The Dart group has begun marketing its first for-sale residential development within Camana Bay, a 124-home community named OLEA.
The development, a partnership with NCB Group, features a mix of properties from one-bedroom condos to four-bedroom town houses, ranging in price from US$624,950 to US$2 million.
The site is on the southern reach of Camana Bay harbor, directly adjacent to the Cayman International School, close to the current George Town landfill site.
Dart is in the final stages of contract negotiations over a project to remediate the landfill site and replace it with a modern waste management system including a waste-to-energy plant.
The resolution to the landfill issue, an unsightly and sometimes foul-smelling neighbor on Camana Bay’s southern border, was one of a number of key milestones that had come together to make the residential development possible, said Justin Howe, Dart’s executive vice president of real estate development and operations.
He said the expansion of the Cayman International School, including a new early childhood center and new high school, the construction of the new Foster’s supermarket within Camana Bay, and the network of overpasses linking the town center to Seven Mile Beach, would mean an unparalleled range of amenities within walking distance of OLEA.
“You are steps away from the town center, steps away from the international school, the movie theater. There will be walking trails, biking trails. It is unheard of in Cayman to have those facilities in walking distance,” he said.
Matthew Wight of NCB Group said the 10.6 acre development would be built in four phases, with a mix of homes around a central park and amenities, including a resort-style pool, community herb garden, gym and yoga studio, children’s playground and waterfront boardwalk.
“This really does strive to be the premier residential development in Cayman,” he said.
“In terms of the amenities of Camana Bay combined with the high quality of the units, there is nothing comparable on the island.”
He said the style of the buildings would be in keeping with the “contemporary Caribbean” architecture of Camana Bay. He added that the mix of different styles and floor plans – ranging from one to four bedrooms – was deliberately designed to open up the Camana Bay housing market to a broader range of people.
“It is a livable community and the focus is on local professionals within Cayman,” he added.
Mr. Howe said this was the first step in developing the “live” component of Camana Bay’s “work, live, play” ethos. He said more developments would follow as the community continues to expand.
Currently, Camana Bay only includes rental properties at The Terraces within the town center.
Both NCB and Dart emphasize the eco-friendly nature of the development, including solar panels and an advanced geothermal cooling system, as well as the walkability of the community, which will be connected via a waterfront boardwalk to the town center.
OLEA was previewed to NCB Group and Dart Real Estate staff and tenants who had the opportunity to reserve homes ahead of the public launch. Nearly two thirds of 64 available residences in phases one and two have already been reserved.
“We knew there was pent-up demand for a for-sale residential community at Camana Bay, but the initial positive feedback received still exceeded our expectations,” said Jackie Doak, president of Dart Real Estate. “This is a clear indication that Camana Bay plays a pivotal role, not only in the development of the community itself, but in the wider Cayman Islands economy.”
A planning application has been submitted to the Central Planning Authority and the development is scheduled to break ground in early 2019, with phase one scheduled for completion by August 2020 and phase two by February 2021.