The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Palm Cay’s developer yesterday said it was aiming to “Rise” in western New Providence by the 2022 second quarter with a $100m investment in its latest real estate project.

Jack Hannaby, the eastern New Providence community’s managing director, told Tribune Business that surging real estate demand as well as progress on Palm Cay’s build-out had encouraged it to move forward with The Rise.

Revealing that the developer has owned the property, located between Sapodilla and Ocean Terraces, for as long as it has held Palm Cay, he added that the site has already been cleared for a construction start on what is currently projected to be a 100 unit condo/penthouse project spread over ten blocks with associated amenities.

“We’re going to be starting construction in the second quarter next year,” Mr Hannaby revealed. “We’ve had a lot of pre-reservations, people trying to reserve units. We’re trying to sort of scope out amenities, and are getting are permits and approvals sorted out.”

He explained that The Rise’s first phase will include the first two condo blocks and associated amenities, with the latter set to include a spa, gym and cafe - several of the assets that are already in place at Palm Cay.

Unit prices, Mr Hannaby said, will start at $850,000 and go to between $2-$3m although this and the number of units may still be subject to change. Asked why Palm Cay’s developer had decided to develop The Rise now, despite all the uncertainties associated with the COVID-19 pandemic, he replied: “First of all, timing.

“In terms of demand, The Rise is as strong if not stronger than Palm Cay in terms of interest and demand, so that’s worked out pretty quickly. That land was bought before Palm Cay or in a very similar timeframe.

“Ultimately, the developer has been extremely focused on the very big build-out of Palm Cay, and fulfilling the scope and vision for Palm Cay, but with demand out there and Palm Cay moving so well it can now start this project,” Mr Hannaby continued.

“With all the amenities it will not be far off $100m once we complete all the infrastructure. It will be four storeys with the roof top.”