Facey warns pace lagging in downtown renewal
Published:Wednesday | July 20, 2022 | 12:06 AM
Executive chairman of Pan-Jam Investments, Stephen Facey, is lobbying for the establishment of a special committee to drive downtown Kingston's development, warning that the perceived snail's pace is keeping investments at bay.
“The longer we wait, the longer we postpone the benefits of investments in the overall development of our country,” Facey warned during Tuesday's official opening of the 168-room ROK Hotel, the latest development on the capital city's waterfront.
He said Kingston is an asset that is impatient for attention but noted that state bureaucracy was stifling the potential for redevelopment.
“We talk and talk and talk about doing. We need to do it … . Time is running out. We need to move on; we need to take action,” he said.
Facey said investors require clarity and proof of concept to invest in the city, noting that while there are a number of private-sector groups already on board, others need government facilitation.
In a follow-up interview, Facey told The Gleaner that the approval process for potential investors remains painfully long.
He said, specifically, that the application process for tax-incentive schemes is “very lengthy” and “difficult”.
“We really need to speed up the process,” he said.
Prime Minister Andrew Holness, meanwhile, said that the pipeline for projects for downtown is significant, with “many other openings” coming in the months ahead.
Along with the overhaul of the area's sewerage system, Holness, the de facto housing minister, said his administration was exploring the use of available lands for the construction of homes.
He said that for investments, including ROK Hotel, to maximise their potential, the vibrancy of the people was needed.
“So it's not our intention to have downtown Kingston being just a shell of a building where visitors come. Downtown Kingston must be returned to what it was, the centre of lifestyle, the centre of fashion and the centre of music. That means you have to bring the people downtown,” said Holness.
“So I want to give my assurance to [those] considering to invest in downtown that now is the time to do it.”