Azura: A Resounding Success Story
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he development and successful sale of Azura’s first phase of 15 hotel residences, centered around the pool and bar, were completed last autumn. Construction on the second phase building, called Edgewater, which sits oceanfront on the cliff immediately above the beach, is well underway.
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Edgewater will be structurally complete by the end of the year and is scheduled for total completion in spring 2021. All available hotel residences in Edgewater have sold. Six further residences are planned as the final phase of the development, in a new building located on land above and behind Edgewater.
These will also have exceptional ocean views. Work on this final phase is expected to begin toward the end of 2020 or early 2021. Azura is a whole-ownership condominium resort property with a business strategy that has proven successful. “We have very low debt; in fact, we will be fully repaying our development lender in 2021,” says John Bush, developer and president of Clearwater Development Ltd., the investment group behind the resort. “The Azura business model is unique in Bermuda, and we are well on our way to establishing a critical mass of propertyowning clients and hotel guests, which will support the profitable operating requirements of the development’s hospitality aspect. The Azura Hotel can and will be a sustainable hospitality product for Bermuda. What’s more, given that each Azura hotel residence owner will own their own residence plus a BUILDINGBERMUDA2021
