The University of the Commonwealth Caribbean (UCC) Group’s investment arm Spectrum Capital Partners is still on the lookout for joint venture (JV) partners interested in the mixed-use development of a 288-acre beachfront property being acquired in Trelawny.
The site of the property is adjacent to the North Coast Highway which runs from St Ann to Montego Bay in St James and, according to Spectrum Capital Partners, presents an opportunity for greater development planning in the parish.
UCC Group Executive Chairman Dr Winston Adams has informed Jamaica Observer that so far, the company has garnered the interest of a couple JV partners but is still seeking for other partners and investors in the project. The two partners have operations in the USA, UK, and Australia.
“We are seeking joint venture partners for various stages of the development,” he said, adding, “Whilst we do already have one or two serious local and international JV partners on board, we are seeking additional qualified partners or investors during either the initial phase of the land acquisition itself and/or during one or more of the three developments themselves.”
When asked if prospective partners should have prior experience in property development or real estate investments, Dr Adams said that while having these attributes would help, there are actually no requirements to become joint venture partners and/or investors.
A minimum of 50 acres of the property has been reserved for middle- to upper-income residential housing developments and another 50 for a hotel or resort development. At the same time, 40 acres have been allocated for the construction of UCC’s “state-of-the art university campus/town to also include a STEM [science, technology, engineering and mathematics] centre for excellence, an innovative village and student housing”.
The university campus is expected to attract extra-regional students with its competitively priced courses and also foreign investment in medical training through alliances with overseas universities. In addition, Spectrum Capital Partners said the campus will also provide training in tourism, which is a major economic activity in Trelawny and neighbouring parishes.
“The first phase will be residential units and may be quickly followed by the proposed university town development,” a document shared with Business Observer outlined.
Spectrum Capital Partners will designate a third to half of the property for protected green space which can only be used for agriculture, marine science research, parks and other recreational developments. The company also outlined plans to develop a commercial space.
Still, Dr Adams explained that the allotments are not definitive “as we are flexible with our approach”.
Responding to a query on the capital outlay for the phased development, the executive chairman noted, “We have not finalised a total bill of quantities and, therefore, the total project sizeâ€¦[but] we estimate the project to be sizable.”
REMAX Elite Realty, a subsidiary of the UCC Group, will act as real estate broker for marketing and selling the residential housing units.