From DART

At the Cayman Economic Outlook conference today [Feb 28 2019], Premier Alden McLaughlin announced government’s intention to consider Dart’s innovative proposal to develop an iconic tower that would create a new skyline and become recognisable the world over.

In line with the conference theme ‘Dynamic New World: Braving the turmoil’ which predicts uncertain years ahead, the Premier indicated Dart’s proposal would include another US $1.5 billion in investment to support economic growth in the Cayman Islands and provide resilience should the predicted recession occur.

“I believe we must at least take a long, hard look at the potential for the kind of tower Dart is proposing,” said Mr. McLaughlin. “The development would necessarily be mixed-use with hotel, residential, retail and entertainment spaces. The potential economic benefits are considerable.”

Dart has been committed to the country’s sustainable economic development since the early 1990s when Ken Dart chose Cayman as the jurisdiction for his family office and, more recently, as the global headquarters for his business operations.

With a focus on attracting other ultra-high net worth individuals, Dart approached government about the possibility of creating an iconic tower at Camana Bay to signal Cayman’s standing as a global centre of excellence in international finance and tourism.

“The iconic tower would provide significant employment and direct revenue for the country during the design and construction phase,” said Mark VanDevelde, CEO of Dart Enterprises. “Additionally, the inclusion of a luxury hotel and residences will provide ongoing employment and will be an economic engine for the government for decades.  In 2018, two of our hotels, the Ritz-Carlton and Kimpton Seafire contributed more than $14 million directly to government revenues.”  

An iconic building and affiliated brands will drive awareness and visitation to the island. “Dart welcomes the opportunity to partner with the Cayman Islands Government in creating an iconic building that would be recognised around the world as a symbol of our national identity,” said Mr. VanDevelde.

With limited land available on Seven Mile Beach, the ability to build upwards will provide new opportunities for developers, with an essential component being increased setbacks from the beach, as exemplified by Kimpton Seafire Resort + Spa.

While discussions have been preliminary and no agreement is in place, Dart shares government’s vision of firmly establishing Cayman as one of the best places in the world to live, work and invest.

As the Premier concluded, “There is much that is within our grasp if only we are bold and the decisions we make will have profound impact on the long term economic outlook of these islands.”

SOURCE: https://dart.ky/news/press-release/caymanislands-camana-bay-tower-proposal