Vista Development, Ltd., a boutique real estate development firm known for its work in the Caribbean, recently received interim financing for the construction and advancement of Andaz Turks & Caicos Residences at Grace Bay. The high-end project, which is the first Andaz branded resort and residential property in the Caribbean, will provide a new level of oceanfront luxury spanning 5.5 acres along the island's famed Grace Bay Beach.
The new loan from Arena Investors, L.P., signifies confidence in the project and in the hospitality market during challenging economic times. The loan ensures Andaz Turks & Caicos Residences at Grace Bay will continue moving forward. Adding to the positive outlook, Vista Development recently acquired the necessary building permits allowing the firm to continue to advance toward a construction start in the first quarter of 2021.
"Covid-19 presented challenges in the hospitality sector, but we are very pleased to have closed on this new line of financing with Arena Investors, LP," said Jon Siegel, co-managing director of Vista Development, Ltd. "We appreciate Arena's support and the continued confidence of our other stakeholders, and we anticipate a great year of construction and sales ahead."
Designed by Rafael Amuchastegui of RAD Architecture Inc. and Modus Operandi A+D Inc., Andaz Turks & Caicos Residences at Grace Bay will be comprised of two beachfront buildings including a ne arly 60 room full-service boutique hotel and a separate, branded residential component. The residences will offer 74 homes for sale ranging from studios to four-bedroom units, with lockout capability to maximize rental flexibility, and a collection of penthouse lofts including some that are two-stories. Amenities shared by the hotel and residences will include a full-service spa, restaurants, bars, pools, fitness studio, spa, etc.
"Since Turks & Caicos reopened for visitors in July, we have seen sales pick up and we anticipate a strong year ahead as the appetite for luxury projects is growing again," said Matt McDonald, managing director of Vista Development, LTD. "The Turks & Caicos market is still very strong for both investment appreciation and income return, and we are thrilled our project is increasing the residential inventory for more buyers to invest."
Due to pandemic, the new opening date for Andaz Turks & Caicos Residences at Grace Bay is the first quarter of 2023. Upon opening, the seven-story development will blend the vibrancy of the Andaz brand with the culture and history of the Turks & Caicos islands. 'Andaz' is a hindi word meaning personal style, which is the foundation of the brand, reflecting the unique personalities of guests associated with each location and culture.
For more information, please visit andaztcresidences.com.