(CNS Business): A town centre and residential community, including an 18-hole golf course, is slated to begin construction in East End later this year and will target both locals and North American retirees looking for their island paradise retirement homes. The $300 million development “epitomises the vision of the Go East initiative”, according to a spokesperson for the project and will be open to locals, tourists and community residents alike. The developer of the project is Eagle Assets Management, a local real estate development company that is comprised of local and international investors, will not be asking for import duty waivers or other concessions from the government regarding this project, she said. 

Some of the major shareholders are members of a family that has been coming to, investing in and living in the Cayman Islands since 1958 and have significant ties to the community, according to spokesperson Denise Gower of Fountainhead Business Development. She said the group had significant experience in developments of this calibre, including association with one of the largest retirement communities in the United States. It is also a developer of top tier golf courses, having developed championship golf courses all over the world. 

The 430-acre Ironwood community will feature a sports village, including a championship PGA Tour winner designed 18-hole golf course, targeted to be one of the Caribbean’s top rated courses, and tennis courts; family entertainment including a movie theatre; a host of convenience and boutique shopping; residences and tourist accommodations. Master planned in association with Cayman architect John Doak, the development will carry a strong West Indian/Spanish Colonial heritage theme and will blend well with its natural environs. 

Gower emphasised the importance of this project to the local economy: “This is a handsome project that epitomises the vision of the Go East initiative.  This is a development that is non-intrusive to the environment and offers conveniences to the Eastern districts, while also providing a considerable and welcome boost to Government coffers”. 

Targeting both locals and North American retirees looking for their island paradise retirement homes, the community will comprise multi-family and single family dwellings available across price ranges.

“This is a highly desirable segment of investors for Cayman - low-impact, with dispensable income that will support local businesses and will not be seeking employment,” Gower noted. “This is a group that will fit perfectly in the quiet, peaceful East End.  With every amenity available at their doorsteps, there is great incentive for retirees to make the move to Ironwood in the Cayman Islands.”

Eagle Assets Management plans to complete the project over six years and will not be asking for credits, import duty waivers or other concessions from the Government to initiate and complete the project. They will be using local businesses to build the project including architects, realtors, marketers, contractors and construction workers.

Further details on this project, including the biographies of the principals involved, will be announced at a press conference slated for 17 July, Gower said, adding that other prominent Caymanian business people have interest in the project.