The Urban Development Corporation (UDC) will engage investors on its suite of product offerings options at the 2015 Jamaica Investment Forum at the Montego Bay Convention Centre from March 10-12.
The Corporation is primarily focused on a mix of opportunities ranging from divestment of properties to rental of spaces at strategic locations as it continues its mandate of making development happen.
In Kingston, investors will in the near future be able to rent retail space at the Festival Marketplace and Food Bazaar which will be a commercial, recreational and entertainment centre designed as a major public amenity for downtown Kingston. It is to be located between West Street and Ocean Boulevard along the precincts of the Victoria Craft Market and the “Fishing Complex” land to the west. To aid with the parking congestion in downtown Kingston, the UDC has factored into its development plans, the creation of additional parking spaces at the Northern Car Park (on Port Royal Street) through the vehicle of a Private Public Partnership (PPP). This multi-storey car park will have capacity for 792 vehicles overall and 10,192 Sq. ft. of retail shopping space.
The build out of these two investment opportunities is also linked to the wider Kingston and Port Royal plan which spans all the way to the Norman Manley International Airport/Palisadoes Strip where it is anticipated that there will be a thriving cruise shipping industry dotted with attractions and hotels.
One such nearby attraction is the Fort Clarence Beach Park in Hellshire, St Catherine which is to be upgraded through investment partnerships to maximize the earning potential of the park.
Further west, the Corporation is also proposing to engage the interest of the business sector for the acquisition of the Catherine Hall Entertainment Complex (by way of lease) resulting in its rehabilitation, management, and maintenance as a public entertainment, leisure, and recreational space as a part of the Montego Bay development plan.
Conversations are also expected to surround the divestment of 1,500 acres at Mount Edgecombe, Westmoreland which is strategically surrounded by developments which cater to returning residents, thus being ideal for a retirement village development. Private developers will be invited to present proposals in 2015.
On the north coast, the UDC has been working in St. Ann since the 1960’s and has seen its emergence as a major player in the recreational and leisure industry. To further enhance this reputation, the Corporation is proposing to use a Public Private Partnership venture as a transformational tool in the creation of an Ocho Rios Artisan and Festival Village. This should augment the retail shopping experience of both visitors and residents alike.
Other attractive property offers at the JAMPRO Investment event will include Top Forte & Laughing Waters West where a combined 47 acres of pristine lands ideal for luxury developments will be showcased.
Just 45 minutes from Ocho Rios, the UDC also has 11 acres of beachside lands at Cardiff Hall in Runaway Bay suitable for high end resort villas, townhouses & apartments with common areas including a jogging trail and club house with a pool.
These form just a few of the raft of offers around which the UDC team will engage investors and analyse market feedback before a public advertising campaign. The Jamaica Investment Forum (JIF) 2015 is Jamaica’s international investment and business conference, designed for eager investors and business executives who want to discover business opportunities and industry developments learn about alternative emerging opportunities and discuss Jamaica’s business climate.