Lake to deliver Portmore Marina high-rise units in July; to begin new developments soon
DEVELOPER Richard Lake is indicating that by the end of this month (July 2021), all units in the 120-unit third phase of the Portmore Marina will be ready for handover.
The developer is also about to embark on three new developments of residential lots, single-family homes, and multi-storey apartments in St Catherine and the Corporate Area.
Project Manager Gina Harrision said these projects are at approval and subdivision stage, with expected delivery in 24-36 months. Investment cost for all three new developments is greater than $2.5 billion.
The Portmore Marina Development was implemented on the old Forum Hotel property in Portmore which, in 2015, was sold by the Urban Development Corporation (UDC) to Portmore Marina Development Limited, headed by Lake, for $350 million.
The redevelopment of the old hotel property promised one-of-a-kind modern residential and commercial waterfront design with a panoramic harbour and city view.
Portmore Marina delivered 75 units under phase one and two. Under phase three, Lake converted the old hotel into 120 additional residences and added 15 garden cottages. Altogether, the development, which has been named Bay Front Villas and Apartments, is now 75 per cent sold.
Harrison said on July 2, 2021 that development costs were just under $2 billion. The project was financed by Jamaica Money Market Brokers.
The former Forum Hotel first opened for business in 1973 as Adventure Inn Hotel. It was originally designed to accommodate restaurants, conference rooms, pool, bar, and gazebos at the ground level. The site, spanning more than 16 acres, also supported 57 self-contained two-bedroom cottages and 23 unimproved lots.
In the high-rise, one-bedroom units started at $19.7 million while two-bedroom units started at $20.7 million. Phase three is 65 per cent sold. Handover to new homeowners is in July 2021.
Harrison told Sunday Finance, “The development is attractive to all kinds of buyers because of its unique location and features. We have a good mix, with a significant portion being first-time investors, who already own their own homes.”
She said that buyers find the sea views and the strata by-laws to foster long-term sustainability most attractive.
The new, high-rise apartments feature a “high-profile tower with floor-to-ceiling windows for super-sized views of the Kingston Harbour, city and landscape” with the 15 spacious ground floor apartments with private outdoor patios ranging from 250 to 900 sq ft.
The first floor apartments with private outdoor decks of 240 sq ft.
The tower units are fully air-conditioned with energy-saving VRF systems installed by ATL. Ground floor units are sold with ATL energy-saving inverter systems installed in bedrooms.
The property, Harrison said, offers easy access to Kingston via the Portmore toll plaza. Property amenities feature a swimming pool, kiddies wading pool, bar, pergolas and restroom facilities, games lounge, fitness centre, multipurpose court and children’s play area.
Outdoor amenities are available over three acres including green areas.