Business

Jamaica World plans $267.5-m trade centre in St Ann

Wednesday, October 18, 2017

Print this page Email A Friend!


Local developer Jamaica World in a deal worth US$2.09 million ($267.5 million) has acquired 570 acres of land in Discovery Bay, St Ann, with plans for the development of a commerce and trade centre.

The company was tight-lipped about the details of the development. Nonetheless, it noted in a news release that build-out of the facility is expected to span a five-year period and is targeted at tourists visiting the island.

Jamaica World also hopes to attract other private developers and businesses to the project and expressed enthusiasm about the property's location between two of Jamaica's most popular ports — Montego Bay Freeport and the Ocho Rios Cruise terminal.

It added that the close distance to Panama's free trade zone makes this property a well-suited space for economic development.

The news, which came by way of a press release last week, said Jamaica World has secured debt-restructuring loan for the development after seven years of stalled refinancing efforts. It required collaboration between seven attorneys in three countries — United States, St Lucia, and Jamaica.

Kennedy Funding Financial — a New Jersey-based direct private lender that specialises in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures — recently closed the deal for the undeveloped 570-acre ocean-front property.

It marks the fifth loan that the company has secured for Jamaica.

In May, Kennedy Funding reportedly closed a US$2.3-million loan to Pegasus Development Company Ltd to turn 595.83 acres of undeveloped land in May Pen, Clarendon, into residential housing and commercial development.

According to the company, the two-year private loan gave Pegasus the working capital and soft costs it needed to begin construction on approximately 4,500 three-bedroom/three-bathroom residential units, as well as some light commercial development. The project will consist of three phases.

ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT