Sagicor in wait-and-see mode on Mineral Heights residential development
Published:Wednesday | November 20, 2019 | 12:20 AMKarena Bennett/Business Reporter
It’s been three years since Sagicor Group Jamaica announced plans to develop a mix of residential and commercial units on a 21-acre site in Mineral Heights, Clarendon.
The development, which was expected to materialise in late 2017, partially got back on track earlier this year, and the official opening of Sagicor’s commercial complex – the Millennium Mall – is slated for next month in the high shopping season.
Sagicor has pumped $2.3 billion into the development of the commercial space which spans 10 acres. Now, the financial services conglomerate is keeping watch on the Mineral Height’s centre to see how much of a commercial buzz it generates before making a firm determination on the housing project.
The residences are planned for the remaining 11 acres of the complex.
“Sagicor still believes that residential developments would be lucrative for the area. As with the commercial development, Sagicor will assess the needs in Clarendon and provide housing solutions to meet the demand of the residents,” senior-vice president of group treasury and asset management at Sagicor, Donnette Scarlett, told the Financial Gleaner.
CONSTRUCTION PLANS
“However, the intent is for the commercial development to be fully operational prior to making any firm decisions on further development,” she said.
Plans for the Mineral Heights project was first announced by Sagicor in 2011. At the time, the company indicated it planned to build 63 shops on 9.6 acres of the land, which would have included a supermarket, pharmacy, hardware store, cinema, gas station, police station and retail shops.
“A number of factors have impacted the timeline, the most significant being widespread drainage issues at our location and the surrounding areas, highlighted by adverse weather conditions. These have since been addressed and resolved by Sagicor,” Scarlett said.
As the project progressed, Sagicor also undertook improvements to the road infrastructure and sidewalk construction that were not contemplated in its original plan.
“The focus was on bringing a premium development to the people of Clarendon,” she continued.
So far, Sagicor has secured three to five-year lease agreements for 70 per cent of the 63 units, including fast food chain Popeyes and Little Caesars, bus company Knutsford Express, Sagicor Bank and a Devon House iScream outlet. And petroleum marketing company GB Energy will set up a Texaco gas station at the mall.
Discussions are ongoing with a supermarket chain, pharmacy, clothing and electronics stores, medical professionals, other fast-food restaurants, hair and beauty salons and a mobile accessories store to fill the remaining 19 units.