More waterfront land for sale
Published:Friday | February 18, 2011 | 12:00 AM
The Urban Development Company (UDC) has placed on the market another waterfront property in downtown Kingston - the old fisheries complex on Port Royal Street.
UDC is targeting investors capable of developing a structure no more than 12 storeys high on the two-acre property, according to General Manager Joy Douglas, who says the development should have low impact on traffic patterns. The structure should also cover at least 30 per cent of the land space, she said.
The agency's inhouse plans for the property, once the new building is constructed, includes accommodation for the Area 4 Police headquarters, which is to be relocated from 1 West Street and transformed into "a modern command-and-control facility," said Douglas.
The listing price of the fisheries wharf complex - which sits opposite the recently completed municipal transport centre - was not disclosed. The UDC expects to raise a total J$3 billion from the divestment of waterfront and other properties, including the Oceana Hotel complex, put up for divestment two years ago.
The list represents some 30 per cent of its property portfolio, which was estimated at J$10 billion in 2009.
The UDC itself will vacate its waterfront location at Office Centre for new headquarters on Victoria Avenue in the next 18-24 months, Douglas said.
But Office Centre, which houses other government agencies, is not for sale. The space left vacated will be tenanted.
The bid deadline for the old fisheries wharf lot is February 25, with applications expected to include summary of the development concept, plans for security administration and management and demonstrated financial capacity to finance the purchase.