The Dart Group dominated news in the Cayman Islands’ property and development sector in 2011, acquiring large swaths of valuable Seven Mile Beach property and forging the ForCayman Investment Alliance with government.
In June, Dart and the government announced the ForCayman partnership, comprising the closing of a portion of West Bay Road, expansion of the Esterley Tibbetts Highway, enhancement of West Bay Road Public Beach, redevelopment of the former Courtyard Marriott, closing of the George Town Landfill, creation of a new solid waste facility in Bodden Town, $18 million in funding by Dart for community projects and education, plus other land swaps between Dart and the government.
Evolving deal
The genesis of the deal was a dilemma faced by Dart at Camana Bay, whose growth is restricted by the proximity of the George Town Landfill. Dart approached Government in December 2010 offering to proceed with US$200 million worth of investment and asking for resolution to the George Town landfill problem.
Government and Dart had greater needs, however, as Government faced incredible financial difficulties and Dart had purchased a network of properties from embattled developer Stan Thomas, including the former Courtyard Marriott.
All together, the Dart Group is committing to US$415 million of direct investment over the next five years, US$200 million of which will be spent in the next two years. The Dart Group anticipates spending more than $1.2 billion over the next 20 years.
Hotel, road, landfill
Since the announcement of the Heads of Terms agreement, the ForCayman alliance has progressed on multiple fronts, most significantly regarding the Courtyard Marriott redevelopment, Esterley Tibbetts Highway extension and relocation of the landfill.
The first phase of the Courtyard Marriott redevelopment took place in the fall, consisting of the interior demolition of the hotel building. The second phase of the project will involve the redesign and renovation of the building into a new hotel.
Cabinet approval of the highway extension was granted in early September, followed immediately by a ground breaking ceremony on the new road. In December, Cabinet approved an agreement that enables the commencement of a large portion of the ForCayman alliance. The agreement allows for the closing of a section of West Bay Road, the Esterley Tibbetts Highway extension and the redevelopment of the Courtyard Marriott.
In October, Dart received approval from the Central Planning Authority to subdivide 561 acres of land east of Bodden Town, near Midland Acres and the quarries, into six separate lots. That area has been selected as the location of the new solid waste management facility.
Only 110 acres of the Dart property will be used for the waste facility, of which 40 acres is reserved for the landfill. In response to district residents’ concerns over increased heavy vehicular traffic through Bodden Town, Dart has agreed to improve Antone Bodden Drive that bypasses the centre of Bodden Town. The improved loop will create a preferred alternative route for trucks – including from the Department of Environmental Health as well as quarry-related traffic.
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