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Right on theheels of The Ritz Carlton project steaming ahead comes the goodeconomic news many have anticipated, that ...
Dart Gets Green Light
After fiveyears of applications, appeals and constant delays, Dart ManagementLtd. was given the go ahead to commence Phase I of the West IndianClub (WIC) project by the end of this year.
John Papesh(left) and Mark VanDevelde of Dart Management Limited.
Members of the WIC project, a US$500 million"neo-traditional" community spanning 240 acres fromSeven Mile Beach to the North Sound, are currently working oneconomic studies, bid documentation and other tasks necessaryto begin the excavation and fill portion of the project.
The Central Planning Authority (CPA) approvalof the WIC excavation and fill application was granted on October3, 2001 and upheld on March 15, 2002 after an appeal was filedwith the Planning Appeals Tribunal by the Cayman islands NationalTrust and Mr. Billy Adam. Several open issues carried over fromthe October, 2001 hearing such as the submission and approvalof an Erosion & Sediment Control Plan, Best Management Practices,a Landscape Plan, and Stormwater Management Plan were resolvedand Dart received final approval on the 17th of July.
The next step, according to Mr. Jim Lammers,Vice President of Administration for Dart Container Corporationand Dart Foundation and the Managing Director of Cayman ShoresDevelopment Ltd. who owns the site property, is the completionof a bid document for the excavation and fill phase of the development.
Though the bid documentation is not complete,Mr. Lammers assures that bids will be accepted from local contractorsand they type of equipment needed to carry out the excavationin comparison to the resources available on the island will becarefully reviewed prior to the commencement of bid offers.
Jim Lammers
Mark VanDevelde, Managing Director of DartManagement Ltd., said the company has chosen BCQS and IRG to completean updated economic feasibility study for Phase I of the WIC projectin which economic and demographic forecasting over the next sevenyears as well as recent economic changes both locally and globally,will be factored in. Other issues being reviewed are zoning changes,building height restrictions and possible changes to design, toname a few.
The feasibility study is a vital componentto the execution of Phase I of the WIC project as it will allowDart to determine the nature, location and scope of the threeareas of the project-commercial, residential and tourism. Planningapplications for this phase of the development are scheduled tobe submitted in 2003, according to Mr. VanDevelde. If the initialplan is approved, according to Mr. VanDevelde, the constructionof Phase I of the built environment could commence in 2004.
"We view ourselves as long-term investorsof the island," said Mr. Lammers, who commutes almost weeklyto Cayman, where he lived for three years before returning toMason, Michigan in 1999 where he functions out of the Dart ContainerCorporation Headquarters. "We are still optimistic aboutthe outlook for the Cayman economy and specifically the potentialfor a project such as ours."
In the meantime, The Dart Foundation hasdedicated over $1 million for the beautification and constructionof several parks in Cayman. The Scholars Park in West Bay wasopened last November. Another new park is planned for the EastEnd and the existing park in the District of North Side is scheduledfor beautification and enhancement.
Though demolition of the Coral CaymanianHotel - except for the nine-unit condominium building on the site- began on July 29, there are no immediate plans for constructionon the beach side of the property, which is part of the overallWIC Project site. Currently there are no other pending applicationsrelated to the WIC Project, with an estimated 15 to 20 years beforetotal completion.
In the Coral Caymanian's space will be anenhanced landscaped section along West Bay Road with the publicright of way existing between the hotel and the West Indian Clubbeing retained so that members of the public can access the beachwithout hindrance.