New Sea Port Set For Green Light By Cayman Government
A proposed mega Seaport project that is set to transform the High Rock area of East End in Grand Cayman is getting closer to being given the green light by the Cayman government. The developer behind the Seaport project, Joseph Imparato, claims that it will “create hundreds of jobs and millions of dollars of incremental revenue to Cayman by providing infrastructures to grow existing port activity and develop new business…….positioning the Cayman Islands as the premier luxury marina in the North West Caribbean”.
A new website, www.eastendseaport.com, has recently been launched to illustrate Joseph Imparato’s vision of this new ‘mega port’ for East End. The “state of the art maritime infrastructure project” is currently pending government approval; once approved, it is thought that the project will take around 7 years to complete.
The basin area of this world-class port will measure around 4 million square feet and will contain a mega yacht facility and a new hotel and restaurant development on one side of the port, with a cruise ship home port facility alongside a container port shipment area on the adjacent side. There will also be a marine industrial development and hydrocarbon storage area terminal, in addition to 100 acres of Cayman government port admin buildings.
The land earmarked for development is privately owned and Imparato is keen to point out that the project will not require any government funding. Instead, money will be raised from public offerings, the material from the dredging will be sold and there are plans to create joint ventures with cruise lines and shipment companies.
Independent analysts agree that creating an additional port in Grand Cayman will result in a significant boost to the number of people visiting the Cayman islands, especially if Imparato can persuade cruise lines to make East End a ‘home port’, an alighting point for their cruises. In addition to creating jobs and revenue and boosting tourism, the ambitious East End Seaport project will further increase the impressive investment potential of real estate on Grand Cayman.
