$20m Condo Project in Fresh Approval Bid
A notable condo project in western New Providence is seeking a new path to approval after its initial proposal was turned down. The project, known as Palazzo Vista Del Mar, represents an up to $20 million investment, aspiring to generate as many as 150 construction jobs. Located on a 21,000 square foot area south of Da Plantation Bar and Grill on West Bay Street, the initiative is spearheaded by Nevaeh Group Enterprises.
The project initially faced a setback when the Town Planning Committee objected to the proposal, labeling it an “over-development” of the designated site. Marquista Thompson, president of Nevaeh Group Enterprises, remains undeterred, expressing plans to reapproach the Department of Physical Planning with a revised proposal. Despite the initial hiccup, Thompson is confident in obtaining the necessary approvals by making strategic adjustments to the project’s blueprint.
The core of these adjustments will focus on scaling down the project to align with the regulatory requirements concerning site density and development scope. “The intention is to resubmit and appeal their verdict with the intention of getting an approval at the end of the submission the second go around,” Thompson explained. By conceding some aspects of the original plan, the development team aims to comply with the limits set by the Department of Physical Planning, which restricts the development to a maximum of 30 persons or 18 bedrooms on-site.
The Department emphasized that the refusal was based on concerns of over-development and the proposal’s failure to meet the minimum allowable density of 75 persons per acre. However, they conveyed a willingness to review a revised proposal showcasing a development with a total of 30 bedrooms, indicating a path forward for the project.
Despite the need for adjustments, the ambition behind the Palazzo Vista Del Mar project remains robust. Targeting the creation of 150 construction opportunities and 30 to 50 permanent jobs, this venture marks Nevaeh Group Enterprises’ inaugural journey into real estate development. Thompson assures that the scale-back in the project’s size will not detract from the projected investment amount or the job creation goals initially set forth.
As the development team reevaluates and refines their proposal, there is an air of optimism about overcoming the initial challenges. With strategic adjustments and a clear focus on compliance, the Palazzo Vista Del Mar project is poised for a successful reapplication, aiming to contribute significantly to the local economy and job market while navigating the intricacies of the planning and approval process.
