Port project not a substitute for Port Royal master plan
Published:Saturday | March 2, 2019 | 12:28 AMAvia Collinder - Business Reporter
Although the Port Authority of Jamaica (PAJ) is pumping US$40 million into Port Royal, the agency says the port project, which involves marine and landside works, is a discrete development and not meant to address the full transformation of the historic community.
That responsibility still rests with the Urban Development Corporation (UDC).
“The UDC has been tasked with the development of an overall master plan for Port Royal,” said the Port Authority. “We wish to highlight that the PAJ’s remit and primary focus is the development of port facilities and related services.”
The only comprehensive plan for Port Royal known to involve the UDC is 25 years old, and done through the Port Royal Development Company Limited (PRDC), a UDC affiliate. It was designed to position Port Royal as a tourism and heritage attraction, inclusive of hospitality developments.
Robert Stephens, who remains a shareholder in PRDC through Pragma Consultants, says the plan should be included in any discussions about transforming Kingston, especially since government agencies had backed the early research, including the Development Bank of Jamaica (DBJ), which invested US$5 million, he said.
The DBJ, when contacted, said the project remained within the purview of the UDC.
The last attempts at shopping the PRDC master plan, which called for investments of US$500 million in Port Royal, was in 2013, when the UDC resurrected the project with invitations for proposals from investors interested in developing a new port of call for cruise lines and tourism attraction.
The development agency promised responses on what’s next for Port Royal this week, but did not follow through up to press time.
The Port Authority, meanwhile, has procured a floating pier, SeaWalk, which is in the process of being installed, while other construction works are in progress under its cruise port project
PRDC has multiple shareholders, spanning government bodies, financial institutions and other private businesses. The top three entities holding shares are the Accountant General, 43.58 per cent; National Investment Bank of Jamaica, which was merged with the DBJ, with 21.36 per cent; and UDC, with an 8.34 per cent stake. Pragma is fourth on the list with 7.09 per cent ownership.