Caribbean's Largest Resort Development to Commence Construction
October 25, 2006
By Amanda Marsh, Staff Writer
The Dominican Republic's less popular northern coast will be receiving a boost with the development of AtlanticA, a 1,100-acre resort development poised to become the Caribbean's largest. Carlton Advisory Service's hospitality group, in a joint venture with an undisclosed New York-based private equity fund and developer Kingsport Partners, has announced that the $500 million first phase of construction is slated to begin November 1.
The first phase will include an Arnold Palmer Signature golf course and clubhouse, 230 single-family estate homes and the boutique Casa AtlanticA hotel, with includes 80 rooms and 60 condos. The estimated build-out is 14 to 20 months.
"The Dominican Republic is enormously stable, healthy and friendly," Carlton vice president Kenneth Herzberg told CPN of the company's reasons for choosing the country. "The southern coast has been selling at unbelievable prices."
The second phase will include a 450-room hotel, 700 single-family homes and amenities such as restaurants and spas, but a start date has not been set. Subsequent phases are still in planning.
Herzberg said that the Carlton has been in discussions with a "very significant" hotel operator about both the first and second phase hotels, but could not disclose the name of the company, which he said was a "six-star operator that is able to get $2,000 to $3,000 a night per room."
The location is on the northern coast of the Bay of Luperon, which is a protected bay due to surrounding peninsulas and islands, and when the entire resort development is complete, it will span 10 miles of coastline. The developer has so far obtained approvals to construct approximately 3,500 condominiums and estates, 450 marina slips, 80 super yacht hangers, several golf courses and what may eventually amount to 10 hotels. Herzberg said that the development would also include its own private commercial airstrip.
"The Dominican Republic has been off the radar, with the Turks, Caicos and Bahamas leading the way," Herzberg noted. "AtlanticA will let it be known."
Carlton's Hospitality Group has not been the only company looking into the Dominican Republic. In an exclusive interview with CPN in March, Trump Mortgage president & CEO E.J. Ridings hinted that Trump would be exploring potential resort projects in the country, although no specific ones have been announced.