Proven REIT brings major development to Mandeville
PROVEN Real Estate Investment Trust (PROVEN REIT), the real estate investment subsidiary of PROVEN Investments Limited, will be implementing and overseeing both residential and commercial development projects in Mandeville.
Proven REIT hosted a
launch event for its ‘first of its kind’ mixed-use development on February 16
with partners such as Jamaica National Bank, National Housing Trust and
Stewart’s Automotive Group – Mercedes-Benz Jamaica.
The development is on nine acres of land where work, life and leisure can be enjoyed in one location. It should be completed by August 2021. It will be separated into two major parts: commercial and residential.
Designed by Vidal Dowding
and his team from Atelier Vidal, the apartment complex, AVISTA at Bloomfield,
is made up of 78 units – 40 studio units, 20 one-bedroom units and 18
two-bedroom units along with amenities such as a heated swimming pool, jogging
trail and a fitness centre. Each unit will have access to its very own balcony.
The commercial arm will
be situated on the flat. Here, residents will have access to professional and BPO
offices, leisure and entertainment spots, such as restaurants and retail stores
with separate entrances for both – the residential being on Perth Road and the
commercial being on Greenvale Avenue.
At Sunday’s launch,
Mandeville Mayor Donovan Anthony Mitchell said: “Plans inclusive of both
residential and commercial buildings with an estimated development cost of
J$12.74 billion with approximately $3 billion of this from the Proven REIT
Investments. This represents more jobs, more businesses and an enhanced economy
in the town of Mandeville.”
Also present at the
launch were Central Manchester Member of Parliament Peter Bunting and Jamaica National’s
Carlton Earl Samuels, Group Chief Development Financing Officer.
After entertaining guests and giving them a tour of the complex, Aisha Campbell, Proven REIT’s CEO, confirmed that not only had the top floor sold out but that they also had 30 per cent of the units on reserve.
“The feedback and excitement have been amazing,” she beamed. “We are excited to make history and to do so in beautiful Mandeville and in Bloomfield Park.”
