Tue | Dec 6, 2016

Government to lease Victoria Pier

Published:Saturday | October 18, 2014 | 12:00 AM
UDC's Desmond Malcolm-FILE

THE VICTORIA Pier, located on the Kingston waterfront, is to be leased to a local investor and is expected to be a major centrepiece in the rebirth of the capital city.

Desmond Malcolm, general manager of the Urban Development Corporation (UDC), said in Parliament earlier this week, that the pier was being divested by lease.

"We do have a private-sector person who is interested in redeveloping Victoria Pier with restaurants, food court, et cetera ... something that will fit in with our design calls for downtown," Malcolm said.

He added that the Oceana Building is also on the divestment block, stating, "we are at the stage where we almost are going to complete that sale".

REDEVELOPMENT

"That calls for a redevelopment of Oceana, transformation into a hotel and some commercial activity there," Malcolm added.

The UDC executive, who was appearing before the Public Administration and Appropriations Committee of Parliament said the sale of the hotel should be completed within the next two months. Malcolm quoted a sale price of $385 million. He said that the first preferred bidder had quoted $400 million, but walked away thereafter.