Lake nears end of Forum makeover with plans for commercial centre
Published:Friday | December 8, 2023 | 12:06 AM
Developer Richard Lake has indicated that the creation of a new commercial centre and landing at the Forum property in Portmore, St Catherine, is the final element in the makeover of the property which was purchased from the Urban Development Corporation (UDC).
The design is said to include an outdoor dining restaurant, coffee shop, entertainment area and art walk.The indicative cost for this aspect of the development is $500 million.
Lake’s Portmore marina development is being carried out on the old Forum Hotel property in Portmore. The property was sold in 2015 by the UDC to Portmore Marina Development Limited, headed by Lake, for $350 million.
Forum first opened as Adventure Inn Hotel in 1973, built on more than 16 acres. Under the UDC, it featured the high-rise and 57 self-contained, two-bedroom cottages and 23 unimproved lots.
The residential aspect of the Portmore marina development, meanwhile, is nearing completion.
Two hundred and ten units have been completed in previous phases by Lake’s company.
Another 24 planned units, named the View, are expected to be placed on the market, with the completion date scheduled for February 2024.
Project Manager Gina Harrison earlier said that development costs were just under $2 billion, and that the project was financed by Jamaica Money Market Brokers.
Portmore Marina delivered 75 units under phase one. Lake then converted the old hotel into 120 additional residences and added 15 garden cottages.
Green areas are spread over three acres, fronting the Kingston Harbour.
The development offers parking for 221 vehicles.