Cap Cana, S.A. and Grupo Velutini announced the commencement of the first phase of construction of the Puerto Marina at Cap Cana residential development. The groundbreaking ceremony was headed by Dominican President Leonel Fernandez Reyna, Tourism Minister Francisco Javier Garcia, and other dignitaries, and featured addresses by Luis Emilio Velutini, president of Grupo Velutini, and Ricardo Hazoury, Cap Cana's chairman and president.
The 35,200-square-meter residential marina project being developed within Cap Cana by Grupo Velutini is to be built in four phases at an estimated total construction cost of about $110 million. The luxury residential community will consist of roughly 300 units, including large waterfront residences and two-, three- and four-bedroom villas, town homes and condominiums. In addition, the development will feature nearly 70 private docks for boats and yachts from which sport fishermen have ready access to world-class fishing.
Full-scale construction of the first phase of the project, which includes land-leveling work and the building of 11 large, stately waterfront residences and 11 luxury villas, in addition to the development's basic infrastructure, has already commenced and is expected to be completed in 2011.