by Brian Major
Last updated: 5:02 PM ET, Mon July 8, 2019
The Cayman Islands' largest real estate firm is proposing the construction of a "five-star" skyscraper that would become the Caribbean's tallest building, according to local press reports.
Dart Real Estate, which owns several Grand Cayman hotels and the Camana Bay residential, entertainment and shopping development, has discussed building a multi-story tower as part of a $1.5 billion development project with the Cayman Islands government since February.
The developer is still determining the structure's "scale, location, mixed-use components, market demand, infrastructure" as well as legal requirements connected to the project said Justin Howe, executive vice president of Real Estate Development and Operations for Decco, a Dart development firm.
The developers said they are seeking "stand out" features for the tower that will create an "iconic" structure. "We believe a building is iconic through design, not simply the height," said Howe in a Cayman Compass report. "An iconic tower has the potential to be more than just a building. It can become a symbol of Cayman's standing on the world stage."
The Compass report says current regulations restrict Cayman building heights to a maximum of 10 stories. Many Caribbean destinations have traditionally eschewed tall buildings but Howe said taller buildings on Grand Cayman is an economic issue due to the scarcity of available land scarcity, which Howe said totals only 76 square miles in the capital city. "Our opportunity is to go and grow up, not out," he said.
The tower would include a five-star hotel with residences, the developers said, and be planned as "vertical resort." Hotels "drive direct and indirect economic impact and job creation for our community and dramatically more so at the luxury end of the market," Howe said.
Dart's Kimpton Seafire and The Ritz-Carlton resorts on Grand Cayman generated "more than $14 million in direct government revenue through the tourism accommodation tax alone," the Compass report found. Cayman's tourism sector generated nearly $1 billion annually, the report adds.
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