Ritz-Carlton, Grand Cayman developer Michael Ryan has broken ground on his newest Cayman Islands project, an oceanfront condo development in George Town.
Mr. Ryan, who has partnered with realtor and fellow developer Dale Crighton on the project, said the development, Fin, aims to bring five-star resort-style elegance and amenities to the residential market.
Following an “intense” two-year design and planning process, construction work began last week on what will be a four-story, 36-unit development on South Church Street.
Around 60 percent of the units have been pre-sold and construction is expected to take two years to complete, with the first owners moving in around summer of 2019, according to the developer.
The development has some unique features, including a 75-foot elevated glass-bottomed pool, on the third floor, that cantilevers out over the beach. It also features underground parking, 24-hour concierge service, an owners’ lounge, a business center, a tennis court, private plunge pools and wine lockers.
A salt-water lagoon will be carved into the ironshore and a new beach created overlooking the marine park.
Mr. Ryan said a special focus had been placed on design, with some of the top architectural and interior design companies from around the world involved. The condos will feature glass walls on two sides, with views of the ocean.
He said it would be a contemporary art-deco design that made the most of the high ceilings and spacious interiors.
He said his aim was to do for the residential market what The Ritz-Carlton resort had done for tourism.
“When I looked at what was going on residentially, I said ‘there is clearly a market that appreciates a high-end product.’ We asked ourselves, what does the next generation residential development look like?
“It takes longer and there is more effort that goes into it, but ultimately we feel it is worth it.
“I think with this we are changing what is possible in residential and we are already seeing people come behind and try to replicate that or elevate the product even further.”
He said some of the services for residents, including access to a private chef and sommelier for family entertaining, use of boats and electric vehicles as well as a car-service, came out of discussions with potential buyers as well as feedback from clients at The Ritz-Carlton residences.
Targeted at both locals and overseas investors, he said the development aimed to provide superior luxury to what was available on Seven Mile Beach.
Arch and Godfrey have been contracted for the construction of the foundation and superstructure.
Construction crews commenced work on the site last week, clearing, grading and placing the deep wells, as well as repositioning the on-site sales center.