Villa Benita, the last significant development property on world famous Paradise Island, and one of the best development plots currently on offer anywhere in the Caribbean.
Perched on the highest point on the Island, this 2.6 acre parcel represents an amazing opportunity to develop and build a five-star boutique hotel or luxury condominium on an island that attracts only the wealthiest and most discerning clientele from around the world.
Based on current zoning laws, the site can comfortably fit 80 to 90 spacious units all with direct water views. There is an existing 14,000 sq. ft. villa which can either be retained and incorporated into the plan or torn down to make room for an entirely new concept. The villa rents out at an average of $1,300 per night (short term) quite consistently, providing some income while a developer is in the planning, bidding and permitting stages of the development process.
Paradise Island has always attracted the world’s wealthiest and most glamorous individuals, from the early days with Huntingon Hartford in the 1960s to Merv Griffin in the 1980s, and the rebirth under Sol Kerzner in the 1990s and 2000s. The Atlantis Resort & Casino – an investment of approximately 3 billion dollars with its amazing waterpark, array of shopping and dining experiences and 2,300 rooms – is just a 3 minute golf cart ride from the site.
The legacy of Paradise Island continues today with the recent acquisitions and renovations of the One&Only Ocean Club Resort for a reported $200 million, and the continued success of the Ocean Club Estates where property values range from $5 million to over $40 million.
Villa Benita offers over 305 feet of road frontage (allowing for an impressive entrance), gently sloping topography, and nearly 200 feet on the harbour with riparian rights to build a multi-slip marina. A new condo development just two doors down from the site is selling direct view units for $850 per square foot with no water access. Given the enhanced views and marina possibilities at this site, sale prices in the range of $1,000 per foot or more would appear to be comfortably achievable.
Contact us today for more information on this incredible development opportunity in the heart of Paradise.
For more information please contact Sheldon Pitt