Miami-based Concord Wilshire Capital (CWC), a company specializing in residential, resort, and mixed-use real estate development and construction, acquired the Grand Lucayan Resort from the Bahamian government, including the 56-acre beachfront resort and 160-acre Reef Golf Course, for $120 million.

CWC has formed a strategic alliance with a number of brands to redevelop and repurpose the Grand Lucayan Resort into a mixed-use destination resort and walkable village that will be home to a 36-acre cruise ship destination resort with a capacity of 10,000 passengers per day, open to all cruise lines; a 25,000-square-foot, free-standing, indoor and poolside casino; a branded hotel and residential resort containing 350 hotel-keys and 120 residential and timeshare units; a 160-acre new Greg Norman Championship Signature Golf Course; and an 18-slip mega yacht marina. The total estimated cost for land acquisition and this redevelopment plan is approximately $827 million.