GIVING a deadline of December 8, the Urban Development Corporation (UDC) is now inviting applications for lease of the space at the new Festival Marketplace, with the applicants being asked to present a plan for development of the area. The marketplace is intended to offer entertainment to visitors and residents in Downtown Kingston.

The UDC spent about $100 million on infrastructure development for the site which is located on 8.9 acres of land in downtown Kingston.

The Marketplace is part of the re-development of the Kingston Waterfront. Phase one included the completion of the Food Bazaar area with vending kiosks and recreational seating and upgrade of the parking lot. The UDC is also pursuing landscaping of the area.

Also being offered for lease as part of the Marketplace is the Victoria Craft Market which is owned by the UDC and which was renovated in 2013.

The Corporation said it has determined that by divesting the management of the facility to a private sector partner, it will realise significant cost savings related to the operations and maintenance of the facility.

Sealed and labelled proposals for lease of the area should be submitted to the UDC’s office no later than 10:00am on December 8.

The space for lease, the UDC said, can provide distinct but complementary revenue streams, first of which is a newly constructed food court (called the Food Bazaar) in a park-like setting with outdoor seating and five duplex vending shops.

The area includes a car park that can accommodate 62 cars and 3 buses with a central stage area.

The UDC said this area can accommodate approximately 940 persons as an entertainment venue.

The second area is the Victoria Craft Market building consisting of 3,293 m2 . The ground floor is 3,091 m2 and the first floor of 202 m2 which may be converted into a sports bar/pub or restaurant.

Applicants for lease of the space are expected to provide a monetary offer for the lease of the property in their tender; a business proposal; and evidence of ability to finance the acquisition by way of lease and the business operation.

They should also submit a timeline to take over responsibility for management of the complex, post-handover by the UDC.

Another phase of the Festival Village is expected to include marina and docking facilities. There are also future plans to build a Fender Pier and deck adjacent to the Food Bazaar to facilitate cruise ship passengers embarking and disembarking.

In the Victoria Craft Market there are 110 craft vendors currently operating in 124 shops on the lower level.

The UDC indicates that the second level can be used as a restaurant, club, pub/bar and entertainment area.

“The lessee is encouraged to utilise this space as a means of creating additional revenue streams. It is envisaged that this venture will be a means of attracting additional pedestrian traffic and enhancing the revenue potential of the facility,” the tender document states.

The UDC said retrofitting the space requires some level of additional input and investment.