The Urban Development Corporation (UDC), through its latest set of development projects currently underway at the Closed Harbour Beach Park in Montego Bay and the Festival Market Place in downtown Kingston, has invited potential investors to partake in what it deemed as two new, exciting and lucrative business opportunities.

The facilities that will be managed by the UDC is expected to foster economic development and job creation within the local economy. According to Gabriel Heron, vice-president of marketing at the Jamaica Promotions Corporation (Jampro), these developments represented some very good opportunities for the country especially in terms of how they were enabling urban development in the two major cities.

Lisa Golding, deputy general manager of the UDC, said that for the Closed Harbour Park, the investors being sought were those interested in becoming anchor tenants.

“This particular opportunity is for the investor to construct their own spaces in the park—that is why it is called anchor tenants because it is intended to be an opportunity for a brand to establish and build to purpose in the space,” she said during a Jampro staged webinar last Wednesday.

She said that the leases to be granted will allow the investors post-construction to have enough time to derive good returns on their investments noting that, “our long-term leases typically averages 20-25 years.”

Golding said that with the park being centrally positioned among the city’s main ports and tourist accommodations— significant commerce will be driven at the property.

Located on the Montego Bay hip strip, the Closed Harbor Park, which is a 16 acre public space, is still in the construction phase and was about 88 per cent ready. Some 12 purpose-built commercial shops already erected and currently on the market for rental are soon to be retrofitted with the relevant personnel. The anchor shops are, however, expected to be constructed early next year along with an opening of the space in the first quarter of the new year. The tenders for these anchor shops will be made available for public offer at the end of the December.

“It is a very good opportunity for investors as well as our locals and visitors to have this interface.

“The park will represent the largest public park in Jamaica and one of the most interesting concept [involving] a mix of a beach, public space and soft recreation including sporting activities on property. It’s very innovative and new for the Jamaica and is also going to be a star in the Caribbean,” Golding said.

As for the Festival Market development, Golding said that the opportunity available for the investor was to build out a food bazaar type operation.

The site, which sits on the edge of the Kingston Harbour, will feature 10 kiosks with a rentable floor area of 1600 square feet on 8 square acres of land.

“The proximity to the Kingston Harbour also allows for other opportunities for build-out in this space but the primary interest is to find an investor who is willing to operate a food and entertainment type facility,” she said, adding that with the space being centred along the active Victoria Pier, lots of traffic is expected to be generated especially on the weekends.

Golding also said that the Festival Market opportunity was now open and available for tender submission.