WORK STARTS ON MTN VIEW COMPLEX
The folklore-like slaughtering of a goat and shedding of its blood on the site two Fridays ago, ‘officially’ marked the start of construction of one of the Corporate Area’s eagerly awaited commercial projects.
It also marked the continuation of a mission by four entrepreneurs, who, having started Real Equity, a real estate development organisation three years ago, have pushed further along in the race to see who remains alive in a competitive market.
Having scored success in its first development – a residential project at 55A Russell Heights, Cherry Garden, in St Andrew, Real Equity has moved on to Phase Two of its progressive route, with physical work on a commercial development at 218 Mountain View Avenue, a property which once housed a garage and vehicle valuation outlet.
Described by Real Equity partner Rohan Grant as “very modern, sophisticated professional office suites”, the fourfloor complex will, upon completion, comprise 25 offices, space starting from 660 square feet, up to 1,220 square feet with the top floor units built with a mezzanine, like a penthouse.
The development will have two levels of underground parking, plus one above ground, an executive conference room for the complex, full service standby generator, and an executive lounge for the occupants of the premises are all part of the plan.
Work actually began two weeks ago with excavating for columns, but the official ‘goat killing’ to satisfy the wishes of the underworld spirits– a Jamaican tradition – pushed things up a notch, starting with the steel work last week.
“The scheduled completion is November 2021. If we do not have any disruptions we should be out of there in 11 months” Grant told the Jamaica Observer last week during an interview.
“We have overwhelming interest,” he said of the development and potential buyers are lining up. “We pride ourselves on completing our development before we start to sell because when you buy a concept it is something different from when you buy into a completed project.”
Grant said that the response from the market has been “amazing”, which places the organisation in a “good dilemma which allows us to have a good mix of professionals.
“We don’t want too many of the same profession. We want a variety, a mix of professionals. That’s why we have not yet signed anything,” said Grant, who, along with two of his partners, will also have offices there.
“Quite a few prominent professionals have expressed sincere interest and are willing to pay deposits, Grant said of the project that will cost $550 million – money which has been obtained through private funding, commercial bank loans, and a level of equity injection from the shareholders.
“One of the most popular remarks from interested persons is ‘when can we make a deposit’” Grant revealed to the Sunday Observer. “We have interest from overseas, the diaspora, people coming back to Jamaica to practise, people in the financial sector, people in the accounting world. It’s a good vibe we are getting.”
As for how much buyers would have to pay, partner and attorney-at-law Sean Shelton said the final details were being worked out regarding the cost per square foot, and that information will be known within days.
The four partners are all professionals: Grant, an engineer and contractor; Neil Crooks, marketing consultant, businessman and airline pilot; Garold Hamilton, an engineer, and Shelton.
“So we were initially more focused on commercial development but our first development was a residential one. It was a funny kind of way how we got involved in the project at 55A Russell Heights. We saw an opportunity where we could buy a proposed development that was already approved, to get our feet in the water and that turned out quite successful. So, we then ventured to purchase the property at the top of Mountain View to return to our initial focus and as they say, the rest is history,” stated Grant. The company will also soon be focusing on another residential development in Vineyard Town, south east St Andrew, once regarded as the gem of the Corporate Area for living.
“There we have another approved development. We call it “a design for modern affordable living” Shelton revealed. It’s really targeting the middle income bracket.
“Vineyard Town can start anytime soon, but we are focusing on the commercial one now, because based on what is happening there is a greater need for commercial space. The economy is not slowing down as it relates to real estate and development,” Grant said.
The Vineyard Town development located next to St Joseph’s Hospital is itself an exciting residential project consisting of 50 two bedroom, 2 ½ bathroom apartments of 900 square feet over five floors, a green area, standby generator, camera system, mini supermarket, so that the residents can be self-contained if they so desire.
There will be a relaxation area on the sixth floor if residents want to view the Kingston Harbour, or to simply just chill. That project should begin construction before the middle of next year and each unit could start at $22 million, depending on construction factors.
“We are really making it affordable with modern living,” Grant suggested. “Real Equity is bringing back the love to Vineyard Town, that’s why we sought and purchased that property.”
The company’s vision is: We seek to acquire high quality investments at discounts to replacement cost. We then improve the properties through hands-on management and targeted value added initiatives. Our efforts result in solid returns for investors and strong economic assets for communities. The goal is to access the demand studies conducted by NHT and work with them to guide the decisions taken by Real Equity as to where to build out and fill the said demands. So it could be low income, middle income or high income based on the level of interest and the amount available on these approved mortgages.”