The first handful of special economic zone companies will come to Grand Cayman this month, Cayman Enterprise City officials said.
Hilary McKenzie-Cahill, vice president of marketing and business development, told an audience at the Cayman Islands Chamber of Commerce last week that eight to 10 companies will move into George Town buildings in February, to be joined by a similar number of companies in March. Special economic zone companies can rent offices in the George Town area until there is sufficient space in Cayman Enterprise City’s physical campus, which is to be built in Savannah in the district of Bodden Town.
George Town, Savannah
She said about six George Town locations are earmarked for special economic zone companies, starting with the HSBC building and Grand Pavilion Commercial Centre, both on West Bay Road. The groundbreaking for the Savannah campus is scheduled to take place in March, followed by the start of real construction in late June. The development’s first two buildings should take about two years to complete.
Mrs. McKenzie-Cahill and others from Cayman Enterprise City continued to decline to reveal the precise location of the future development, saying they were first going to notify proximate neighbours as to the plans for the area. Cayman Enterprise City CEO Jason Blick said developers have a heads of term agreement in place with a global bank with a local presence in order to finance the first phase of local construction.
Ownership
Mr. Blick said Cayman Enterprise City is a private company where Caymanians are majority owners. Asked if California-based Hon Cayman Properties (who developed the HSBC building) was still involved in the project, Mr. Blick said, “We don’t talk about individual shareholders.”
He continued, “We are a majority Caymanian-controlled company.”
At press time, Hon Development Company representatives had not responded to a Caymanian Compass reporter’s request for comment.
Cayman Enterprise City’s Board of Directors includes Director of Design and Development Cindy O’Hara (the original Caymanian partner on the project) and Director of Investment Charles Kirkconnell, who joined the Board in November.
Launch
The ‘official launch’ of the zone will be marked Friday evening by cocktails and hors d’oeuvres on Seven Mile Beach.
Kicking off the Chamber’s ‘Be Informed’ presentation 25 January, Chamber President David Kirkaldy said his organisation officially supports Cayman Enterprise City, along with cruise berthing, Dr. Devi Shetty’s proposed medical tourism hospital and the Dart Group’s ForCayman Investment Alliance with government.
“We are fortunate to have such a number of potential investments that are open to us in these challenging economic times, that a great number of jurisdictions throughout the Caribbean and indeed the world do not have,” Mr. Kirkaldy said.
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