PSOJ complex to cost over $1 billion
Published:Wednesday | June 26, 2024 | 12:07 AM
The redevelopment of the property housing the Private Sector Organisation of Jamaica, PSOJ, is estimated to cost $1 billion, says Natalie Bennett, CEO of VM Pensions Management Limited.
VM Group and the PSOJ will be joint venture partners on the project that will see complex being transformed into a commercial hub.
The new structure, which will have four upper levels, plus basement-level parking, is still going through the approval process.
“Timelines have not yet been finalised as we are currently navigating the approval processes. A projected groundbreaking timeline will be announced once all requirements are met. Thereafter, development is anticipated for another 18 to 24 months,” Bennett said in a statement.
She said that PSOJ and VM Group, specifically VM Pensions Management and VM Wealth Management, are working together to secure the necessary financing through “a combination of resources and lending/investment partnerships”. The property at Hope Road in Kingston is owned by the PSOJ, which has housed its offices for the past 40 years.
Its headquarters will remain at the new building but some of the space is to be rented.
VM Pensions Management and VM Wealth Management are equity partners providing co-investment capital and expertise in project management and real estate. VM Pensions and VM Wealth will utilise their respective real estate portfolios for financing the development, the statement said.
PSOJ will occupy the building as the anchor tenant, while the office space will be leased to a mix of tenants from key sectors such as finance, professional services and technology.