new resort development launched its first phase with a cocktail reception
Saturday at the site of a South Sound landmark.
Riviera, Grand Cayman is located at the site of the old Casa Bertmar/Coconut
Harbor dive hotel site, which dated back to the 1960s. That property was severely damaged by the
passing of Hurricane Michelle in 2001 and never reopened until now.
new luxury resort will eventually consist of 58 one, two and three bedroom
apartments, as well as studio apartments, co-developer Ben Fisher said at the launch.
we’re doing here is delivering the next generation of resort for Grand Cayman,”
project is being billed as Grand Cayman’s first European-style boutique resort
and, once phase two is completed next year, will offer five-star service, the
first phase consists of the completely refurbished studio and one-bedroom units
of the old Coconut Harbor hotel. The second yet-to-be-built three-storey phase
will consist of larger units along the property’s northern boundary.
completed, the waterfront resort will offer a fine-dining restaurant, two bars,
a pool, a gym, a Swiss-style wellness spa, comprehensive business facilities
and scuba diving.
first phase of the project, which is now complete, will be rented out long term
until the second phase and amenities come on line.
of the units are being offered for sale as vacation residences. Mr. Fisher explained
that owners will be able to use the units for up to 42 days a year. For the remainder of the year, the units will
be rented through the daily rental pool.
developers, who include local businessman Mike Brown, are guaranteeing a
6.5-per cent return on investment for the first year of ownership once the
second phase opens.
most other vacation ownership properties, The Riviera will allow owners to add
personal touches to the décor, including things like artwork and other personal
chattels, Mr. Fisher said, adding that these items would be stored by the
developers when the owners aren’t using the units themselves.
Riviera’s Sally Hendricken said several of the units were already sold and they
are also drawing attention from residents to be used for visiting guests, as
well as investments.
at the property are being handled by the exclusive listing, agent, Roy Powell
of Century 21, as well as other members of the Cayman Islands Real Estate