GoldWynn is located at 340 West Bay Street, on Goodman’s Bay, a half-mile east of the Baha Mar mega resort, casino and golf course.
GoldWynn will consist of a total of 158 condominium units divided into two components: 77 residential suites on the eastern side of the building & 79 condo-hotel suites, 2 commercial units and related resort amenities and hotel facilities on the western side of the building. The condo-hotel shall operate as a fully licensed hotel in affiliation with Small Luxury Hotels (“SLH”).
The transfer of ownership is completed upon delivery to a buyer of a duly executed deed of conveyance for their unit, which occurs once construction is completed and the certificate of occupancy has been issued. As such, closing costs are effectively deferred until completion.
You may reserve a condo suite, residential or condo-hotel, by placing a refundable deposit, typically $25,000, with the law firm Graham Thompson & Co (“GTC”). The deposit shall be held by GTC in its trust account under the terms of a Reservation Agreement pending commencement of construction (projected October 2018) at which time written notification of same shall be sent to you together with a copy of the purchase and sale agreement for execution.
You may cancel the sale and receive a full refund of the deposit by providing GTC with written notice within the Escrow Reservation Period defined as 10 days following receipt of notice of the commencement of construction.
Once construction has commenced the purchase and sale agreement will provide that you make installment payments at various milestones of construction in accordance with the attached schedule of payments. Each milestone of construction shall be certified by an independent quantity surveyor.
The resort amenities and facilities shall include an infinity pool, fitness club & spa, valet parking, ground level parkade, sea-side dining, bar Paul, theatre, multi-use conference centre and sundry shop.
The developer is Wynn Development Limited, a company beneficiary owned by Paul Wynn, CEO of the Wynn Group of companies, one of the largest private residential landlords in the Greater Toronto Area with a portfolio of over 3,500 residential apartments. The Wynn group of companies also has extensive real estate holding throughout the United States, Israel, Dominican Republic and Bahamas.
Construction is scheduled to commence October 2018 and to be completed within 30 months thereafter.
The hotel operations will be managed by Wynn Development Ltd. or a designated condo-hotel operator. Branding and distribution shall be managed and operated in conjunction with SLH.
Residential owners may place their unit on a long-term lease provided the lease is not for a duration of less than 30 days. This restriction is intended to enhance the exclusivity and privacy by prohibiting transient rentals such as Airbnb, Home Away, TripAdvisor etc. within the residential component. All short-term rental activity shall be mandated and confined to the condo-hotel.
Residential unit owners shall be afforded preferential rates in the event they wish to book a suite in the condo hotel for family or friends.
The condo-hotel shall be operated as a government sanctioned hotel within the meaning of the Hotel Encouragement Act thereby requiring unit owners to make their unit available to the rental program for a minimum period of at least 9 months of the year.
Under this program, condo-hotel unit owners shall be afforded certain government sponsored concession and economic benefits, including an exemption from payment of real property taxes for an initial period of 10 years and nominal real property taxes only for a further period of 10 years.
Owners may occupy their condo-hotel suite to a maximum of three months per annum without restriction. Unit owners may enjoy extended stays with no black-out periods, subject only to the notice requirements and reservation policies outlined in the Unit Management Agreement to be entered with the developer.
No resort fees are levied on owners during owner occupancy periods. Housekeeping, valet parking, spa, and food and beverage shall be available to owners on an a la carte basis.
Residential suites are offered fully appointed with high-end finishes and appliances as outlined in the Schedule specifications. The developer shall offer furniture packages separately or the unit owner may furnish independently.
The condo hotel suites are offered fully appointed with appliances as well as standard furniture, fixtures and equipment packages (including electronics). The condo-hotel furniture packages are standardized and may not be altered.
The developer has relationships with local lenders such as RBC that are offering attractive low rate financing to purchasers at GoldWynn. Introductions are available upon request.
Each unit will be connected to and serviced by a generator that can provide three days full back-up power if necessary.
Pets will be prohibited within the condo-hotel to ensure peaceable use and enjoyment of the resort guests.
In residential units, cats and dogs under 30 pounds will be permitted, provided that they do not otherwise become a nuisance to other homeowners. All pets are prohibited from the common amenity and pool areas.
A land transfer tax known as Stamp Duty of 10% is levied by the Bahamas Government on all purchase transactions over $100,000. The Stamp Duty is split equally between developer and purchaser.
The transaction fees and closing costs are more fully outlined in the unit purchase term sheet section of the sale agreement.
Smoking will be prohibited in all interior common area and throughout the condo-hotel, including suites, except for balcony areas. Unit owners of the residential suites may permit smoking within their suites at their discretion.
There will be handicap access points in the parkade and throughout the first floor of the building. A certain number of condo-hotel units will be designated as handicap accessible and equipped with bathrooms and other accomodations. Wheelchair accessible elevators will also service all floors of the condominium.
The residential owners shall have access and the use and enjoyment of the facilities within the condo hotel on a “membership basis” which includes signing privileges, priority reservations and discounts. Restaurant and room service will be available on an a la carte basis.
The rental program shall operate on a favorable 70/30 rental revenue distribution in favour of the condo- hotel unit owner, after deduction for SLH booking/reservation fees and associated operational expenses. The reservation system shall assign bookings on an equitable rotational system and subject to hotel guest selection and preference on type, floor and views. All rental income is specific rent earned so there is no pooling.
There will be further deduction for housekeeping and sundries on a per diem basis. Utility expenses for the condo-hotel units are pooled and prorated based on interior areas hence there is no individual utility metering.
The rental program projections and associated expenses are more fully outlined in the rental program projections available upon request.
The developer will be responsible for arranging title insurance for all units. A schedule of proposed policy exceptions (if any) will be set out in the Purchase Agreement for prior review and approval.
A Title Commitment for title insurance will be issued to a buyer in advance of the closing of the purchase, and the final Title Policy will be issued by the title insurer once the Deed of Conveyance has been stamped and recorded.
All Commitments/Policies will be issued by a duly licensed local agent, Bahamas Title Insurance Agency Ltd. (BTIAL), acting as an agent for a major and reputable North American title insurance company experienced in doing business in the jurisdiction.
HOA Fees are payable by each owner in respect of their unit to the Condominium Association. The fees represent the cost of maintaining the common areas of the condominium and the operational and administrative cost incurred by the Association in the discharge of its duties, which are proportionate to that unit respectively.
Assessments do not cover or include the cost of repairs and maintenance work carried out by the Association on or for the benefit of one unit only, or to remediate the act neglect or carelessness of any one owner.
The assessments charged in respect of the residential units will not include the costs of maintaining areas or operations for the condo hotel units and, similarly, the assessments charged in respect of the condo hotel units will not extend to the operations and costs incurred in connection with the residential areas.
The transaction related documents (such as the Purchase Agreement, Unit Management Agreement and Deed of Conveyance) will be prepared by GTC and BTIAL in standard forms. GTC will also act as escrow agent and stakeholder under the Purchase Agreement. The developer will pay the legal fee and escrow agent fee for such matters.
The premium for the title insurance policy to be issued in respect of the unit is payable by a buyer. A buyer is also responsible for any fees or costs incurred by them to any independent attorney they engage to represent them.
A buyer may elect to have GTC, as escrow agent, complete certain matters on their behalf – namely the submission of applications for requisite governmental approvals or declarations, and the stamping/recording of the title deeds. No fee would be payable to the escrow agent for such matters.