(Jamaica Observer) Local conglomerate GraceKennedy is to build a state-of-the-art commercial centre in downtown Kingston which will accommodate offices, a gym and retail enterprises.
This new centre will reside on a 48,000-square foot plot of land acquired from the Urban Develop-ment Corporation (UDC).
Construction is expected to take place within 18 months of the completion of the land purchase and is subject to GraceKennedy meeting all the necessary regulatory requirements. This project is expected to come in at a cost of around US$30 million.
Speaking with Carib-bean Business Report yesterday, CEO of Grace Kennedy, Don Wehby, said: “In furtherance of our commitment to the re-development of downtown Kingston, our plan is for the building of a modern commercial centre with approximately 400 high-rise parking spaces, offices and retail spaces.
“As such we are purchasing Lot 21, Kingston Waterfront from the UDC. This is located between the Jamaica Stock Exchange (JSE) and 64 Harbour Street. “It is our intention that the project will be a GraceKennedy-led and sponsored development. Our plan is to establish a Real Estate Investment Trust (REIT), which we propose to list on the Jamaica Stock Exchange in due course, following completion of the project.”
