More redeveloped forum residences to hit the market
The redevelopment of the old Forum Hotel is in its third phase, according to developer Michael Lake of Portmore Marina Development Limited, who is converting the 200-room property into 120 residential units.
Portmore Marina will start marketing the units in May or June the project will deliver 40 one-bedroom units, 40 two-bedrooms and 40 studios but their sale price is still to be finalised, Lake said Friday.
Under phases one and two, Portmore Marina completed 75 units, only three of which are unsold. Under phase three, Lake is tackling the 120 additional residences, plus 15 garden cottages.
Gina Harrison, the general manager for the project, also said a "marina-like" attraction with some retail outlets will be constructed in an area formerly occupied by local fishermen. The plans are yet to be drawn up.
The overall project, which is being financed by JMMB, is costing "over $2 billion now, but it was part of the original plan", said Lake, who described the works as "a complete overhaul".
The complex is now called Bay Front.
Portmore Marina acquired the property from the Urban Development Corporation in 2014 for $350 million, and began transforming it the following year.
Forum first opened for business in 1973 as Adventure Inn Hotel. It was originally designed to accommodate restaurants, conference rooms, pool bar, and gazebos at the ground level, and the site, spanning more than 16 acres, also supported 57 self-contained two-bedroom cottages and 23 unimproved lots.