The Cayman Islands Airports Authority is seeking proposals to lease and redevelop the former Cayman Airways headquarters in George Town.
The request for proposals was officially released 2 November, with the submission deadline being 14 December. The parcel is located on Owen Roberts Drive west of the airport terminal, near Dollar Rent-A-Car and Airport Plaza & Car Rentals.
Repair or demolish
According to the tender documents, the parcel is about 0.67 acres, with a 7,235-square-foot building on site.
“The building was previously used as Cayman Airways headquarters, but has been unoccupied since the airline moved to a new location approximately five years ago,” according to the documents.
“The site includes 7 parking spaces in front of the building and 28 spaces to the rear. The age of the building is in the region of 20 years old and will need a moderate amount of repair/remodelling works to bring it back to a habitable usable condition.”
According to the document, the successful tenant could either repair and use the building, or rase it and start over.
“If the tenant proposes an alternate use for the parcel not requiring the existing building, they shall be responsible for its safe and timely demolition,” according to the document.
According to the tender, the maximum lease period is 20 years, with the annual rental amount to be proposed by the bidders.
In late August, the authority sent out a similar request for proposals to lease and redevelop the old Farmers Market property near the Smith Road Oval in George Town. In that case also, the authority stipulated a maximum lease term of 20 years. The proposal deadline for the old Farmers Market was 10 October.
Earlier this year, government leased the Cardinall Avenue site of the George Town Craft Market building to developers Gene Thompson and Harry Chandhi, with a maximum rental term of 30 years. The building was rased in August.
According to planning documents, the developers’ plans call for the construction of a new two-storey retail building with an area of about 7,600 square feet. The initial rent for the 0.24-acre site is $60,000 per year.