Project officials broke ground Friday on Camana Bay’s first for-sale residential development, known as ‘OLEA’.
Located next to Cayman International School, the project is being developed by Dart Real Estate and the NCB Group, and will feature 124 residences comprised of condos, townhouses and duplexes that range from one to four bedrooms.
Amenities include a resort-style pool, a community garden, an outdoor dining area, and a fully equipped gym – as well as Cayman’s first ‘lazy river’, which will run around the pool area.
The development will also have the largest residential solar array in Grand Cayman, geothermal cooling, LED lighting, water-conserving plumbing fixtures, and energy-efficient appliances, according to Dart Real Estate.
“These two alternative energy sources, when combined with ICF construction, LED lighting, ISO compliant and low U Factor windows, an irrigation cistern, and sustainable building materials, will make OLEA an extremely energy efficient community,” said Wight.
For parents, the most valuable aspect of OLEA will be that children can bike or walk to school or the Camana Bay town centre without having to be endangered by heavy traffic, said Dart Real Estate President Jackie Doak.
Properties range from US$600,000 to $2 million, and over 50% of the properties have been sold, according to NCB Managing Director Matthew Wight.
Over the next several weeks, people passing by the project site can expect to see foundational work being done. After that, people will see “a lot of intense work” there for the next couple of years, said project architect Mike Stroh.
Construction on the units should be finished in about a year, said Stroh.