CAMANA BAY, Cayman Islands, Aug. 30, 2012 (GLOBE NEWSWIRE) -- Dart Realty (Cayman) Ltd. said today it has opened 94 Solaris Avenue, the newest office building at Camana Bay, with a majority of its space leased.
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With the addition of 94 Solaris, a five-story, 68,000-square-foot Class A office building, Camana Bay continues to build on the momentum Dart Realty has created at the Caribbean's most significant New Urbanism development.
"The completion of 94 Solaris Avenue is a significant milestone in the development of Camana Bay," said Jackie Doak, Chief Operating Officer for Dart Realty. "Camana Bay's office buildings are a critical component to the thriving mixed-use environment at Camana Bay."
Camana Bay, one of Grand Cayman's premier destinations with shopping, events, parks, sports facilities and apartments, has emerged as a new commerce center for companies in the finance and insurance industries. As a result, Camana Bay's office component continues to grow despite current global economic conditions.
Designed by Washington D.C.-based Torti Gallas and Partners with support from local architects, the Burns Conolly Group, the building houses Class A office tenants and offers restaurants and retail on the ground floor. Anchor tenant Mourant Ozannes, one of the world's leading offshore law firms, has relocated its offices to the top two floors of 94 Solaris Avenue. The entire second floor is occupied by AON, the largest risk management firm in the Cayman Islands.
"Dart Realty is proud of our team, which completed 94 Solaris Avenue in less than 16 months," said Mrs. Doak. "94 Solaris Avenue, which already has attracted blue-chip tenants in the legal and insurance industries, sets the standard for Class A office space in the Cayman Islands."
Mrs. Doak added: "The total economic impact to the Cayman Islands of Camana Bay is more than $800 million and its construction has generated 1,000 plus jobs." The total project cost for 94 Solaris Avenue is $20 million.
In keeping with the sustainable design of Camana Bay, 94 Solaris Avenue has been built with LEED principles. The building features many environmentally friendly elements such as a collection system that recycles rainwater used to flush toilets. Other sustainable features include thermal building insulation, high-energy air conditioning systems and strategically placed shading structures that counteract Cayman's strong sunlight. Even the landscaping is green—pun intended. Indigenous plants are watered using rainwater collected in the Town Centre's irrigation cistern.
Constructed by DECCO and its local Caymanian partners, 94 Solaris Avenue is the latest addition to Camana Bay's office component. The Town Centre, which also includes 69 Forum Lane, 89 Nexus Way and additional garden offices, has a combined 450,000 square feet of office and retail space.
"We expect demand to continue to increase for the state-of-the-art office space Dart Realty is developing at Camana Bay," said Mrs. Doak.
With a new state-of-the-art, sustainably designed office building, two new Class A office tenants and a long-term development plan, the Town of Camana Bay continues to blossom.
About Camana Bay
A destination within a destination, Camana Bay is a vibrant new town located in the heart of Grand Cayman. Stretching 500 acres from the famous Seven Mile Beach to the tranquil North Sound, this mixed-use master planned community opened in December 2007 and is one of the first examples of New Urbanism in the Caribbean. Developed by Dart Realty (Cayman) Ltd. in collaboration with an award-winning team of visionaries, including Duany Plater-Zyberk (Seaside and Rosemary Beach, Fla.), Moore Ruble Yudell and OLIN Partnership, Camana Bay offers a unique mix of thoughtfully designed residential, commercial and public spaces, world-class shopping and dining, education and sports facilities plus family-friendly entertainment, events and attractions. Designed to grow organically over several decades, Camana Bay is now in the master planning phase for the town's residential communities. Boasting a bustling 600,000-square-foot business and financial centre, Camana Bay is also quickly becoming the preferred destination for local and international businesses alike.
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