GARCO Construction lands First Rock multimillion project

GARCO Construction lands First Rock multimillion project

BY BALFORD HENRY
Observer senior report

Sunday, July 19, 2020

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In a matter of weeks, GARCO Construction Services will break ground for a residential project described as the most luxurious townhouse development in Kingston.

Real estate development and private equity company, First Rock Capital Holdings, is undertaking a $2-billion upscale residential housing development consisting of 12 high-end private residences in Liguanea, Kingston 6.

The property (1, 1B and 3 Bamboo Avenue) was acquired from Desnoes Estates Limited for US$5 million.

Rohan Grant, managing director at GARCO Construction Services, confirmed that the project will get off the ground shortly, as the requisite approvals are being secured now.

Grant disclosed that construction is expected to be completed by December 2021.

“We are excited to embark on a project of this magnitude, at a time when more people are seeking to own their little piece of the 'rock', and especially in the designated area, it is a great opportunity for GARCO,” he said.

“It is the first of its kind being undertaken in Kingston, with the units being large single-family homes on quarter size acre lots. “Essentially, it is a gated community for standalone houses, not town homes or apartments. It is a novel development, that I think will appeal to people who want the security of living in a gated community but with the expanse of land and property to feel like they are in the suburbs,” Grant said.

“The designs include two floor plans consisting of firstly, four bedrooms, five bathrooms (4,550 sq ft) and secondly, five bedrooms, six bathrooms (5,750 sq ft). Both floor plans are two-storey units, where all bedrooms have en-suite bathrooms and a bedroom on the ground floor, staff quarters, individual pool with bar and entertainment area. Another first for Kingston, is that each unit will have an enclosed two or three-car garage. The four bedroom will also have a basement, he added.

Construction on the 3.5-acre property is slated to cost just over $1 billion based on current estimates.

Pierre Shirley, executive vice-president at First Rock, confirmed that the funding for this capital project is coming from the proceeds of its successful initial public offering of shares last January, where the company raised US$18.48 million.

“First Rock is confident in the very strong professional team it has contracted, to effectively execute this development. GARCO is well known in the construction and property development industry. They are consummate professionals whose experience spans two decades,” Shirley said.

GARCO Construction is also currently undertaking the following projects: The W: 6 Winston Ave Kingston. A gated contemporary residence in the Golden Triangle, nine unique apartments scheduled for completion December 2020.

Ocean Edge: Discovery Bay, 14 luxury beachfront townhouses, scheduled for completion November 2021, commercial developments: 20 units professional suites at 218 Mountain View Avenue, Vineyard Reserve: 50 2- bedroom modern apartments, Vineyard Town, in collaboration with Real Equity Ltd – for completion December 2021.

“The sky is the limit for us, our work speaks for itself and we are happy that so much confidence has been placed in GARCO, for the continued development of our island,” Grant stated.


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