Friars Bay, St. Kitts Development Study PREPARED FOR AI INTERNATIONAL BY GARY E. SCHWEIKERT THIS VERSION SANCTIONED FOR RELEASE JUNE 7 2013 BY AI TO ARAMBYS FOR PURPOSES OF ASCERTAINING INTEREST IN DEVELOPING THE PARCEL OF LAND DESCRIBED HEREIN. FORWARDING NOT PERMITTED.
Presentation Agenda I. Development Overview II. Site Overview III. Philosophy of the Study IV. Ecology V. Uses of the Land VI. Descriptions/ Financials VII. Next Steps
Development Overview Friars Bay consists of 262 acres of pristine land, fronting both the Atlantic Ocean and the Caribbean Sea on the island of St Kitts. Ownership has requested a feasibility review to determine the highest and best use of the land, should development be considered. The site is currently vacant and can be developed with multiple uses to include: § A 100-room luxury hotel § 150 single family home sites § Two condominium sites of 60 units each § Restaurant opportunity overlooking the Atlantic Ocean § Retail shopping village § Twenty-five acre ecological sanctuary § One acre turtle conservation area The development would add to the already burgeoning residential market on the island and satisfy the need for greater commercial opportunities (hotel and retail).
Site Overview Location: The property extends from the ridge at the top of Sir Timothy’s Hill and extends southward to the ridge at the top of St Michael’s Hill and covers the total width of the island. A portion of the beachfront is shared with the adjacent landowner on the Caribbean side. Surrounding Uses: The southernmost border of the property shares the ridge with the Sundance Ridge development of 15 luxury homes. On the Caribbean beachfront, an adjacent landowner has established a high end beach club and restaurant and is potentially planning a small marina. To the north, residential development is apparent on the far side of Sir Timothy Hill with views of the Atlantic. A pre-existing scenic overlook off the main road facing the Atlantic is popular with tourists. Topography and Visibility: The terrain is both accommodating and foreboding. Most of the hilltop areas include steep slopes, yet coexist with serene beaches on both bodies of water. Also included is a bird sanctuary surrounded by native mangrove and marsh as well as a beachfront turtle conservation area on the Atlantic side. Nearly all parcels of land on the property enjoy a view. Accessibility: The main road “Kennedy Simonds Highway” intersects the entire length of the property and additional roads will be developed to access each parcel considered for development.
Site Overview INSERT AERIAL VIEW IMAGE
Site Overview - Wind and Solar patterns
Site Overview – Development Philosophy The property had previously undergone a development review which suggested residential development but did not maximize the potential yield. The significant difference in this study: Ø Provide ultimate flexibility in development options and land usage Ø Maximize yield of saleable land o Certain lands previously considered unusable are included for development o This yielded an additional 10 acres of land for sale o The ecologically sensitive lands were preserved, not destroyed o Recommended uses for the land are not limited to residential Ø Mitigate financial risk by phasing various parcels over time and according to market conditions Ø Involve other development partners only where appropriate and not contingent on the entire property’s development
Site Overview – Development Philosophy -2 Why is the benefit for development greater now than before? We evaluated the slope of the land from a different point of view. Extensive work with the local engineering firm proved that the prior standard practice related to construction on sloped land was outdated. Plots may now be sold with a combination of buildable and unusable land. Parcels previously considered unbuildable are now under construction routinely.
Site Overview – Development Philosophy -3
Site Overview – Slope Analysis
Land Parcel Sale - Proposed Zoning
The Importance of Preservation
The Importance of Preservation Although no formal regulations exist regarding riparian or avian sanctuaries, protection of the salt pond marsh and the turtle spawning areas is good for business. The pond is an avian sanctuary for migratory birds travelling from North toward South America. The mangrove is highly regarded by the local population. The turtle spawning area has the attention of the Caribbean communities and potentially US-based ecological organizations. Destructive actions in these areas may bring negative sentiment toward any development on the property and unnecessarily delay your plans.
The Importance of Preservation - 2 We have earmarked the reserve areas requested by owner in two locations: No development will take place in the pond area A turtle protection zone will be established on the Atlantic Ocean beach The focus on “ecological tourism” has existed on other islands but this would be the first effort on St Kitts. The pond area requires some remediation and non- invasive construction of boardwalks for nature viewing. The turtle area may require support for legislative changes and restricted beach access. Both of these activities would be of interest to locals and tourists alike. Expert advocacy groups interested in lending assistance are at our disposal but we suggest contacting them after master planning documents for the development are completed and filed for approvals.
Leatherback Turtles spawn in the area Narrative
Site Overview – Slope Analysis- review
Site Overview - Proposed Zoning
Site Overview – Whole Parcels Land Parcel Area Proposed land usage (sf) (acres) A 10.1 439,754.8 Residential lots B 162,659.3 3.7 commercial/restaurant/ lookout point C 2,638,403.8 60.6 residential lots D 415,744.0 9.5 residential lots E 291,860.3 6.7 very steep and difficult to access F 8.0 348,928.4 commercial G 307,075.0 7.0 Existing roadways and verges H 190,586.9 4.4 potential apartment condos K 910,417.4 20.9 Nature reserve L 13.9 residential similar to sandy bank development 606,871.2 M 47.6 2,073,288.1 residential lots N 34.5 1,502,202.1 boutique hotel or condo O 21.9 953,809.7 residential lots Q 6.4 Multi unit apartment / commercial 279,062.5 R 280,195.1 6.4 Beaches along the Atlantic shore line S 1.0 TURTLE CONSERVATION AREA 43,588.3 TOTALS 11,444,446.9 262.7 NOTE: ALL AREAS IN THIS SCHEDULE ARE APPROXIMATE AND MUST BE CONFIRMED BY A LAND SURVEYOR
Site Overview – Developed Parcels Land 10% to be deducted Very Steep and Difficult to Parcel Area Buildable Land Gross Saleable Land Net Saleable Land for infrastructure access Land Proposed land usage (sf) (acres) (sf) (acres) (sf) (acres) (sf) (acres) (sf) (acres) (sf) (acres) A 8.9 4.3 4.6 8.9 0.9 8.0 388,255.7 186,011.2 202,244.5 388,255.7 38,825.6 349,430.1 residential (3 lots) B 158,955.2 3.6 68,955.2 1.6 90,000.0 2.1 158,955.2 3.6 15,895.5 0.4 143,059.7 3.3 commercial/restaurant/ lookout point C 40.4 28.4 11.9 40.4 4.0 36.3 1,757,694.3 1,237,845.2 519,849.1 1,757,694.3 175,769.4 1,581,924.9 residential (18 lots) D 9.4 5.2 4.2 9.4 0.9 8.4 residential (4 lots) 408,058.7 225,713.1 182,345.6 408,058.7 40,805.9 367,252.8 E 202,828.2 4.7 - - 202,828.2 4.7 - - - - - - very steep and difficult to access F 261,062.4 6.0 138,143.1 3.2 122,919.3 2.8 138,143.1 3.2 13,814.3 0.3 124,328.8 2.9 commercial G 307,075.0 7.0 - - 307,075.0 7.0 - - - - - - Existing roadways and verges H 3.4 3.0 0.4 3.4 0.3 3.0 146,277.2 130,444.6 15,832.6 146,277.2 14,627.7 131,649.5 potential apartment condos I 698,920.3 16.0 - - 698,920.3 16.0 - - - - - - protected land J 8.9 - 8.9 - - - 386,310.0 - 386,310.0 - - - protected land K 3.6 3.6 - 3.6 0.4 3.2 back of house ancillary service and parking. 154,865.4 154,865.4 - 154,865.4 15,486.5 139,378.9 residential (12 lots) similar to sandy bank L 10.7 8.5 2.2 10.7 1.1 9.6 development 466,805.2 369,714.0 97,091.2 466,805.2 46,680.5 420,124.7 M 1,998,496.5 45.9 1,438,047.1 33.0 560,449.4 12.9 1,998,496.5 45.9 199,849.7 4.6 1,798,646.9 41.3 residential (27 lots) N 778,343.4 17.9 546,206.5 12.5 232,136.9 5.3 778,343.4 17.9 77,834.3 1.8 700,509.1 16.1 boutique hotel or condo O 18.7 10.1 8.6 18.7 1.9 16.8 812,994.0 438,371.6 374,622.4 812,994.0 81,299.4 731,694.6 residential (9 lots) very steep and difficult to access and expensive P 1,914,266.0 43.9 - - 1,914,266.0 43.9 - - - - - - to develop Q 279,062.5 6.4 279,062.5 6.4 - - 279,062.5 6.4 27,906.3 0.6 251,156.3 5.8 Multi unit apartment / commercial R 280,195.1 6.4 - - 280,195.1 6.4 - - - - - - Beaches along the Atlantic shore line S 1.0 - 1.0 - - - Turtle conservation area not including the beach 43,588.3 - 43,588.3 - - - TOTALS 262.7 119.7 143.0 171.9 17.2 154.7 11,444,053.4 5,213,379.5 6,230,673.9 7,487,951.2 748,795.1 6,739,156.1 NOTE: ALL AREAS IN THIS SCHEDULE ARE APPROXIMATE AND MUST BE CONFIRMED BY A LAND SURVEYOR
Site Overview - Proposed Zoning & Lots
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