AGIA International Ltd. intends to build a luxury cryptocurrency community on the site where convicted conman Billy McFarland intended to hold his infamous Fyre Festival. The community will create 125 long-term hospitality jobs and 150 construction jobs, According to an article on Businesswire.com.
The article said the project has been given the go-ahead by the Bahamas Investment Authority and is in line with Prime Minister Philip Davis’ crypto hub vision for The Bahamas.
AGIA said in the article that it plans to sell 60 “ultra-luxurious pavilions and villas” through a series of “upcoming non-fungible token (NFT) mints on the Ethereum blockchain”.
Matthew Salnick, chief strategy officer of
Unchained Partners, AGIA International’s blockchain developer, said in the article that this is the first time an entire real estate development will be sold exclusively on the blockchain.
“There’s never been a 100 percent tokenized, resort-style community,” said Salnick.
Unchained Partners’ Chief Executive Officer Hunter Williams said the blockchain idea has tangible benefits for the buyer and the seller.
“It means easily traceable ownership, faster buying and selling across borders; and, among other benefits, Bahamian residency and access to its sophisticated offshore banking system,” said Williams.
The article called the development an “unprecedented step for Web 3.0 and real estate”.
It added that the community will radically recreate the land where Fyre Festival tents were pitched.
“Five years and tens of millions of dollars later, private spending is set to transform the site that now promises to house the most exclusive enclave in the Caribbean,” the article said.
Co-founder of AGIA International Erik Sanderson added: “We bought this property because we saw its future, not its past.
“We saw 60 acres of secluded, undeveloped land in the cul-de-sac of a beautiful island whose current government has allocated tens of millions to invest in its transportation, telecommunications and infrastructure throughout the island.”
He said the development will also create entrepreneurial opportunities.
The article explained that the AGIA team’s other projects include The Setai in Miami Beach and Amanyara in Turks and Caicos.
“When the public buys one of the 60 homes here via their crypto wallets, they’re not only buying into a wealth of oceanfront experiences, they’re also bringing economic vitality to The Bahamas,” Williams said.
“We are committed to growing the local economy and creating sustainable jobs. Our AGIA Foundation will assist the island’s educational and healthcare needs. It will build awareness around climate change by preserving the island’s natural beauty and environmental resources, along with promoting the importance of agriculture throughout Great Exuma.
“AGIA’s main objective is leaving a positive footprint throughout the southern Bahamas for generations to come.”
The article said the development will feature a superyacht marina, a dry-storage boat facility and resort-style amenities as well.
It added that the structures will feature a Greek Mediterranean aesthetic with beachfront, oceanfront or inner harbor views, each with 1,000 to 6,500 square feet of space, with a private pool and deeded private floating boat slip.