For a decade, Camana Bay centered its focus on creating a town where residents and visitors can shop, dine and play, and business owners can have world-class amenities at their fingertips for themselves and their employees. Now, for the first time, the 685-acre master-planned mixed-use town welcomes those who want to buy residential property at Camana Bay to live at OLEA — the product of a joint venture between Dart Real Estate, the developer of Camana Bay, and NCB Group.
In September and October, Dart Real Estate and NCB Group staff and tenants had the opportunity to reserve their choice of home, ranging from one-bedroom condominiums to four-bedroom townhomes, with phase one scheduled to break ground next year. Dart Real Estate President Jackie Doak said the initial response resulted in almost two-thirds of properties in phases one and two being reserved out of a total of 64 residences.
“We knew there was pent up demand for a for-sale residential community at Camana Bay, but the initial positive feedback received still exceeded our expectations,” said Doak. “This is a clear indication that Camana Bay plays a pivotal role not only in the development of the community itself, but also in the wider Cayman Islands economy.”
NCB group Managing Director Matthew Wight says his team is proud to partner with Dart Real Estate to bring the first, for-sale residential community to Camana Bay. “Our combined expertise, experience and commitment to building quality, sustainable developments will ensure the success of OLEA and surpass all expectations,” he says.
“Our preview sales launch to employees and tenants of Dart and NCB was met with an overwhelmingly positive response and we are thrilled with the number of reservations to date. It confirms that our vision for OLEA is in line with what the people of Cayman are looking for in terms of homes and communities and we’re excited to unveil this exceptional neighbourhood to the general public.”
OLEA will be located along the southern reach of the Camana Bay Harbour, adjacent to Cayman International School. Prior to OLEA, the residential component of Camana Bay was limited to
The Terraces, a collection of 63 luxury apartments available for long-term lease.
Residents of Camana Bay live on prime real estate property situated between Seven Mile Beach and the North Sound and can easily traverse from “sea to sound” in the pedestrian-friendly town.
“We are seeing tremendous growth in the Camana Bay community with the planned expansion of CIS to double the capacity for the number of students, the construction of the new Foster’s Food Fair supermarket and a planned five-star resort on Seven Mile Beach,” said Executive Vice President of Real Estate Development & Operations Justin Howe. “It is only fitting that at this important benchmark in Camana Bay’s history we offer for-sale residential to those who want to live here and have these important amenities at their doorstep.”
Camana Bay-based, local architectural firm TRIO Architecture has designed the new waterfront community and amenities will include beautifully landscaped common areas, a resort-style pool and a fully equipped gym. “OLEA is the result of a symbiotic process that holds the three pillars of design sacred,” said Mike Stroh, president of TRIO Architecture. “Aesthetics, functionality and cost have all played important roles, and we have balanced the three to create a community with lush outdoor spaces and architectural features that speak the same vernacular as Camana Bay, but with a softer, more residential tone.”
OLEA will also offer new owners a home built around energy efficiency and sustainability. Each home will be installed with solar panels and a geothermal cooling system. Howe says the sustainable design will not only help save energy, but will also lower utility bills, including strata fees that cover the common areas. “Home buyers today look at purchasing a home with sustainability in mind,” he said. “OLEA was the perfect residential product where we could offer a product that gives peace of mind to the consumer that sustainable design is a top priority.”
The design includes LED lighting in each residence on the property, as well as energy-efficient appliances and water-conserving plumbing fixtures. Year-round high temperatures are the norm in the Caribbean, so the choice of a “Low-E” window to reflect the sun’s energy back into the atmosphere was made. In addition, the homes will be built using Insulated Concrete Forms construction to help keep hot air out and cool air in.
OLEA is now open to the public for residential reservations. Phase one is slated to be completed by the third quarter of 2020 and phase two is expected be ready for move-in by the first half