Dart to create jobs with its next new building
(CNS): Dart Realty (Cayman) Ltd has announced plans to break ground in 2010 on a new, 100,000 square feet of mixed use Class AA Commercial Office and Retail development in Camana Bay. While the firm said that Decco was likely to be the general contractor most of the work will then be subcontracted to local firms creating as many as 200 trade jobs and ‘multiple opportunities for dozens of sub-contractors” Justin Howe, the VP Development for development told CNS. The company said the commitment to build comes at a time when the economic stimulus from it will be welcomed by the community.
“The Town of Camana Bay continues to grow and the decision to offer another substantial commercial and retail space is a reflection of the market response to our commercial and retail offering and our continued confidence in the Cayman economy.” said Mark VanDevelde, CEO Dart Realty (Cayman) Ltd. “We believe that the timing of this announcement, and of this project, is good news not only for Camana Bay but also for the Cayman Islands as a project of this size will directly and indirectly generate jobs, create revenues and stimulate economic activity.”
Justin Howe, VP Development said Decco was likely to be the construction manager for the building but that would entail subcontracting out the work to a number of third parties. “A project of this size involves some 200 tradesmen throughout the construction and under the construction management model, these jobs would be at the subcontractor level, not employed by Decco,” he added. “Almost all buildings at Camana Bay have been built under the construction management model, thereby creating multiple opportunities for dozens of subcontractors.”
This new office and retail space will be split between two buildings – north and south and will have on site, self contained parking for 375 cars. The development will be located on the plot between Forum Lane and Nexus Way.
It is anticipated that the first tenants of this new building will be moving in early in 2012, Dart said. The firm stated that the project design architect is the award-winning company Lake Flato, and the local architect is The Burns Conolly Group. Lake Flato’s overriding belief isthat architecture should respond to its particular place, enhance a site or neighbourhood and be a natural partner with the environment.
Dart said it would be pursuing LEED certification and Lake Flato has 15 LEED accredited professionals on staff who have been a part of the design team. They will be advising and monitoring for the duration of the design and build process, the developers said. In addition to the LEED certification the developer said the buildings will be hurricane rated architecture; include state-of-the-art technology and ample parking; landscaped and have easy access to Camana Bay’s town centre’s shopping, dining and entertainment.
The new buildings are designed, and will continue to be developed, with flexibility in mind, Dart stated in a release, and will be able to provide a home for a business that desires 2,500 sq ft., a corporation that would like a space of 40,000+ sq ft. or retail establishments of varying sizes. The buildings will be mixed use with 10,000 sqft of retail at street level and the buildings’ other floors amounting to 87,000 sq ft will be dedicated to businesses.
Camana Bay is a mixed use master-planned community on 500 acres between Seven Mile Beach and the North Sound with shops, restaurants, offices, a six-screen cinema and 60 apartments which opened in December 2007. It was designed by the award-winning team of Moore Ruble Yudell and Olin Partnership. Following a design charrette held in 2008 with leading town planners and pioneers of New Urbanism -Duany Plater-Zyberk (DPZ), Dart Realty is now in the master planning phase for the town’s residential communities, hotels, marina and amenities.
Category: Local News
What objectors?? Thank God for DART over the last 10 years or we would really see how bad the economy would be. Do not bite the proverbial hand that brings "inward investment". Many countries are begging folks like Mr Dart to come to them. I am sure we are not, as The Premier likes to say, "the prettiest girl on the block" anymore as many countries are now giving 20 year tax free welcome to investors AND have cheap labour!
We have not had a new major project in the Cayman Islands for over 6 years. I say this, we are lucky to have this one. All we need to do is come up with proper restrictions for these developers, bearing in mind it is their money not ours, and they can take it and go on to another sand box. We are crazy to think we have a monopoly on the "place to make money". Even us blogging natives are not so ‘friendly’ anymore.
A few counter-points;
DART Group is a Group of Companies, not an individual, and as in any company there are Members of the Board of Directors who evaluate and give direction in the Decision-making process.
There are several members of the Dart family who take part in overseeing the operations of the DART Group.
Foreign Investors / Developers such as the DART Group, have been allowed to come here in order to take advantage of, and to create New Development Opportunities that are typically beyond the capabilities of our Local Contractors. The Local Housing Market should NOT be one of these areas …. yet ‘we’ have allowed it to be.
The ‘Job’ of our Govt. is to create and foster the type of environment that gives rise to sustainable growth and development in these islands. Empty ‘Commercial’ space tends to be an indicator that the Govt. is NOT doing the Job.
The refusal of Govt. to properly address the Traffic issues within George Town over the years is a MAJOR factor in the Migration of Tenants to Camana Bay. The amount of ‘Man-hours’ needlessly lost as a result of this failure is a real cost that had to be borne by these Companies …. money down the drain.
