Vista Development, Ltd., the boutique real estate development firm behind Andaz Turks & Caicos Residences at Grace Bay, recently received interim financing for the construction and advancement of the property.
The new loan (from Arena Investors, L.P.) signifies confidence in the project and in the hospitality market during challenging economic times. It also 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.
The luxury hotel development, which is the first Andaz branded resort and residential property in the Caribbean, will span five-plus acres along the island’s Grace Bay Beach. Designed by Rafael Amuchastegui of RAD Architecture Inc. and Modus Operandi A+D Inc., the seven-story Andaz Turks & Caicos Residences at Grace Bay will comprise two beachfront buildings, including a nearly 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 be a full-service, indoor-outdoor spa, three restaurants and three bars, pools, a fitness studio, a kid's activity club and more. Due to pandemic, the new opening date for Andaz Turks & Caicos Residences at Grace Bay is the first quarter of 2023.