10 Story Lacovia Renovation Delayed
(RCN) The controversial redevelopment of Lacovia has been delayed. Plans were made to turn the existing complex into three 10-story high-rise apartment buildings. The project was due to start in May, but has been pushed back due to increases in construction costs.
Kim Lund, Broker/Owner at REMAX, told Cayman News Service (CNS) that the current owners and developers are taking a cautious approach, due to the “unprecedented increases in construction costs.”
“The mechanics of the project are very different from a typical development where the developer owns the land and can sell all the apartments constructed. The total cost of the redevelopment is funded predominantly from the sale of the additional apartments. Given the unprecedented increases in construction costs, caused firstly by COVID and its impact on the materials and labor supply chains and most recently the global macro and geopolitical volatility, we have adopted an extremely conservative and responsible approach to the redevelopment.” Lund told CNS.
According to Bronte Development, “Lacovia sets the new benchmark of luxury real estate on Seven Mile Beach, blending inspired architecture and contemporary interior design with magnificent views of Cayman’s turquoise waters. Lacovia offers 14 exclusive floor plans ranging from 3 to 8 bedroom apartments, all outfitted with luxury appliances and bespoke finishes. All residents gain membership to the private members club which includes F&B services, 24-hour fitness center, spa, concierge and valet services.”
The existing Lacovia development will be demolished, and the current owners will receive an apartment in the new development.
Lacovia starts at US$ 5,385,600 for a 3 bed 3.5 bath apartment. The Sales team consists of Kim Lund (REMAX) and Michael Joseph (Property Cayman).