Media Release: Third Amendment to NRA Agreement Includes Sale of Freehold Title to Dragon Bay Lands & Further Expansion of Roads Infrastructure

November 25, 2015Infrastructure, News Releases

Dart Realty (Cayman) Ltd. confirmed that after offering to purchase the freehold title to the Dragon Bay lands from the Cayman Islands Government, the parties have mutually agreed a purchase price of US$14.574 million.

“Our offer to purchase was made during Government-initiated discussions on changes to the NRA Agreement and reflects a continued commitment to a public private sector partnership to stimulate and sustain significant local investment,” said Mark VanDevelde, Chief Executive Officer of Dart Realty. “The sale of the Dragon Bay lands’ freehold title will realise immediate, significant revenue for the Government as well as multiple sources of ongoing revenue as the properties are developed and sold,” said VanDevelde.

These discussions also included the further expansion of the Esterley Tibbetts Highway (ETH).

Dart Realty has commenced construction on the approved expansion of ETH through the Camana Bay Town Centre, which includes a vehicular underpass. The draft Third Amendment now contains the additional extension of the ETH to a four-lane divided highway south of the Camana Bay Town Centre, which includes a new roundabout to tie into the future Airport Connector Road and provide an additional access point to Cayman International School.

“The expansion of the Esterley Tibbetts Highway as a four-lane highway from Batabano Road in West Bay to the Butterfield roundabout in George Town represents a major achievement in Government’s plan for roads infrastructure to accommodate Cayman’s current and forecast growth,” said Jackie Doak, Chief Operating Officer of Dart Realty. “The Third Amendment to the NRA Agreement will facilitate further economic stimulus, job creation and new investment by other investors and by Dart Realty, which has committed to another $400 million,” she concluded.

The National Roads Authority has tentatively approved the further extension from Lawrence Boulevard to the Butterfield roundabout and provisions for a new roundabout to connect with the future Airport Connector Road and is reviewing considerations with its board.

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