A partnership between the Cayman Islands Government and Dart Realty (Cayman) Ltd., the ForCayman Investment Alliance, demonstrates a shared commitment to contributing to the economic turnaround of the Cayman Islands.
This partnership will help to revitalize our struggling economy and turn the country around by providing all of the following:
- immediate economic stimulus led by the creation of jobs for Caymanians;
- redevelopment of a derelict hotel into a thriving new four- to five-star resort for visitors and residents to enjoy;
- enhanced tourism product with the construction of at least one hotel;
- new land and US$20.5 million for government for education, housing and community programmes; and
- much needed infrastructure projects such as new public roads and a waste management facility.
The government’s initial discussions with Dart Realty were to discuss the real estate development plans of Camana Bay and the unresolved national issue of the George Town Landfill. In the spirit of true partnership the discussions were expanded with a view to addressing and evaluating some of the pressing needs of the country.
The ForCayman Investment Alliance is a true partnership as government has also secured private sector funding and delivery of much needed educational and community facilities in all districts, such as schools and parks as well as social and educational programmes.
This partnership provides Dart Realty with the confidence to proceed with its development plans. It demonstrates government’s willingness to create a positive and facilitating environment for proven and thoughtful development, as well as incentives for development.
The National Roads Authority Agreement is a component of the ForCayman Investment Alliance which provides for the Esterley Tibbetts Highway extension in addition to the closure of a section of West Bay Road to facilitate the development of a new four- to five-star hotel and other future resort development opportunities.
The extension of the Esterley Tibbetts Highway to Batabano Road has been identified as necessary and important for almost a decade and will address the country’s current and future growth. The project will also enhance the pedestrian experience on West Bay Road and create safe bike lanes for recreational use along the highway extension.
The highway will extend from its current end point at Raleigh Quay up to Yacht Club Drive and will continue northward to Batabano Road.
Additionally, after meeting with the National Roads Authority (NRA), Dart Realty agreed with its recommendation to improve traffic flow in West Bay by extending the Reverend Blackman Road to connect the Esterley Tibbetts Highway to Willie Farrington Drive.
The Agreement also provides for a new public access road to Barkers National Park, in addition to the gazetting and waiving of compensation by Dart Realty on the future Airport connector road.
Under this agreement, Dart Realty is giving approximately 32.5 acres of land for the extension to Government and will waive its right to compensation. The construction cost of the four-lane extension is estimated to be in the region of US$35 million, which will be fully funded by Dart Realty.
In providing the US$40 million in infrastructure and community funding, Dart Realty receives public infrastructure concessions and US$24 million in development incentives and concessions. However, in order to recover this US$24 million through concessions, Dart Realty will have to continue to invest and develop in the Cayman Islands in excess of US$350 million.
As a component of the NRA Agreement, the Courtyard by Marriott Hotel (previously the Holiday Inn), which closed in 2008, will be redeveloped into a new four- to five-star hotel.
The ForCayman Investment Alliance intends to deliver a practical and environmentally responsible solution of remediation, capping and closure of the George Town Landfill at no cost to the country. In addition to providing the estimated US$32.5 million – US$42.5 million required for the remediation, Dart Realty will also set up the first phase of a new Waste Management Facility at their cost.
The new, modern Waste Management Facility will be designed, built and operated to standards approved by the Department of Environmental Health which will allow for multiple modes of waste processing.
An objective, scientific screening process was used to identify the best site for the island’s future Waste Management Facility. The study identified a110 acre site, between Breakers and Midland Acres, as being the most suitable which was consistent with the findings from previous studies conducted by prior administrations.
Dart Realty will fund the capital costs up to completion of Phase 1 which is estimated to be US$26.5 million including land acquisition. Operations of the new facility will be the responsibility of the government.
With Camana Bay’s Town Centre almost complete, Dart Realty has turned its attention to the development’s residential communities. With designs and plans for this next residential phase well underway, the company is poised to commence with the first release of homes, town homes and condominiums once the agreement has been signed and the issue of the landfill resolved.
With living spaces from one- to five-bedrooms – many on the canal waterfront, the home styles have been designed to suit different lifestyles, income levels and price points.
The residential neighbourhoods are designed to foster a sense of community, with streets, sidewalks and parks providing public areas for residents to share. The first neighbourhood will link the Town Centre to the Cayman International School.
As a result of the alliance, Dart Realty will make US$18-20.5 million available for community programmes and facilities.
Highlights of this community investment include the funding and delivery of education development and programmes, affordable housing, funding for a mortgage arrears assistance programme, new community parks and training and apprenticeship programmes.