Maroc - NEWSDAY.CO.TT - A la Une - 19/Aug 13:31

Developer revamping Hevron Heights into luxury apartments

George A Laquis II, managing partner of the St Georges Development Group, said the company spent over $100 million to complete the building formerly known as Hevron Heights to create the luxury St Georges Apartments. Speaking at the launch on August 17 at Upper Mendes Drive, Champs Fleurs, he said construction started in 2022 and is expected to be completed in January 2025. He said the property, which had been caught up in a legal dispute with the previous developer, was bought from investment company Guardian Asset Management (GAM) in 2020. Developers David and Leonora Deslauriers took a $18.9 million loan to fund the Hevron Heights townhouse development but, in 2009, could not get additional funds to complete the project. The incomplete development was put up for auction by GAM in 2018 in an attempt to recoup the Deslauriers' $40 million debt. There was a reserve price of $19.5 million on the property. Although buyers expressed interest at the time, there were no bids on the development. The courts eventually granted GAM permission to sell Hevron Heights and the Deslauriers' property at Victoria Square to clear the debt. The St Georges Development Group turned the incomplete buildings into 40 luxury fully outfitted, unfurnished apartments starting at $3.2 million. “What was once an eyesore with two abandoned buildings on this stunning hilltop has been transformed through our vision and commitment into what we celebrate today.” Available are 38 three-bedroom apartments at 1,800 square feet and two penthouse apartments at 3,600 square feet over two floors. Amenities include central air conditioning, high-end plumbing and electrical fixtures, card access, intercom communication, a swimming pool, a clubhouse, a fitness centre and rooftop gardens. The gated community will have 24-hour security and patrols with CCTV cameras and security fencing, well-lit roads and compound, secure parking and charging stations for electric vehicles. “One important aspect of this project that we want to highlight is our decision to avoid pre-selling any units until we reached a stage where potential homeowners could truly envision themselves living here. Based on the past history of this development, we felt it was crucial to ensure that the construction was well advanced before our pre-sales launch. This approach was essential to give our buyers confidence that they are investing in a project that will be completed successfully.” [caption id="attachment_1103492" align="alignnone" width="1024"] From left, Minister of Social Development and Family Services Donna Cox, managing partner George Laquis and Dr George Laquis share a laugh during the launch and ribbon-cutting ceremony to unveil the model units of the St Georges Luxury Apartments at Upper Mendes Drive, Champs Fleurs on August 17. - Photo by Ayanna Kinsale[/caption] Agents will be invited to see the apartments next week and there will be an open house for registered members of the public on August 24 and 25. “Because of the history of the project, being stalled in 2009 with the previous developer, we chose to get the project to a certain point of construction with the model units so people could actually see what the living experience would be like. “This project reflects our commitment to quality, innovation and excellence. We've collaborated with top architects, designers, and craftsmen to create homes that exceed the highest expectations. The St Georges Apartments blend luxury with nature, offering a serene escape from the hustle and bustle of city life.” Laquis also called for the streamlining of the approval process for similar developments. “Reducing delays and bureaucracy would not only be beneficial but would also help mitigate the costs and time associated with navigating the current approval environment.” In addition, he highlighted several of the company's upcoming ventures, including converting the BP Complex in Mayaro to a nine-acre Boutique Beach Resort called CBRY-Z Resorts; 80 apartments and ten townhouses at Mandalay Gardens, Arima; a new residential development on Stone Street, Port of Spain, called the Corner Stone Suites; a 60-room branded hotel in Maraval; and the Amalguez Corporate Park at the Aranguez South roundabout.   The post Developer revamping Hevron Heights into luxury apartments appeared first on Trinidad and Tobago Newsday.