Dart Real Estate announces pre-leasing for new 10-storey commercial building
Dart Real Estate is now pre-leasing an additional 100,000 square feet of Class-A commercial space in Camana Bay, thanks to the proposed increase in height of its newest planned development at 60 Nexus Way. Subject to planning approval, this increase to 10 storeys will make 60 Nexus Way Grand Cayman’s tallest commercial office building, offering sea-to-sound water views and 200,000 square feet of office and retail space.
The revised planning application was submitted by Dart following an amendment to the Development and Planning Law approved by legislators on 2 November 2020. Previously, only resort and residential buildings could be built to 10 storeys. Discussing the proposed legislation changes to building heights in the George Town area last year, Minister of Commerce, Planning and Infrastructure Joey Hew said increased height buildings, parking adjustments and mixed-use buildings are important components of maximising space, encouraging innovation and attracting investment (source).
First announced in October 2019 and approved by the Central Planning Authority in December 2019, 60 Nexus Way was designed to provide flexibility for future growth from the outset.
“With Dart’s multi-decade approach to development, future-proofing buildings to more easily facilitate structural changes allows us to maximise their lifetime and functionality,” said Justin Howe, Dart’s President Real Estate Asset Management. “Building up instead of out has a positive environmental impact by reducing sprawl, increasing energy savings and conserving resources. Taller buildings and increased density in the Seven Mile Beach corridor, where demand is high and land is scarce, is an efficient and effective use of land.”
Dart’s President of Business Development Jackie Doak said that Camana Bay’s Class A office space is driven by client demand. “We continue to see interest from large commercial tenants looking to relocate to Camana Bay, and from existing tenants wanting to expand.”
“Companies are gravitating towards walkable neighbourhoods like Camana Bay thanks to the conveniences and benefits it offers their business and employees,” continued Doak. “Business partners and employees benefit from Camana Bay’s amenity-rich town, with other professional services providers, schools, homes, shops, restaurants, green spaces and sports and medical facilities all within easy access.”
In keeping with the ethos of Camana Bay, 60 Nexus Way will be built to LEED® standards. LEED is a third-party green building certification programme that promotes a ‘whole building’ approach to sustainability in design and construction. It includes water savings, energy efficiency, sustainable materials selection, waste reduction and indoor environmental quality.
The move to 10 storeys demonstrates not only Dart’s confidence in the economy, but also its commitment to the Cayman Islands. Projects such 60 Nexus Way and the recently announced Kapok, a new for-lease residential apartment building, will not only support local businesses but will also provide local jobs in the Cayman Islands. These projects are estimated to employ approximately 350 construction personnel and inject an estimated US$130 million into the local economy.
60 Nexus Way will feature 9,000 square feet of street-level retail space and 20,000 square feet of office space per floor. The building is scheduled for completion in mid-2022.
More information about 60 Nexus Way can be found at 60nexusway.ky.