Roughly six months after coming on the market, Midtown Plaza is on the verge of being completely leased out. The two-storey building at the intersection of Elgin and Thomas Russel avenues features tenants across a spectrum of industries, including food and beverage, retail and financial services.
Developer Joe Josephs received permission for the project from the Central Planning Authority in March 2009, at the time estimating the capital investment in the project at about $2.4 million. Before Midtown Plaza, the 1.27-acre property was vacant, with the only other recorded use being for a temporary church tent.
Current tenants
In spring 2011, Paperman’s Coffeehouse became Midtown Plaza’s first tenant, occupying the middle portion of the first floor of the 24,815-square-foot building. It was the second location for Paperman’s, with the original being in The Strand on West Bay Road.
Current tenants include Blockbuster Video, Curves, and Genesis Trust & Corporate Services. Blockbuster is a movie and game rental and sale shop, with another location in The Shoppes at Grand Harbour. Curves is a women’s fitness centre, formerly located at Grand Harbour.
Genesis is a trust company and one of the leading firms in the Cayman Islands for yacht and ship registration. It also offers other services. Genesis was founded by KPMG partners in 1992, but due to recent US regulations has severed ties with the firm. Genesis was formerly located at the Compass Centre.
Future tenants
Additional tenants set to move into Midtown Plaza are Domino’s Pizza and Butterfield Bank (Cayman). Domino’s currently has locations on Mary Street in George Town, Stadium Drive in West Bay and off Shamrock Drive in Savannah. Butterfield has banking centres on Albert Panton Street, in Compass Centre and in Governors Square.
In July, the Central Planning Authority approved an application from Domino’s to convert a designated commercial/retail space in Midtown Plaza into a restaurant. In July, the authority approved Butterfield’s application for a diesel generator at Midtown Plaza, and in August the authority approved Butterfield’s application to place four signs at Midtown Plaza.
Mr. Josephs has said a government agency is on the verge of signing a contract to move into the remaining space at Midtown Plaza.
The design of the building had to take into account Midtown Plaza’s proximity to Owen Roberts International Airport and the air navigational aid facility located at the west end of the runway. As such, the maximum building height allowed in that area is 35 feet, according to planning application comments from the Cayman Islands Airport Authority.
.jpg)
Related Videos
