UDC wants investors to build 5 condos downtown
AN uptown feel may soon come downtown, as Government wants to facilitate the development of five condominiums in a zone it calls West Street Residence on lands a block away from the Digicel building in downtown Kingston.
It would house affluent Jamaicans and expats with vistas overlooking the waterfront, official documents indicate. The development will also provide commercial retail spaces on the street level at a capacity of 465 square metres (5,000 square feet) .
“The proposal will see the development of a five-tower multi-storey mixed use residential complex on a 2.63-acres parcel which now hosts a parking lot owned and operated by the UDC, small commercial entities and a security outpost for the Jamaica Constabulary Force,” stated the UDC on the concept which represents the most grandiose attempt at redeveloping the decay of the old city.
Jamaica Observer queries sent to the UDC about the status of the concept went unanswered for over two months.
“The residential component will consist of a mixture of two- and three-bedroom condominiums with each tower consisting of a two-storey penthouse apartment,” stated the UDC in documents obtained by the Jamaica Observer.
UDC describes the complex as an investment opportunity but did not put an estimated price tag or timeline for the development.
It forms part of the redevelopment of downtown Kingston. The recently constructed multi-billion dollar Digicel regional headquarters in downtown Kingston represents the new impetus for the redevelopment.
Earlier this year, at least two other private sector entities bought government lands downtown. Specifically, Pan-Jamaican Trust Ltd along with a Canadian partner completed the purchase of the old Oceana building on the Kingston waterfront and secured a long-term lease for the adjacent parking garage. Development of these properties is in progress. Pan-Jam is a multi-faceted holding company and private equity investor in businesses across a range of industries, and ranks among the largest publicly listed companies in the Caribbean. Also during the summer the UDC concluded arrangements with Yosamini Holdings Ltd to lease the Victoria Pier Building located on the Kingston waterfront for 25 years.
The waterfront property once housed a popular restaurant, nightclub and launching pier for harbour tours among other entertainment activities. Similarly, Yosamini Holdings Limited has proposed to transform the property into an ‘A’ class restaurant with lounge, sports gaming facility, art gallery, and outdoor entertainment area.