The Claremont Group has expanded its international development operations into the rapidly growing commercial and residential real estate market in the Kurdistan region of northern Iraq.
The New York-based real estate firm has launched construction on a major modern residential community in the region's capital of Erbil, Iraq's most secure and fastest-growing city. The Atlantic, a 1,600-unit, mixed-use gated community of apartments and villas, will be built near the city's central business district and international airport to meet the demand for quality new housing for middle income families.
This announcement comes on the heels of a recent partnership between Claremont and Hilton Worldwide to open a western style, suites hotel to accommodate booming international business and tourist travel to Erbil and the region. The 200-room DoubleTree Suites by Hilton Erbil is expected to open in 2013.
"Kurdistan's surging growth and development has been making headlines lately, but none of this is news to The Claremont Group," said Claremont Principal and Founder, A. Alexander Lari. "As one of the first western developers in Iraq, we are uniquely situated to help meet the rising demand for commercial and residential properties in Kurdistan. As more people learn about the region's growth potential, we will be there to welcome them with open arms."
The Kurdistan Regional Government estimates that there is demand for more than 100,000 such housing units. The Atlantic will be one of the few new projects of this type to be licensed in Erbil.
"We'd like to commend President Barzani and the leadership of the Kurdistan Regional Government for fostering a secure, stable and pro-investment environment," Claremont Group Principal Stephen Lari said. "As tourist and business travel to the region continues to grow, we look forward to a continued partnership that opens the doors of this beautiful and historic destination to the rest of the world."