Published:Sunday | May 29, 2016 | 12:00 AMNeville Graham
Pan-Jamaican Investment Trust and its Canadian partner is shelling out an initial $1.5 billion primarily to ready the first floor of their newly acquired Oceana property on the Kingston waterfront, space which has already been leased to the Accountant General’s Department.
It is estimated that the full cost of the redevelopment project for Oceana will top $6 billion, according to figures outlined by Pan-Jam’s chief operating officer, Paul Hanworth.
The lease to the accountant general is officially in effect, but disclosures in Parliament last week indicate that the Government is looking to spend around $400 million to fit the space to the needs of the government agency before it moves in.
“The lease in theory started this month (May), but we’ve had some challenges sourcing some equipment. I know the Government had some challenges in getting people in to do their piece of the work, so I would be hopeful that it is another month,” said Hanworth.
Pan-Jam and partner Downing Street acquired Oceana Hotel from the Urban Development Corporation for $385 million in early 2014 and are redeveloping the property through Kingchurch Property Holdings Limited.
Leave A Comment