The latest expansion of Camana Bay with a five-storey office building to the west of Dart’s headquarters on Nexus Way and a 10-storey, for-lease apartment block on Bismarckia Way come in response to client demand, according to Jackie Doak, Dart’s president of Business Development.
In a press release, Doak said the town centre’s Class A office space is nearing capacity, and residential apartments have been fully leased since opening in 2009.
The fact that larger commercial tenants are choosing to relocate to Camana Bay and existing tenants are expanding into more office space was testament to the strength of the local economy, she said.
In addition, the recent expansion of Cayman International School and the opening of the new Foster’s supermarket provided a draw for companies.
“We are also experiencing significant demand from international companies looking to establish a physical presence for economic substance or just to create a foothold in the Cayman Islands,” she said.
The commercial office building and residential apartment building were approved by the Central Planning Authority on 18 Dec.
Dart said it expects the new developments to generate significant employment opportunities for local contractors, given that recent projects, like the high school expansion, the Cayman International School’s Early Childhood Centre and Foster’s new supermarket employ more than 100 local contractors with more than 700 employees.
Preliminary works, permitted under the Camana Bay subdivision, are already under way at both sites. Construction for both projects will begin in January 2020, with the new commercial office building expected to be completed by 2021, and the residential building by 2022.
Dart said it will begin pre-leasing for the new commercial space early in 2020.