Andaz Turks & Caicos To Begin Construction, Following Final Phase of Lender Financing
Turks & Caicos (PRWEB) August 09, 2023 -- Andaz Turks & Caicos closed the final phase of financing and will immediately begin construction, marking an important milestone for the highly-anticipated resort and residential property that is poised to bring a fresh, modern luxury offering to the island and famed Grace Bay Beach.
Lead lender Alpha Technologies Inc. marks the final phase of financing on the project led by Vista Development Inc. This milestone shifts the initiative to “shovel-ready”, with construction and deployment of the general contractor, BYD TCI Construction, slated to start immediately. “We are truly excited to have our contractor mobilized and to now see Andaz Turks & Caicos coming out of the ground”, said Vista Development Construction Manager, Steve McConaghy.
An investor group, led by John Zammit, also joins the project. Mr. Zammit, a longtime Turks & Caicos resident and experienced real estate developer, also joins the board of directors and rounds out the management team with developers Matt McDonald and Jon Siegel.
“We are thrilled to have Alpha Technologies Inc. and the Zammit group joining the Andaz Turks & Caicos team,” said project developer Matt McDonald, co-founder of Vista Development, Ltd. Partner and Chief Financial Officer, Jon Siegel adds, “with their combined expertise and decades of experience living and working in Turks & Caicos, they are the absolute best partners to help bring our vision to life.”
Andaz Turks & Caicos will debut as the island’s second luxury branded resort and the first for the Hyatt Hotels portfolio. The project continues to see strong interest since launching sales, surpassing $22 million to date and will begin welcoming owners and guests in late 2025.
“Having lived and worked on the island for 26 years, I can say this is one of the most exciting developments in decades,” said John Zammit, “It is a complete game changer, offering a new take on contemporary luxury lifestyle accommodations and residences while offering the upscale amenities and guest services that the Andaz brand is so well known for.”
Stretching more than 5.5 acres, Andaz Turks & Caicos is situated on the celebrated western end of Grace Bay Beach. Real estate here is limited and highly prized, and the development’s notable presence next to Smith’s Reef brings an authentic, intimate feeling of being quite unlike anywhere else in the world.
“By investing in this project, we are investing in Turks & Caicos,” said Fred Kaiser, founder of Alpha Technologies Inc. “We are dedicated to carefully choosing thoughtful partners, and we are confident Andaz Turks & Caicos will build upon the island’s rich history and deliver unparalleled experiences for longtime visitors and future generations of travelers and residents.”
A popular destination for travelers and an attractive investment opportunity for vacation homeowners, Turks & Caicos is serviced by 20 domestic and international flights, making the remote island paradise easily accessible.
For more information or residential sales inquiries, please visit http://www.andaztcresidences.com.
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About Andaz Turks & Caicos:
Offering an unparalleled five-star experience with a 59-key resort and 74 residential units, the property features breathtaking views of the ocean from every unit. The thoughtfully designed master plan will offer guests and owners exceptional dining choices at four restaurants and bars, including an elevated venue with unobstructed panoramic views. Additional health and wellness amenities a state-of-the-art indoor fitness facility with an outdoor garden yoga studio and full-service indoor/outdoor spa. Andaz Turks & Caicos at Grace Bay offers a full array of lifestyle options with dedicated luxury concierge services.
About Andaz:
Global in scale while local in perspective, the Andaz brand of luxury lifestyle hotels weaves the sights, sounds, and tastes of each property’s surroundings for a distinctively local experience. Through thoughtful, unscripted service tailored for travelers, Andaz hotels enable guests to go beyond the familiar and satiate their curiosity while immersing them in the spirit of the eclectic culture around them. There are currently 25 Andaz hotels: Andaz 5th Avenue and Andaz Wall Street in New York, Andaz San Diego, Andaz West Hollywood, Andaz Napa, Andaz Scottsdale Resort & Bungalows, Andaz Savannah, Andaz Maui at Wailea Resort, Andaz Ottawa ByWard Market, Andaz Mayakoba Resort Riviera Maya, Andaz Costa Rica Resort at Peninsula Papagayo, Andaz London Liverpool Street, Andaz Amsterdam Prinsengracht, Andaz Munich Schwabinger Tor, Andaz Vienna Am Belvedere, Andaz Singapore, Andaz Delhi, Andaz Xintiandi in Shanghai, Andaz Tokyo Toranomon Hills, Andaz Seoul Gangnam, Andaz Xiamen, Andaz Capital Gate Abu Dhabi, Andaz Dubai The Palm, Andaz Shenzhen Bay, and Andaz Bali. For more information, please visit andaz.com. Follow @Andaz on Facebook, Twitter, and Instagram, and tag photos with #WhenInAndaz.
C&R PR, C&R PR, 1 2405951490, [email protected]
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