Greedy Landlords can be another factor…. If better Accommodations are enticing your Tenants away, then Re-invest some of your Rental Income into Maintaining and Up-grading your Facilities.
GMC employed ‘Foreign Labor’ when there was a shortage of ‘Local Labor’ (which is why 60% of our workforce are Expats). They have for the most part, all returned home, simply because one can’t keep paying people if there is no work for them to do.
Another Dart building is not the answer to Cayman’s economic woes: neither is Dr. Shetty’s hospital for that matter. Do big projects like these really add significantly to the government’s coffers? The Camana Bay project is huge, and yet after 5-years (or more) of Dart’s "inward investment," Cayman’s economy is as flat as the proverbial pancake, we’ve had to borrow millions of dollars and raise taxes to prop up the government’s cash-flow position. Sorry, where is all this income, if there was any in the first place? Sure, these large projects may create a few jobs for Caymanians—athough not that many at Camana Bay as most of the office/retail units remain empty—but most of the money generated by these projects ends up as shareholder dividens.
The CI government must stop looking for the one or two new big investors that will save the Cayman economy, because it’s not going to happen. Instead, Mr. Bush should be working to create a positive economic environment that will encourage businesses already here to stay ( “An bird in the hand is worth one new Mr. Bush”), and in which small, local businesses can thrive— businesses owned by people who live in Cayman, spend their income in Cayman, and that employ local people who do the same. The local business community needs government incentives and tax breaks, NOT tax increases. Cayman will thrive only when the CI government recognizes that local entrepreneurs are the answer to a successful economy, not one or two new major overseas investors that can "hit and run."
Camana Bay has more empty retail units than occupied ones, more empty office space than occupied space. Georgetown has substantial empty retail and office space. So why build more ???.
What is needed is affordable housing for young and less well off Caymanians. This is what Mr Dart’s companies should be constructing, and using local companies and workers to build them.
New affordable properties should be rental only. There is no right of the those with limited economic contribution to property ownership.
Good thing Mr. Dart has someone like you to tell him what his company should and shouldn’t be doing.
He must have made his billions through sheer luck before being able to count on your advice.
If you think Cayman needs affordable housing and local workers to build them, then what is stopping you from putting your own money at risk?
"affordable housing for young and less well off Caymanians"
Mr J. Howe really thinks that we are stupid or what? Jobs for local contractors???? Everybody knows that they have their oversea crews!!! GMC Construction???Remember???
With respect, I believe the company you are refering to is GMC General Contractors. The construction labour force (mason’s,carpenters, steel fixers etc.) employed by GMC,were all tradesmen in Cayman, having little or no work. It is unreasonable then, to surgest Mr Howe as being anything but factual. However, I fully agree with the rest of your comments.
I think that most Caymanians agree that the dart companies provide jobs and treat Caymanians well. This is indeed good news.
Mr. Dart needs to give lessons in decision-making and management. Would there possibly be room for a school? The alumni would consist of anyone considering a career in politics. It should be a pre-requisite!
I agree with you, more work means more spending, its a well needed boost for the economy of the island in general.
Great news!! Some of the out of work construction workers can have hope of getting back to work again.
I agree this is good for our country.
This is not a citicism of Dart however there is of course, like everything a downside. Whilst we all welcome jobs for the construction business there are very few new tenants coming to the island and very little expansion of existing businesses. Hence downtown offices will lose tenants which causes hardship for landlords, many of whom are Caymanians that took the financial risks when borrowing money for their projects.Moreover rents are reducing and firms will upgrade their accommodation by moving into better locations. Consequently the poorer buildings will become empty.This is actually already giving rise to problems and will accelerate when Government moves into its new prestigous accommodation. I sometimes wonder if enterpreneurs follow things through or if Government realises the consequemces of their actions.
This is typical "fixed pie" thinking. Rather than just resign yourself to a fixed number of jobs and companies, the Cayman Islands needs to think of ways to entice new companies and new jobs onto the island.
The "Ezzard Miller is My Hero" brigade never get it that the nation’s economy is not a zero-sum game and a restrictive and protectionist approach is going to result in less jobs and lower paid jobs being left in the Cayman economy.
The LOGB has been flying around the world enticing companies here. How many to date may I ask? The only people who can ‘entice’ companies here is the private sector, particularly the financial community. However this sector is under the gun and unlikely to recover to its glory days. People need to get used to this and start thinking outside the box. Nor is the Indian Hospital with another 20,000 residents the answer and indeed please, no oil refinery! Government is best employed in coming up with a plan that will cater for the islands current infrastucture because we have no money for new roads, schools etc etc. and we have to still support huge loss making entities which every consecutive government has stuck their head in the sand about. What we need is another Dr. Roy which is appropriate for hero’s day tomorrow.