Holness takes credit for environment allowing new $2.1b Kingston 2 development
Published:Wednesday | December 20, 2023 | 12:11 AMAinsworth Morris/Staff Reporter
In an effort to revive the vibrant yesteryear spirit in communities of East Kingston and downtown, Sherbourne Limited has broken ground for a $2.1-billion investment project that will comprise 119 housing units in Bournemouth Gardens, Kingston 2.
The building will be called Kingston 2 (K2) Downtown Reimagined and it will be located at 2 Fairbourne Road.
Although one section of the foundation has already been laid, ground was officially broken yesterday by Prime Minister Andrew Holness, Phillip Paulwell, the member of parliament for East Kingston and Port Royal, and stakeholders from Sherbourne Limited.
The total building area will be 109,318 square feet on a 1.62-acre lot located along Fairbourne Road and directly facing the coastline of the Kingston Harbour.
Once completed, it will offer amenities in the form of public lounges on the ground floor, first floor and the sky lounge on the ninth floor, complete with a dipping pool, outdoor kitchen and a gym. On the roof deck, there will also be a running track that supports healthy lifestyles within the confines of the development.
Each apartment will be complete with modern shaker-style kitchen cabinetry, with each unit having its own laundry closet, even though a common laundry facility has been provided within the building.
The vast window opening within each unit will provide each homeowner with an uninterrupted view of the beautiful harbour.
STARTING COST
Management of the project will be assigned to Sherbourne Limited’s affiliated company, Island Homes Limited, and the unit costs will start at $16.2 million for studios, while $28.8 million and two-bedroom apartment starting at $34.6 million.
During his address as the keynote speaker, Holness not only applauded the investors, but noted the role the Government indirectly played in its realisation.
“It is not often that we see this kind of development in this side of Kingston. Whilst this is not a government-sponsored development, it’s a private development, but private development does not happen unless the Government creates the environment for it,” Holness said. “And that’s what I want all of Jamaica to appreciate. My Government is vested in creating the environment in which the shared prosperity, the commitment, is that every Jamaican can get a job, and from that job, you get an income, and from that [you] get your independence. You can save… and a part of your prosperity is to spend it on owning your own home.”
Holness also expressed confidence that there is a market for the apartments and studios that are being built at K2 Downtown Reimagined, despite the stigma attached to the Kingston 2 area.
“The only way to break that characterisation, or perception, is to actually have the development happen in these areas. Ultimately, although it is a private investment, it is an investment in the people of the area,” he said.
Paulwell, who has lived in Kingston 2 since his childhood, said he was delighted to see the multimillion-dollar facility being undertaken, which will help bring the dollar value of neighbouring houses up.
“I am delighted to be here. This is a most significant development because the only other one that I’ve had to do, since becoming member of parliament, was in 1998, when we opened Manley Meadows,” Paulwell said.
“I’m really very happy to see this significant development here. I want to see this develop as a model for the Kingston 2 area. I want to see this project developed as a model for the Corporate Area,” he said.