Dart Real Estate is now pre-leasing an additional 100,000 square feet of Class-A commercial space in Camana Bay, following the proposed increase in height of its newest planned development at 60 Nexus Way.
Subject to planning approval, this increase to 10 storeys will make 60 Nexus Way Grand Cayman’s tallest commercial office building, offering a total of 200,000 square feet of office and retail space, Dart Real Estate said in a press release.
The revised planning application was submitted by Dart following an amendment to the Development and Planning Law approved by legislators on 2 November 2020.
Previously, only resort and residential buildings could be built to 10 storeys.
The building was first announced in October 2019 and approved by the Central Planning Authority in December 2019.
Justin Howe, Dart’s President Real Estate Asset Management, said, “Building up instead of out has a positive environmental impact by reducing sprawl, increasing energy savings and conserving resources.
“Taller buildings and increased density in the Seven Mile Beach corridor, where demand is high and land is scarce, is an efficient and effective use of land.”
Dart’s President of Business Development Jackie Doak said that Camana Bay’s Class A office space is driven by client demand. “We continue to see interest from large commercial tenants looking to relocate to Camana Bay, and from existing tenants wanting to expand.”
The company said the move to 10 storeys demonstrated not only Dart’s confidence in the economy, but also its commitment to the Cayman Islands.
Projects such 60 Nexus Way and the recently announced Kapok, a new for-lease residential apartment building, will employ approximately 350 construction workers and inject an estimated US$130 million into the local economy, Dart said.
60 Nexus Way will feature 9,000 square feet of street-level retail space and 20,000 square feet of office space per floor. The building is scheduled for completion in mid-2022.