June 2024

To our friends and owners at The Point

We have been fortunate to speak with and see many of you since our last formal communication in April. We thank those owners and friends who found time to join us in New York at our event on May 7th, which was well attended and a fun evening promoting The Point. Today we are pleased to provide you with the latest round of updates on the project following some positive new developments.

Sales

The project continues to enjoy an unprecedented level of interest and strong sales activity. With only eight of forty-two condominiums remaining, the beachfront building is nearing 80% sold, and only seven of sixteen two-bedroom private casitas are still available. As you may recall, these unique two-bedroom casitas enjoy private pools and are located on their own private parcels of land. 

With this level of public response, we have achieved our pre-construction sales target and are now actively preparing for a construction start, which we detail more below.

Planning & Approvals

In our last update we mentioned that the project received an outline planning permission from the TCI government in late 2002. Following that permission, there was a request for a judicial review brought by a neighboring condominium. As detailed in our last update to you, this review was heard by the local courts in late 2023. We can now confirm that an official judgement was handed down mid-June, during which time the application was dismissed and the outline development permission from 2022 was confirmed.

As we outlined earlier, this prestigious project has been designed by award-winning architects with decades of experience in the Turks & Caicos. These talented professionals have crafted what is a very special resort property, and from the outset has always been within permitted local codes.

Construction Financing

In our last communication with you we described the project’s financing structure, which includes a portion of construction financing from a major institutional lender. We can confirm that this process is now nearly complete and will be announced officially within weeks. 

Construction Start

The project is now in advanced negotiations with our longtime Turks & Caicos contractor, as led by our cost consultants at BCQS. Simultaneously with this effort is the submittal to the TCI Government for detailed planning permission and a building permit. Subject to the timing of these permissions, we are targeting a construction start in the fall of 2024. We will keep you updated on this matter as we progress.

RESORT ACCOLADES

We are pleased to report that in April Point Grace earned a spot on the coveted Travel & Leisure Top 500 Hotels in the World. This is an incredible accolade for the property, and we thank our operating staff, who continue to put in the work to garner the attention of our luxury travelers and esteemed travel publications.

As before, we hope you share our enthusiasm in progress at The Point and welcome any questions you may have.

Warm regards,

Mark Durliat
CEO