

The Barbary Bay Development Company has worked closely with Government and The Grand Bahama Port Authority for some time to plan a major long term investment program that will further diversify the economy of Grand Bahama and provide many opportunities for Bahamians. Both the Government and The Grand Bahama Port Authority continue to support this development program and Investment Board approval has already been granted by the Government for the investment in BBDC and the land acquisition.

Detailed plans are currently being prepared for the phased development of a mixed use residential and resort community. The focal point of the new development will be a super yacht marina with associated retail and residential amenities, two new golf courses with associated residential communities and a resort core in which a major hotel and casino are planned. Details of the development will be announced at a later date.

A first class team of development experts, including the world renowned land planners EDSA, have been retained to master plan this new community which will further enhance Grand Bahama Island’s emerging reputation as a premier resort and residential destination. Detailed design work on the new development has already commenced. Construction work on the initial phase of the development program is anticipated to commence in 2008.

Grand Bahama Island has the highest quality infrastructure, a state of the art international airport complete with US pre-clearance facilities, with magnificent golden beaches and is located just 65 miles from Palm Beach, Florida.