By NEIL HARTNELL
Tribune Business Editor
The Balmoral’s developer yesterday said the project would be completed in six months, estimating that it will contain $100 million worth of real estate at full build-out.
Jason Kinsale told Tribune Business that he and his fellow developers would likely have invested close to $40 million when they wrap-up work in mid-2014, the remaining value coming from the construction of family homes by lot buyers.
Speaking as he announced his intention to next year move on to his next development, a $30 million beachfront condo complex at Cable Beach, Mr Kinsale told Tribune Business: “The problem with this job is that you’re always working yourself out of a job.
“We’re in the final stages at Balmoral. We’re near the finishing line, and are six months away from completion.”
Between 100-150 construction workers are still on site at Balmoral, and Mr Kinsale said they were working to finish the roof top units with a deck, while two buildings for The Balmoral’s small office/commercial centre were also being built.
Mr Kinsale said 96 of the development’s 124 town homes had been constructed, and estimated that the $35 million already pumped into the Sanford Drive-based property by the developers would rise to $40 million by the time the project was completed.
The Balmoral was one of the few properties to buck the economic nosedive following the 2008 recession, having broken ground in 2009.
“We were supposed to have been done a long time ago, over a year ago, but I can’t complain,” Mr Kinsale told Tribune Business. “We survived, and were able to complete the project properly, without skimming.
“We were able to develop a first class product at the end of the day, and were able to keep homeowners happy.”
Mr Kinsale added that he would be seeking to “leverage” the success enjoyed with The Balmoral, which employs 20 persons full-time, into the development of his new Cable Beach project.