By Anna Wootton
While the world is still reeling from a global pandemic and associated economic downturn, the Cayman Islands has proven its resiliency with a strong response to the challenges posed by COVID-19.
While the tourism sector has been hit hard by the continued border closures, the financial services industry has seen growth, and the domestic economy has been able to sustain itself thanks to the relatively speedy local reopening that was permitted after a three-month lockdown proved effective in eliminating community spread of the virus (source).
In spite of the challenges of 2020, many of which continue into 2021, in Dart’s flagship development of Camana Bay, tenants across a number of industries saw a need to increase their location’s footprint, exploring expansion opportunities that indicate that some tenants have been able not just to survive under challenging circumstances, but indeed to thrive. As stated by Dart’s President Asset Management Justin Howe, the success of Dart’s 200+ commercial tenants is “a shared success for everyone – tenants, customers and ourselves as landlords.”
With Camana Bay at 97% occupancy, the new commercial building 60 Nexus Way and the ground-floor retail space in the new for-lease residential building, Kapok, will allow for Dart to continue to facilitate future expansions from current and future tenants.
Food and beverage
The food and beverage industry has been undoubtedly impacted by the continued closure of the Cayman Islands borders, relying solely on residents to keep their doors open. While Italian-Peruvian restaurant Agua, located on the waterfront in Camana Bay, has been – and continues to be – affected by the pandemic, owners Cristiano Vincentini and Walter Fajette are taking this moment to adapt their business model. They recently made plans to take on additional space in Camana Bay, located next door to their existing restaurant, which they will transform into a speakeasy-style cocktail bar with an outdoor lounge.
“We see the new bar being a great attraction for locals and for people working in Camana Bay,” Fajette explained, “and, of course, we believe the bar could also be a great addition for Agua.”