Mr Gene Thompson, local director of the Narayana Group, and developer Mr Joseph Imparato this week announced that The Narayana Cayman University Medical Centre (NCUMC), along with supporting infrastructure, will be built on lands in East End, the site that was to be the home of the East End Seaport. In a joint statement, Mr Imparato, owner of the approximately 600-acre site known as High Rock, said an agreement had been reached
that will benefit all parties and provide an ideal location for the medical complex, known informally as the Shetty hospital. The agreement ended months of speculation about the location of the healthcare facility. Mr Thompson confirmed that the High Rock property was the first site that Dr Shetty visited during one of his stays in the Cayman Islands, and it was always his preferred site. “Discussions between the parties have been ongoing for more than a year, during which time Mr Imparato’s proposed Seaport Project increasingly became the target of considerable political and popular opposition. After careful consideration and listening to the voices of the community, Mr Imparato and Mr Thompson came to an agreement that will they feel will be mutually beneficial for the development and the island,” the press statement noted. According to the statement, the new arrangement appears to have the support of most elected members of both political parties, including Premier McKeeva Bush, Health Minister Hon Mark Scotland and MLA Mr Arden McLean, who represents the district of East End. “The High Rock site brings a number of advantages to the healthcare city project. Importantly, the hospital will be located on one of the highest points of land in Grand Cayman, offering natural protection against flooding resulting from storms. The site also provides adequate property that is necessary for the hospital, other infrastructure needs, and future expansion. “Also, because of the site’s close proximity to deep cold seawater, engineers, if feasible, will employ a simple and environmentally friendly air conditioning technology called a Seawater Air Conditioning System (SWACS) for the complex. The technology will enable energy savings approaching 70 per cent compared to conventional AC systems, a significant savings, since more than half of the costs of operating a hospital in a warm climate is attributable to air conditioning,” the statement read. In the press statement, Mr Imparato noted that while he still believes in the concept of a seaport in East End, it was not politically feasible to continue with the project. “Nevertheless, Gene Thompson, his partner Harry Chandi, Premier McKeeva Bush and others have done great work to advance Dr Shetty’s vision for a healthcare city in the Cayman Islands,” Mr Imparato was quoted as saying. It is expected that work will begin later this year on the High Rock site. “In all instances,” said MrThompson, “Caymanians will be given preferential opportunities during the construction phase and also in educational, training and career opportunities as the project moves forward.” The Narayana Cayman University Medical Centre is planned as a medical tourism facility, which will be built in phases over the next 15 years, and will require a capital investment of approximately $2 billion. It will include a tertiary-care hospital, an educational facility, a biotech park, and an assisted living community. The government now will be required to grant or give assurances of granting all planning and building approvals, licences, permits and certificates to construct and operate the facilities. The Cayman Islands government will be also required to grant licences to a Holding Company and other subsidiary companies to operate in the Cayman Islands. According to the Memorundum of Understanding that the government signed with Dr Shetty, government is required to provide water at a price acceptable to the company, including a preferential rate for a fixed period of time. Government is also expected to give a commitment to upgrade the airport, including relocation of the airport, if necessary. The NCUMC will also receive a 20-year exemption from paying taxes which may be enacted in the future, including income, profits, gains, appreciation, estate duty, inheritance, shares, debentures or any tax payable under the Tax Concessions Law. Local physician and founder of the Chrissie Tomlinson Memorial Hospital Dr Steve Tomlinson has noted that this is not government should be giving away so much up front as the islands need the money. While noting at medical tourism has great potential for the Cayman Islands, Dr Tomlinson said that “government’s failure too consult with local health professionals and the wider community before hastily signing the agreement (MOU with Dr Shetty) was a missed opportunity.”