If all goes according to Jeremy Hurst’s plan, by late 2024 a new 10-storey hotel development will be open for business in downtown George Town, helping to usher in the long-awaited revitalisation of Cayman’s capital.
The $120 million project, a 175-room hotel and residences complex on Goring Avenue, called ONE|GT, is one of the biggest recent developments in George Town to get the green light from the Central Planning Authority.
Hurst, owner of International Realty Group (IRG), the company behind ONE|GT, told the Cayman Compass that he sees the project as a catalyst for future development in a reinvigorated George Town.
“I’ve seen over the past 10 years the transition from George Town being the vibrant capital of the Cayman Islands, capital of the fifth or sixth largest financial centre in the world, to being a bit of a ghost town, and that was sad for me to see,” he said.
While it may be bustling on days when the recently re-introduced cruise ships are in town, with several businesses formerly based in George Town relocating to Camana Bay over the years, the capital has seen a marked decline in activity, especially in the evenings and at weekends.
Hurst said he concurs with the widespread opinion that George Town needs “to see some serious revitalisation”, and cited other examples overseas where areas that have fallen into disrepair and deterioration have been turned into success stories, such as the Docklands in London.
With the planned hotel and residences including a rooftop bar, a restaurant, a piazza and a lobby that will feature the work of local artists, Hurst said he can see the site being a daytime and nighttime spot for residents and visitors alike, and adding a buzz to the vicinity.
“In terms of the community, we’d love to see our project help to really put the nation’s capital back where it should be, in terms of respect, in terms of its position in Cayman,” he said. “We want to ensure the design brings in the community, the guests, the residents, and creates an interface with George Town.”
He added, “We very much wanted something that would invite people in – the amenities, the ground floor, the café, the piazza, which we want to use as a canvas for Caymanian art, and for Caymanian artists to exhibit sculptures and paintings throughout the hotel. On the second floor, we’ll have our signature restaurant… The lobby itself which is contemporary urban, with vibrant common areas, and going all the way through up to the rooftop bar and rooftop deck which will bring glamour to George Town, which it hasn’t had in a long time. We think that it will be a destination itself.
“We’re looking forward to the locals… coming up and enjoying Friday cocktails, and Monday, Tuesday, Wednesday, Thursday cocktails, and Sunday brunch on our rooftop and enjoying the beautiful views.”
‘Blazing a trail’
Hurst said other developers were closely watching how ONE|GT plays out.
“We are excited about ONE|GT, we think that it’s an amazing opportunity and that it will start the next wave of revitalisation and rejuvenation of George Town,” he said. “We feel that, being first, it’s always a little tough when you’re blazing a trail. But if we don’t build this, someone is going to do it.”
He added, “Apart from being a good business opportunity, we think we could be the catalyst for other redevelopment projects to start to be initiated. We see a number of developers to a certain degree standing on the sidelines so if we’re successful we’ll start to see them get fully into the game and start their projects.”
Hurst says his company has worked with the government’s George Town Revitalisation Initiative team to ensure that the development will be in sync with the vision for the future look and feel of the capital, adding that ONE|GT will “be part of the streetscape”.
“Before we even started, we talked to them about what was important to them. They were influential in the way we conceptualised the design, for example, particularly the ground floor piazza which will become a community open space where we can exhibit Caymanian artists,” he said.
The task of piloting the revitalisation of George Town, which successive governments have attempted over the years, falls in part to City Manager Colin Lumsden, who has been the coordinator of the George Town Revitalisation Initiative since 2018.
He said the revitalisation team supports the ONE|GT project as it will improve some of the housing and accommodation options in the central George Town area, and offers job opportunities for local residents.
While he acknowledges that ONE|GT could be considered a forerunner for similar developments, he points out that the 10-storey design does not have to be a blueprint for future projects.
“Not all housing and accommodation solutions need to be this size and type. Small- and medium-sized developments have to be also considered,” he told the Compass.
As well as being a hotel for tourists and visitors, ONE|GT will also offer long- and short-term rental accommodation, and options to purchase one- to three-bedroom residences there.
Lumsden says this “type of mixed-use development of short- and long-term accommodation, will help to provide a place for locals and visitors to gather and live, closer to central hub George Town. It is no secret that giving people housing options close to the central George Town area would alleviate the need for personal cars.”
Co-existing
Hurst is aware of questions regarding how a 10-storey building will blend in with some of the heritage sites and quainter structures around George Town, but says there is room for modern and more elevated buildings in the mix.
“I am a great believer in maintaining and preserving the history that we have, but I think we can do it within the scope of the redevelopment plan in George Town,” he said. “I think we can co-exist and work in parallel.”
He added, “I think we can balance development as a whole. That’s where the George Town revitalisation team is doing a good job. They’re not just looking at one development, they’re looking at development of the whole town. It’s getting that right balance.”
Parking
Parking has long been a bone of contention in George Town. During the Central Planning Authority’s consideration of the planning application for the ONE|GT project, the Planning Department highlighted parking concerns.
Hurst said these concerns have been dealt with, and that the development would include three floors of parking, and would also use valet stacking parking system.
In addition, he said, the company has acquired a vacant lot in George Town which can be used for parking, though he noted, “We won’t actually need remote parking, as we have excess parking because of the stacking capacity.”
The ONE|GT developers have also been talking with the George Town revitalisation team about options of offering unused car spaces to local motorists and members of the public outside office hours.
“If you look at the area, there is a lot of parking, which is full at certain times during the day, but certainly not at night,” Hurst said, adding that the concept of shared parking – where companies allow staff and customer parking to be used by the public outside of business hours – would mean that fewer car parking areas would need to be created to accommodate a revitalised town centre.
This is an avenue the revitalisation team is also looking into, Lumsden confirmed.
“We are speaking to stakeholders regarding facilitating some level of shared parking, to allow residents to park by businesses and take advantage of some of the available commercial parking spots that are available after hours,” he said.
Jobs
An economic impact assessment of the ONE|GT development carried out by Deloitte projects direct employment of more than 170 staff in the hotel and residences once operational, as well as “a significant contribution to employment in the local construction industry during the construction phase”, Hurst said.
Deloitte is also projecting a total economic impact of more than $210 million to the Cayman Islands economy over the period of planning, construction and during the first years of operation, he added.
“We got great support from the current government,” Hurst said, “not just because they want to see business projects [in George Town], but mainly because of the impact on the community because of jobs and the ability to employ Caymanians.
“Vocational training is something we’re looking at in terms of employees, along with making sure we use this development to enhance people’s lives, enhance Caymanians’ lives, as well as ensuring that it’s a business venture that we want to be successful.”
The project is expected to break ground in June this year, and be completed by late 2024.
As of early April, 60 of the 175 units – with prices starting at $489,000 to $1.7 million – had already been sold, Hurst said.
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