UDC Leases Victoria Pier Property
The Urban Development Corporation has concluded arrangements to lease the Victoria Pier Building located on the Kingston Waterfront to Yosamini Holdings Limited for a term of twenty five (25) years.
In previous years, the waterfront property housed a popular restaurant, night club and launching pier for harbour tours among other entertainment activities. Similarly, Yosamini Holdings Limited has proposed to transform the property into an ‘A’ class’ restaurant with lounge, sports gaming facility, art gallery and outdoor entertainment area.
Speaking at a media briefing on Tuesday, February 10, 2015, Senator K.D. Knight, Chairman of the UDC, expressed that the lease of the property is in line with the Corporation’s plans for the redevelopment of downtown Kingston. This he notes follows on the recent sale of the Oceana and Jamintel buildings, development of which, will act as a catalyst for the renewal of the city.
The leased property which has been unoccupied for over 15 years comprises 1,962.93 square metres and is located on the seaward side of Ocean Boulevard. It is expected that the move will advance the socio-economic development of the area, with the Victoria Pier acting as an entertainment hub, bringing rebirth to the downtown Kingston area, especially after sundown.
The redevelopment of downtown Kingston and Port Royal is aligned with the Vision 2030 Jamaica National Development Plan which aims to make Jamaica the place of choice to work, live, raise families and do business.
The UDC has been making development happen since 1968 when it was created by an Act of Parliament to carry out projects when and where it is needed within the context of national priorities.