Marking a major milestone for this first-of-its-kind real estate redevelopment project on Grand Cayman’s Seven Mile Beach, the demolition of Lacovia began on Friday, February 16th, just a week after the conclusion of a deal for the financing of the $330 million project. IP Driver Ltd., a local subsidiary of JV Driver Limited, has been entrusted as the contractor for the development.
As owners and members of the project team gathered to witness the event, Lacovia’s strata corporation chairman Andrew Bolton welcomed the start of the project and thanked those involved for the extensive planning and preparation that made it possible. Over the next two months, crews will undertake clearing, compacting, and filling tasks to prepare the site for the construction of Lacovia’s three buildings.
This first phase of work marks the inaugural phase of a $330 million master plan, which will introduce ultra-luxury residences to what is arguably the most coveted location along Seven Mile Beach. With the impending transformation of Lacovia, only 15 of the 96 units remain available for sale.
“Pent-up demand and buyer interest are at unprecedented levels. With a limited yet exceptional selection of prime residences still on offer, we anticipate Lacovia’s complete sell-out next year, followed by record-setting resale prices,” commented Kim Lund, Broker/Owner of RE/MAX Cayman Islands.
“Seven Mile Beach is facing a scarcity of available land and diminishing inventory for sale, elevating the value of the remaining residences at Lacovia,” added Stefan Cohen, Owner/Director of The AgencyRE Cayman Islands.
In addition to the ultra-luxury residential units, Lacovia Residences East will introduce a collection of ultra-luxury short-term rental properties meticulously designed to optimize rental returns.
“These 4 and 5-bedroom residences are crafted for flexibility, serving as grand suites or adaptable lock-offs across seven configurations, setting a new standard for rental properties along Grand Cayman’s Seven Mile Beach,” explained Fleur Coleman, Owner/Broker of The AgencyRE Cayman Islands.
As the project progresses, Lacovia’s website will provide comprehensive insights for this groundbreaking development. Prospective buyers can explore lacovia.com and lacovia.com/east for up-to-date information.
For sales inquiries or to schedule a presentation, please contact:
Kim Lund, Owner/Broker
RE/MAX Cayman Islands
[email protected]
345 916 5555
Stefan Cohen, Owner/Director
The AgencyRE Cayman Islands
[email protected]
345 926 8638
Fleur Coleman, Owner/Broker
[email protected]
The AgencyRE Cayman Islands
345 916 0678
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