The first phase of a new 74-home development in the Seven Mile Beach Corridor has been approved by the Central Planning Authority.

One Canal Point, which includes 17 town homes, 38 one-bed apartments and 19 two-bed apartments, will break ground in August on a canalfront development site opposite Foster’s Food Fair.

The group behind the development says it will be a luxury product but will be affordable for young professionals in the Cayman Islands. Prices range from $600,000 to $1.6 million.

Mike Treacy, director of Design Developments, the company behind the project, said rising prices on Seven Mile Beach meant that beachfront property was now out of reach for many. He said the development provided a “lower entry point” into the luxury market at a prime location.

“We are providing a high specification, high-quality product but at a fair price,” he added.

He said the company had partnered with Gensler, a renowned international architecture firm, to design and plan the community, which stretches across 5 acres. He said it would include a 900-foot “boardwalk dock”, a resort-style pool and an app-based car-share scheme. There will also be a dog park and orchard.

The development will use modern, energy efficient construction techniques, including gas appliances and solar panels, with the aim of minimising electricity bills.

Planning permission was granted for the first eight town homes after last week’s meeting of the Central Planning Authority.

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