Lund lives in hope of projects

(CNS): Local realtor Kim Lund has pointed to fifteen development projects that he says will start this year or next that will get the property industry back on track. In his latest report, the agent, who is known for maintaining an upbeat approach to even the worst state of the real estate market, included four projects that have started but listed the cruise dock in George Town, the special economic technology zone and a new 5 star hotel resort in Colliers at the eastern end of Grand Cayman in his wish list. He said after “a decade of paralysis, government has committed the country to an economic stimulus package” that would lead Cayman back to prosperity. Lund said major decisions had been made on projects but action was now needed, not more bureaucracy.

Supporting some unpopular projects, such as the dredging of the North Sound channel, the moving of the West Bay Road and the East End Seaport, Lund said that after the last “two very difficult years, the country needed to bring to fruition the positive impact from these initiatives, within the economy, this year.”

The realtor said the lack of development over the last ten years had led to Cayman falling behind the curve, but he believed an aggressive plan was now in place to build Cayman’s economy back up.

“A major element of the stimulus is to fast track some new development and improvements to the country’s infrastructure, which will provide a more immediate boost to the economy, while creating a positive longer term impact on jobs and businesses,” he said in his summer report.

Lund was particularly hopeful about comments made by government about allowing the Dart group to move the West Bay Road to facilitate the redevelopment of the former Courtyard Marriot as a new beach front resort. He said this was a “bold move” by government.

“The impact for development on Seven Mile Beach, which was virtually stalled, is enormous, not to mention providing more land for the very popular Public Beach,” Lund said. “The area impacted is the section of road between West Bay and George Town that is very close to the sea.”

He added that aside from being vulnerable to storms, the road limited the prime beachfront land, which was too narrow to be developed, but he said now it could provide a great economic benefit to the country.

“With the road being moved further inland, this land can now serve as another location that will provide a long term economic gain. It will do so by enabling development and creating thousands of jobs through construction and, eventually, hospitality industry and affiliated positions,” he argued.

Not everyone agrees with Lund, however, as concerns recently have been raised that the moving of the West Bay Road will signal the end of access to the famous beach for locals.

The Lund Report Summer 2011