Construction will begin in May on an 85-home canal-front community in Grand Harbour.
The Periwinkle project has been approved by the Central Planning Authority and the first phase will break ground within the next two months, according to project manager Ryan Ostendorf.
He said the homes would feature rooftop solar panels and an energy efficient design that will make the community the first development of its type in Cayman to gain the Leadership in Energy and Environmental Design (LEED) certification, an internationally recognized rating for environmentally friendly buildings.
He said there is huge development potential for the Grand Harbour lands, next to Hurley’s Supermarket, which have lain dormant for decades despite the commercial development in the area.
“If you look at the development in the Seven Mile Beach corridor over the last few years, there is not a whole lot of land available and the properties that are being sold there are in the multimillion-dollar price range.
“There has been a lot of condo development on South Sound, but there is no space left in that area. Grand Harbour is the next natural progression. It has the amenities, it is close to town and it has water access.”
He said Periwinkle, which has partnered with contractor Arch and Godfrey for this project, is also in talks with the other major landowners over potential projects in the Grand Harbour area.
The Periwinkle project will feature a mix of Cayman-style cottages, courtyard town homes and waterfront town homes around a large swimming pool, Jacuzzi and boat dock.
Prices will range from $500,000 to $1 million.
The first phase will include construction of 24 homes as well as the pool and clubhouse. Mr. Ostendorf said around half of those units are already sold, and he expects the first buyers to be able to move in around summer 2018.
The full development will be built in phases over the next five years and will be spread across a 9-acre site.
The design features a walking track around the complex and a community clubhouse with paddleboards and kayaks for communal use.
He said the complex is aimed at people seeking a modern, eco-friendly lifestyle, and that it includes energy-saving features that will limit monthly power bills to less than $150.