The new development angle in Frank Sound

by Brian Buckley

Friday, August 20, 2004

Personally convinced that the government’s affordable housing initiative would label all new homeowners as ‘needy,’ developer Adrian Bodden went about finding an alternative method that would empower people who needed homes, and avoid the use of labels and stigmas.

“As an architect and planner, I disagreed with the government’s approach to the new housing initiative,” Mr Bodden said.

Every home being built with exactly the same design did not thrill him. As a result he created the Stepping Stones Residential Subdivision in Frank Sound.

“Late in 2002, when I contracted to buy this land, my whole thought process was to provide affordable land with my own financing. If you’re young and single, many times the bank won’t look at you. I went into financing to help those the bank wouldn’t look at,” he said.

The land is on the west side of Frank Sound Road, before the fire station.
Mr Bodden’s premise was to help young Caymanians afford a new home.
In September 2003 Phase I began with 39 lots of roughly .28 acres each placed on the market. Thirty-three of these lots were sold within three months. Phase II with an additional 32 lots is set to begin within the next month. The majority of these lots will sell for $33,125.

Curtis Eldemire, the Vice-President of Tropical Real Estate and realtor for the lots, believes this is the time and place for those looking for a first home. “This is a quiet, secluded place. The soil is the excellent red mould soil like in Savannah. There is no need to add land fill and it was the first subdivision in the area to get city water,” said Mr Eldemire.

The announcement of a new high school in the vicinity has increased interest in the area. From Stepping Stones it is a short walk to the Frank Sound Public Beach and its boat-launching ramp. The Botanical gardens are just to the North. From George Town, with the improvements in the roads in the past year, it is a thirty-minute ride.

Many of the purchasers of the lots in Phase I were young, single men and women. Almost a year after their land purchases, Mr Bodden has written several letters to various banks confirming the monthly payments he has received from the land owners. As a result, banks have entered into mortgage talks with these buyers as they begin to look to start building on their lots.

The subdivision owners agree to a covenant when they purchase the land. Owners agree that they will not have wooden homes, homes less than 1,200 square feet, parking of heavy equipment, chain-link fences on the road side, and zinc roofs.

The lots have been left in their original states for the new owners to design their own land and owner financing is available without any financial qualifications.

“I am very excited,” Mr Bodden said. “I’m proud I have provided a service needed in Cayman. I helped these people purchase the land with my own financing. The land was affordable and the buyers have proved their credit to me. Now they can go to the bank and start planning building.”

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