Ironwood News

IRONWOOD IS A GO!

17-Dec-2015

Ironwood, the 600 acre, $365 million community featuring an Arnold Palmer Championship golf course in East End and North Side, is now officially under development.

The agreement signed today, 17 December 2015, between Ironwood developers and the Cayman Islands Government, marks the end of the negotiating phase and the start of the official building stage.  The Town Centre, the Arnold Palmer Championship golf course, the Arnold Palmer resort and the beach resort are all part of the first phase of the project. 

“It has been a long road so far, but we are now at the starting line, ready to go”, said Ironwood spokesperson Denise Gower.   “Now the future is clear:  the jobs so desperately needed will be available, the business opportunities that have been promised can be planned and a new market of affluent golfers and retiree tourists will soon be on their way to Cayman”, she said.

The negotiations, conducted by Anthony Akiwumi and Vaughn Carter of Etienne Blake, Attorneys-at-Law, revolved mainly around the construction and financing of the East-West Arterial Extension (EWAE), a 10-mile stretch of highway that will link Hirst Road in Savannah with Frank Sound Road at the new Ironwood entrance.  This road is critical to the success of Ironwood and will also open up thousands of acres of currently landlocked land.  The final agreement provides for $22 million in concessions to the developer, which will be held in a trust, ultimately allowing development to commence while Ironwood and CIG await the British Government’s Foreign Commonwealth Office’s (FCO) final approval of Ironwood’s funding plan for the road. Once the road funding is approved by the FCO, Ironwood will assign all granted concessions towards the road construction, making this an unprecedented private public partnership development project that will be carried out without net concessions. 

Minister for Planning, Lands, Agriculture, Housing and Infrastructure, the Hon. Kurt Tibbetts is enthusiastic about the project.  “We have worked diligently with Ironwood developers to work out a good deal for Cayman and to get this project started.  This will certainly enhance Cayman’s tourism product and create job opportunities for Caymanians, both during the construction phases and when it is up and running.”

Roy Saunders, Vice President of Arnold Palmer Group (APG), was on hand for the signing of the deal, to show APG’s commitment to Cayman and to Ironwood.  “Mr. Palmer and our whole team are eagerly anticipating our first tee-off on the Ironwood golf course, which will be our first in the Caribbean.  As a company we have ambitious plans to build 20 resorts across the globe by 2024 and we believe that Cayman is a natural fit for our collection”, he said.

 The signing of the deal starts the funding and the initiation phase of the project.  Physical work is expected to commence by April 2016 once permitting is obtained.  Local contractor Arch and Godfrey was selected back in February of this year as the lead contractor on the Town Centre portion of the project. Ironwood has engaged several local architects including John Doak, Evolving Island, DDL Studio and Whitaker & Walter to ensure design elements of all the buildings blend with Cayman’s culture and heritage. 

T:+1 (345)-516-1010

E: