Providenciales, Turks and Caicos Islands, October 18th, 2023 – On October 11th, 2023, a momentous occasion marked the signing of a Development Agreement (DA) by Vista Development Ltd. The DA between the Government of the Turks and Caicos Islands (TCIG) and Vista Development Ltd. reinforces the Government's unwavering support and dedication to the project in alignment with the National Investment Policy.
This DA solidifies the partnership between TCIG and Vista Development Ltd. to facilitate the construction of the Andaz Turks and Caicos Residences in Grace Bay, Providenciales. The initial collaboration between the project's proponents and TCIG began on May 3rd, 2017, and it is expected to come to fruition at an estimated cost of US$65,000,000.00. Following Cabinet's approval on May 24th, 2023, for a re-stated development agreement, the Andaz Turks and Caicos Residences is slated for completion in late 2025.
This development includes the prestigious Andaz brand, a part of the renowned Hyatt Hotels Corporation, making it the first Hyatt property in the islands and the first Andaz brand establishment in the Caribbean. The Andaz Turks and Caicos Residences will be a mixed-use tourism resort offering 175 nightly rentable keys/rooms, featuring condominium units, retail spaces, and essential amenities. Grace Bay's pristine location will provide a breathtaking backdrop for this exceptional development.
Angela Musgrove, CEO of Invest Turks and Caicos, expressed her enthusiasm about the project, stating, "The Andaz Turks and Caicos Residences represents a significant milestone for the tourism industry in the Turks and Caicos Islands. As we maintain our luxury brand, this partnership with Vista Development Ltd. showcases our dedication to fostering sustainable economic growth and delivering unique, world-class experiences for our visitors."
Developer Matt McDonald, Principal of Vista Development Ltd., also expressed his enthusiasm for this groundbreaking initiative, stating, "We are honored to be part of this extraordinary project. The Andaz Turks and Caicos Residences will set a new standard for luxury in the Caribbean, and we are eager to contribute to the island's growth and development."
The signing of the Development Agreement between the Turks and Caicos Islands Government and Vista Development Ltd. marks a pivotal moment in the country's tourism industry. As the Andaz Turks and Caicos Residences take shape, it promises to bring unparalleled luxury and sophistication to Grace Bay, creating a unique destination for travelers from around the world.