Proven REIT has partnered with Infinity Capital Partners Limited in a joint venture to develop about one acre of land on the canal by Grand Harbour that will offer exclusive waterfront living.
The development, on Omega Drive, will consist of 13 townhomes with direct access to the North Sound, a press release stated.
David Stephens, principal of Cayman-based private equity company ICP, said the development project made perfect sense. “Our market analysis revealed that Cayman needs more reasonably priced townhomes designed and built for couples and small families,” he said.
The proposed development will feature a mix of two- and three-bedroom townhomes ranging between 1,300 and 1,600 square feet. Amenities will include a boat dock, pool and gazebo.
Proven REIT, which focusses on residential and commercial real estate in Jamaica and the Caribbean, said the joint venture was part of its regional expansion. “Having ICP as a solid strategic partner means they bring insight and knowledge about the Caymanian real estate market to the table along with PREIT’s development experience and expertise,” the company said.
The development is slated to go to market in November this year.