United Church partners with Rivi on office complex
The United Church in Jamaica and the Cayman Islands is partnering with development company Rivi Gardner & Associates Limited to build a commercial complex in New Kingston on property previously used for tertiary training programmes.
The site at 5 Lady Musgrave Road in Kingston will be developed as office space, at a cost of $180 million, said Project Manager Hugh Scott of Asco Consultants.
"The church asked Rivi Gardner to join with them in the development of a modern complex, which can be sold," Scott said, adding that the land to be redeveloped itself is worth $200 million.
He expects it will take three months to convert the classrooms to office units, and that construction should wrap up by September.
This site was previously occupied by the International University of the Caribbean, IUC, a school operated by the United Church.
Scott said that the asking price for the office units would be $26,000 per square foot. Rivi Gardner is developing 15 office units, ranging in size from 542 square feet to 1,658 square feet. Based on the unit price, the units would cost $14 million to $43 million to purchase.
Correction: This story has been updated to correct the location of the property.