photos of Grand Cayman redevelopment opportunity, photos of Seven Mile Beach redevelopment opportunity, photos of development opportunity in the Cayman Islands, photos of development on Seven Mile Beach, Grand Cayman available for sale
Grand Cayman Redevelopment Opportunity
Location
Heart of Seven Mile Beach, Grand Cayman
Type
Condo complex on 450 linear feet of Seven Mile Beach
Price
$70M
Description
The redevelopment project is a condo complex in the Cayman Islands called the Villas of the Galleon.This complex consists of approx 72 units with approx 450 linear feet of beachfront. The Villas of the Galleon was built 30 plus years ago. This redevelopment opportunity is located at the widest and best part of Seven Mile Beach and is on the main island, Grand Cayman.
The Villas of the Galleon are located next to a new high-end Ritz Carlton.
http://www.ritzcarlton.com/en/Properties/GrandCayman/Default.htm
The Ritz is expanding their development to include residences, homesites, golf course, tennis facilities ect.
See http://www.dragonbaycayman.com
On the other side of the Villas of the Galleon you will find the Westin Casuarina Hotel http://www.starwoodhotels.com/westin/property/overview/index.html?propertyID=1095.
Map of Grand Cayman…go to www.google.com click on maps…then type in Villas of the Galleon, Grand Cayman and then click search maps. Villas of the Galleon will be flagged with an A. Zoom in or out for better views.
This is an interesting and timely project because of the following:
Most of the older condos on Seven Mile Beach have been replaced with new very high-end units.
Villas of the Galleon has one of the best parcels on the entire seven mile beach with approx 450 linear feet of beachfront.
Cayman is a very stable, affluent and safe island. $1US is equal to 80cents Cayman. Great restaurants! You can even drink the water.
Real Estate prices would rival Snowmass and Aspen. We would value this redevelopment project at approx $70 million plus to purchase the individual units. My best guess is that 75% of the current owners would be interested in trading for space in the redeveloped project.
Accessibility----You can catch a flight from Aspen in the am and arrive mid-afternoon in Cayman. Continental has a 2 hour flight from Houston to Cayman. There are numerous carriers that fly the hour flight from Miami. Cayman has their own airline called Cayman Air. The island is close enough for a weekend.get-a-way.
Cayman is booming....currently there is a 500 acre planned community which is being developed. www.camanabay.com
There is a lot of wasted space at the Villas of the Galleon. There are a lot of gardens and the buildings are turned sideways. See attached photos. Villas of the Galleon is 3 stories with lofts on the 3rd level. The Ritz is approx 7 very tall levels.
In comparison to other Caribbean destinations, Cayman has one of the lowest marketing budgets and is currently under the radar, so to speak.
If interested, we are aware of other private projects available for sale in Cayman. It is our belief that the Villas of the Galleon is the best opportunity.
For more information or questions please contact Louellen Griggs at lougriggs@aol.com
