Terra Nova launches $7b high-rise development
Published:Wednesday | June 2, 2021 | 12:09 AM
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The Hussey family, owners of the Terra Nova hotel in Kingston, broke ground on Tuesday on the construction of a $7-billion complex called ‘The Residences’, to be developed on lands adjoining the hotel at Waterloo Road. The 14-storey development,...
The Hussey family, owners of the Terra Nova hotel in Kingston, broke ground on Tuesday on the construction of a $7-billion complex called ‘The Residences’, to be developed on lands adjoining the hotel at Waterloo Road.
The 14-storey development, which will take two years and 400 workers to build, will comprise 91 units.
“This is a strong signal of confidence of a rebound of our economy,” said Prime Minister Andrew Holness at the groundbreaking ceremony on Tuesday. “The investors, the Husseys, have confidence in the Jamaican economy. They see the future better than the present,” he said.
The bullish signal comes amid a recession to which the hospitality sector has been the main contributor, due to the decimation of the tourism and travel markets during the pandemic. The Jamaica economy contracted 8.3 per cent in 2020, but is projected to recover and grow this year.
The Husseys are no strangers to down cycles in the hospitality market, having acquired the Terra Nova hotel in 2001, another period of uncertainty due to travel fallouts that arose from the terrorist attacks on the United States, which is Jamaica’s main source market for tourists.
The Residences would become the third high-rise development ascending more than 10 floors in the Waterloo Road area over the past four years.
The development will include 30 fully furnished hotel suites managed by Terra Nova All-Suite Hotel, and 61 luxury residences. The Residences will not permit short-term rentals, according to the brochure, except for the units managed by the hotel.
“The luxury units can be added to the hotel pool. It will allow the owners flexibility,” said Terra Nova director Christelle Harris. “A number of the units have already received offers,” she said.
The development and project team includes Hussey Properties-Merrick Limited as developers, project manager IBEC, building contractor ZDA, architects Clifton Yap and Outram Hussy, interior designers Ardelle Dalla Costa and Michelle Subaran, while the units will be marketed by real estate brokers Coldwell Banker Jamaica and Access Property Investments Limited, among others.
Terra Nova has had different owners over time. It started operations in 1959 and was acquired by the Hussey family in 2001 from insurance company Guardian Life for US$4.5 million, and over the two decades since has spent US$30 million on continuous improvements. The five-acre property is described as one of the oldest hotels in Kingston. Its last major upgrade was in 2013.
The Husseys also hold interest in sugar and rum – through Long Pond and Hampden sugar estates; pharmacies – Discount Centre and Liguanea Lane Pharmacy; laundry service – Super Cleaners; stud farm and racehorse training; and a gaming lounge.