A new kind of commercial development broke ground recently, upping the ante for new developers, with a keen focus on design and the opportunity for ownership of the spaces occupied. Courtyard Plaza is one of the newest commercial developments to line Provo’s Leeward Highway and it is creating a bit of buzz, offering a luxurious design for retailers and corporate entities to operate in and the option of ownership, instead of rental agreements—the norm for commercial structures in the Turks and Caicos.
These are strata titled units that a business owner can come in and purchase their own unit and therefore eliminate the rent and be building equity in their investment as well as their new business,” explained Courtyard developer Jeffery Muck.
Muck told WIV4’s Angie Toussaint that financing is available for individuals interested in purchasing their own spaces at the Courtyards.
We are fortunate enough to have local companies on the island—banks as well as private lenders—get involved in this project.” Muck said. “They feel that obviously due to the new concept that we are creating here, that they want to be a part of this so they’ve created easy flexible financing [and] excellent terms for anyone involved or who would like to get involved.”
The Courtyards design is a three story structure with 8 retail spaces and—as the name suggests—a courtyard on the lower level. The two top floors will be office spaces for local businesses.
The concept of this building is trying to maximize the land because we only had about an acre of land. So we came up with the concept of instead of just spreading it out, we decided to go up instead. That way we could get as much units as possible at the same time keeping the aesthetics that we wanted to achieve,” Charles Bawumea, architect for the Courtyards project, said.
Bawumea said that the building, slated for completion November 2008, also incorporates an elevator.
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−Bobbi Misick & Angie Toussaint
Filed under: LOCAL NEWS | Tagged: Commercial Space, Courtyard Plaza, Development, Property Ownership, Turks and Caicos
