condos and villas real estate and construction

Former Atlantis Acquired

The development of Atlantis is one of the longest and oldest real estate project failures in Aruba’s history. The original plan was a community of villas/condos – and offer hotel like amenities. The plan started together when Aruba tourism took off, in early 90s. The time was ripe, the project was well thought-out. Then faith struck.

Months after the start of the construction efforts, the development company behind this project suffered a though loss. The company’s owner passed away. The offspring of the deceased couldn’t come to terms on how to forward. As a family company this was crucial. According to reports family members weren’t on speaking terms. They couldn’t even come to terms to sell the project other developers. Until recently.

The project has been acquired and the new developer has already started with the demolition and cleanup. From the pictures you can see that they are going to use some of the previously buildup area. Condos are going to be developed there. I haven’t seen the plans yet but as soon as I see them I’ll update you.

NOTE: Atlantis Hotel and Villas not to be confused with Atlantis Submarines.

Update 1: This project is called Tuscany Residence and will consists of 78 apartments, 65 joint villas and 10 separate villas. The developer is Toscano Development and the project will feature Mediterranean style architecture mixed with Caribbean touches according to the developer.

Defunct Atlantis Hotel & Villas
Old project title “Atlantis Hotel and Villas”

Defunct Atlantis Hotel & Villas
Cleanup of old development

Defunct Atlantis Hotel & Villas
Cleanup of old development with Marriott in backdrop

By Gabriel

Informing travelers about Aruba since 2007, and trying to provide value to Aruba visitors.

4 replies on “Former Atlantis Acquired”

That’s exactly right. This project will appear at the former Atlantis site. The Dutch developer announced it last week with a press meeting, but haven’t seen the site yet. I’m not seeing any prices either. Thanks for your compliment.

Hi Gabriel,

I’m interested in this project. I saw on your site the information that a Dutch person Erick Munnikhuis is the project director. The broker Coldwell Banker said the apartment type Arezzo costs 350,000 dollar. What do you think about the prices? If I compare it to Spain it’s very expensive!

Thanks for your comments Ozzy. I’ve given your comments some thought and I have some observations about it. Perhaps in and on itself US$350.000 sounds high, however, in comparison to what the market in Aruba offers this price isn’t that bad. In Aruba an entry level condo on the beach costs $350.000, but those are sold out across the board. Only $400.000+ condos are available. Just next door at Chuchubi luxury development condos go for between $700.000 and $800.000.

About the comparison with Spain, I think it’s impossible to compare. Aruba’s market is very different than Spain’s, even the Caribbean’s for that matter. Aruba has a different dynamic and customer base. Don’t forget about the competitive pressures which are larger in Spain than in Aruba, thus Spanish prices are under more pressure than Aruba’s.

Also don’t forget that the sentiment in Aruba about the perceived excess in development in eyes of the people. There are voices within ranks of the government which suggests that no new permits will be granted in the coming years for new developments. This naturally will put additional fuel on prices of current developments.

Lastly, as a comparison, if you take a look at the prices of inner city condos in Western Europe you’ll see very high prices as well. For example a condo in the city center of a medium sized city in Netherlands, say a 4 bedroom, 2 bathrooms 194 square meter (2088 sq. ft.), costs 695.000 euros. I think it’s steep. Yet, this comparison (Spain/Netherlands) is equally flawed as Spain/Aruba.

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