SBAJ seeking partner for commercial development
Published:Sunday | December 19, 2010 | 12:00 AM
The Small Business Association of Jamaica (SBAJ) plans to develop 36,000 square feet of commercial space at its Trafalgar Road headquarters for lease to retailers and other businesses.
Dalma James, outgoing president, said Wednesday at the SBAJ's annual general meeting, that the small business lobby seeking partners to finance the project, which he said is priced at $300 million.
The property on which it will be building, however, does not belong to the SBAJ.
"What we are looking at is how we can either raise financing to do it or develop it in partnership with somebody who we can share the use of the place with for the rest of the time we have it on lease," said James.
The SBAJ leases the Trafalgar Road property from Government but still has a 74-year run on the current contract.
James said the association was working closely with the Ministry of Industry, Investment and Commerce to develop the commercial space. He suggested that the State would not object to the SBAJ using the property as security for financing.
"The property is leased from the Government and they would support us in charging the property for any funds that we need to raise for the development. So they would allow us to mortgage the property," James told Sunday Business.
The SBAJ is now trying to find partners to undertake development of the site.
"We have interests, but we have not reached the stage of negotiations yet," he said.
But when a developer is identified, the SBAJ plans to create a two-storey structure on the property.
"What we are thinking is that the ground floor would basically be used for small-business shops and other commercial activities," James said.
"We would then have another portion that would be used for secretarial purposes."
A business incubator is also under consideration.
The Trafalgar Road property currently houses the SBAJ secretariat; a trade centre comprising six shops rented under three-year agreements; four containers that have been retrofitted into 12 offices, which have also been rented; and a restaurant run by an SBAJ member.
- ... New directors elected
The Small Business Association of Jamaica on Wednesday elected 12 new directors for its board.
They are Audrey Anderson, Bridgette Steele, Charmaine Gravesandy, Dalma James, Dollis Campbell, Edward Chin-Mook, Hugh Johnson, Hugh Thompson, Meredith Derby, Mitsy Gray, Richard Kildare, and Steve Maxwell.
A new executive, including president and vice-presidents, will be selected at a meeting to be announced, the association said.