The commercial space at one of Barbados’ latest property developments is expected to be the root for growth of its residential component.
Limegrove, the 10 acre mixed use development in the middle of the island’s west coast, is on schedule for its December 2010 completion date but the residential aspect of the development is not the main focus of the spanking new lifestyle centre.
Paul Altman, Barbados’ most renowned property developer and realtor, told the press in a media tour of the US $100 million development: “The other thing with the residential side is that the success of the residential component will be spun off of the completed commercial side.”
Altman, who has a wealth of experience in the sector, explained that the activity on the commercial side of Limegrove will usher in sales with the residential component. He noted that they will begin selling the residential units for winter 2009.
Highlighting the current climate of uncertainty that exists globally, Altman disclosed: “On the residential side, because of the climate that I described earlier, we have held back in terms of the residential component. Out of 56 units, we built eight. We recognise that first we must maintain the quality and intent with those buildings.”
Looking at sales of the residential units, the property developer said: “We have sold one, one other is under discussion and two others under further discussions out of the eight.” He asserted that the residential units will not their main focus initially, and that the main focus would be on the commercial side. “We want to get this up and running and use this as the strength to sell the residential,” he stated.
Analysing the commercial tenants for the development, Altman explained that the buildings that are currently under construction, have approximately 80 per cent signed up. Meanwhile buildings that have been described like the Cinema, and the Louis Vuitton building have 70 per cent of those signed up. “We have another two buildings that have not been earmarked to start,” he pointed out. Commercial tenants of the lifestyle centre include names such as Cartier, Bobby Brown and La Mer to name a few.
The noted developer highlighted the hype of activity that would be part and parcel of Limregove. Some of these features will include a nightclub, two cinemas, three court yards that will feature different themes and a catwalk for fashion shows. He was adamant about creating a lifestyle centre that brings major activity to the area.
