Tallest building hits the market

RIPTON CONTRACTING Jamaica is constructing a 20-storey tower in the Waterloo area in Kingston that will become Jamaica’s tallest building.

However, it’s title is expected to be short-lived as ground has already been broken on another high-rise that will be 26 storeys tall.

In the meantime, the apartments at 10 Waterloo Avenue are already being advertising for sale. The development includes a penthouse that is going for the equivalent of about $230 million, according to real estate listings. The units are priced in US dollars.

Ripton Contracting is owned by businessman Fritzwarien Rogers, its sole shareholder, according to Companies Office of Jamaica records. Rodgers did not respond to requests for comment.

The name of the development was not included on the MLS, or Multiple Listing Services, platform.

“Come and see what’s offering at ‘the tallest’ condominium in Kingston,” it said.

The development will feature 129 units, costing between US$250,000 and US$1.5 million to acquire. The ninth and 1oth floors will offer a cutaway entertainment area that will showcase an infinity pool, gazebo, fitness centre, spa and a few stores.

The project is due for completion later this year. Meanwhile, Stratosphere Development Limited’s 26-storey development, called The Ascent, “hasn’t visibly started being built yet”, said a source close to the project. It’s slated for Oxford Road in New Kingston

Both buildings would surpass the Jamaica Pegasus hotel, which has 17 storeys and currently holds the title as Jamaica’s tallest structure. The hotel, owned by Kevin Hendrickson, is located at the end of Knutsford Boulevard in New Kingston, nearby the proposed Ascent site.

Kingston and other major towns are currently undergoing the biggest construction boom since the 1990s. A few years ago, in the face of the demand for residential space in the capital amid a limited number of large land lots, the planning authorities revised the regulations regarding density, including requirements for habitable rooms, which allowed developers to build higher on relatively small lots. The change since then has resulted in the development of various high-rises.