Venture Group, the specialty leisure, tourism and real estate development company joined forces with CTD Development, landowner and investor of the project, to embark on its biggest project to date that promises to take the F&B sector on a ‘tour de force’ for the coming years
The cluster will introduce the inhabitants of Beirut to the next real estate wave soon to wash onto the Mediterranean coastline of Ramlet el Bayda.
The area, which features high consumer spending power, will host this all-year round community project constituting Beirut’s only sea-view cluster where the sun rises and sets, in style. The plot of land was previously selected by the US government to become the American Embassy in Lebanon.
The developers believe that a project of this kind reflects the current market’s maturity in the F&B industry, which saw restaurants moving from a single free-standing model to a cluster-based one. This has become the dominant model in light of the ever-increasing land prices, overhead and potential financial risks involved.
Double the size of The Backyard in Hazmieh, the development will however feature about the same number of outlets thereby making room for bigger public spaces simply because the entire outing experience has taken on a different kind of dynamic based on a diverse range of services. The number of limited outlets will not only offer variety, but also a kind of exclusivity.
Sunset Beirut has a one-of-a-kind location, a breath-taking view, great accessibility and high visibility. To make full use of this feature, the terraces built will allow visitors to see and be seen. At night, the inner court will be the vibrant center and will welcome different kinds of clientele thereby offering multi-purpose functionality in the existing space. In other words, it is a time-based project catering to families as well as couples and adults. Furthermore, all the outlets operating there will enjoy a similar view.
The space is being designed to operate on an all-year-round basis despite being right next to the sea, which usually implies seasonal functionality. The main consideration to take away from this project is that it falls into the casual outing category that is quite moderately priced making it affordable to most. The external layer of shops to the passersby offer a laid-back positioning. Yet the deeper you go into that space, the more that positioning changes and is elevated to offer a more sophisticated kind of experience. Another noteworthy landmark feature in-line with the project’s positioning is the incorporation of a discernable, visible and legible design that airplane passengers flying into Beirut can identify.
Central to the project’s selling points is that it fully complies with the requirements set by the Investment Development Authority of Lebanon (IDAL). More importantly, the government has officially recognized this investment as a project that enhances the quality and lifestyle of the people in that area and creates 400 new jobs. It therefore complies with the existing rules and regulations set for touristic destinations making it eligible for exemption on some governmental fees and income tax for a 10-year period.
With IDAL’s support on lowering some costs, it will allow the developer to price the rent at an unusually affordable level, especially considering the location, land value and sea view. Furthermore, Beirut’s municipality plans the revamping of the public park on a plot of land adjoining the project thereby further extending the value proposition on offer.
The cluster will offer visitors a calendar of seasonal events making the destination quite lively while providing an added value for repeated visitors. To further that proposition, strategically–placed kiosks will be made available for rent to third parties as a way of introducing an additional layer of novelty to the entire experience. This constitutes another reason to revisit the site, which will constantly offer something new all year round.