Colonial Group International Ltd has broken ground on a new office building in Freeport, Grand Bahama.
The 12,000 sq ft complex on The Mall, Freeport’s main commercial artery, represents an investment of approximately $4 million by the Bermuda-based company.
Grant Gibbons, CGI chairman, said during the ground-breaking ceremony that the project demonstrated Colonial’s corporate faith in The Bahamas.
Dr Gibbons said: “The CGI Group is proud and privileged to make this new investment in The Bahamas. It is our expectation and commitment that this structure and the quality of our business conduct will contribute much to the rejuvenation of this northernmost island.
“The complex, above all, signals our respect for the resolve and continued optimism you Grand Bahamians have continued to show through the challenges of the past decade. We are honoured that you have accepted us as partners.”
Hubert Minnis, the Bahamas Prime Minister, said Colonial’s investment was a concrete sign of growing investor confidence in Grand Bahama.
“Today’s ground breaking is a bellwether of things to come,” he said. “After so many long decades of downturn and economic stagnation, the revival of Grand Bahama has begun.”
CGI offers health and life insurance, property and casualty insurance and pension plans and retirement services through its member companies operating in The Bahamas — Atlantic Medical Insurance and Security General Insurance, Colonial Pension Services (Bahamas) and Nassau Insurance Brokers Agents.
Colonial’s head office in The Bahamas is located in Nassau. The new Freeport office will serve clients in Grand Bahama and Abaco.
The new Colonial building will incorporate green technology with an emphasis on energy conservation and water consumption.
Bermudian-based Colonial has commercial operations in Bermuda, the Cayman Islands, The Bahamas, the British Virgin Islands, Barbados and the Turks and Caicos Islands.