Home > Company > Cayman Real Estate Blog > Spanish Reef Resort Gone As Development Continues Steadily In The Cayman Islands

Spanish Reef Resort Gone as Development Continues Steadily in the Cayman Islands

The demolition workers have been very busy recently working at the former location of the Spanish Bay Reef Resort site in the West Bay district of the Cayman Islands.

The work crews have been diligently clearing buildings that have been completely vacant for nearly nine straight years.

The former sixty-seven room Spanish Reef Resort and Hotel that stood on the parcel was completed back in 1972 and was the jewel of the sparsely developed area. The dive resort was placed on 1,900 running feet of oceanfront property in the Barkers neighborhood of the West Bay district of Grand Cayman.There are no immediate plans in place for the redevelopment of the site accordingto the owners of the parcel. With the uptick in development island-wide, though, there surely has been interest in this area of the island as of late. The demolition of the now defunct resort was undertaken because the buildings were in an irreversible state of disrepair after the long time sitting idle. It has also been reported thatthe current owners are hoping to shop the property to potential investors after the site has been cleaned up and that this could be the impetus for doing such. The owners and real estate consultants familiar with the land have publicly stated that this site is unique and could be the perfect spot in which to erect a new dive resort in the ashes of its predecessor. The only other operation catering to divers in that area is the Cobalt Coast outfit.

There are many features to this site that could curry favor with a developer or investors looking to install another diving-centered operation. The plot has a breakwater jutting out into the ocean that was created before special coastal works licenses were required in the Cayman Islands. This, in effect, creates a great place for novice divers to get in and take instruction on diving in safe surroundings. This breakwater alsoprotrudes out and effectually protects an inlet carved into the iron shore that could facilitate visiting watercraft. The site also has a bit of sandy beach – a plus when catering to those who want to sunbathe and swim from shore with ease. (Inquiries on investing in this parcel can be sent to info@caymanluxuryproperty.com)

The Spanish Reef Resort and Hotel closed its doors for good back in 2007. The property subsequently went up for sale and a company called Bay Reef Holdings Ltd. acquired the parcel and buildings and has been holding onto it since the global economic depression of 2008.At one time there was a plan by Bay Reef Holdings Ltd. to build a 100-room hotel to cater to scuba divers but those plans never came to fruition.The recent explosion of development in the Cayman Islands has the Spanish Reef’s owners optimistic for the property’s future. Near to the site crews work day and night on the Kimpton Seafire Resort & Spa and that property should be open this coming November. Also on Seven Mile Beach, the Treasure Island renovation will bring the highly successful Margaritaville brand to the island. Recent news stories also see the decision to move forward with the Arnold Palmer-backed Ironwood golf resort and community despite a plan in place to finish the expansion of the east-west arterial highway. Everywhere one looks development is progressing steadily in the Cayman Islands and the crews working at the Spanish Reef resort site are clear evidence of this.

Get the Latest Cayman Real Estate Listings and News straight to your Inbox. Subscribe to our Newsletter here: