New Forum to boast panoramic city view
THE OLD Forum hotel in Portmore, St Catherine, is to be transformed into a modern residential and commercial waterfront development.
This according to Prime Minister Portia Simpson Miller, who also said that approximately 350 jobs will be created during the construction phases.
"When completed, the project will boast panoramic harbour and city views for 75 two, and three-bedroom single-family bay-front villas; and 120 bay front apartments," Simpson Miller said as she contributed to the Budget Debate on Tuesday
The old 11-storey, 200-room Forum hotel and cottages languished for decades despite repeated efforts by successive governments to divest this non-performing asset. Simpson Miller said it was even suggested that the asset be given away.
It was eventually sold to Portmore Marina Development Limited by the Urban Development Corporation in 2014 for a total of $350 million.
"The development will also showcase a Bay Front Club and Marina, which will offer a full suite of dining, recreational and entertainment facilities and amenities to Portmore and other communities," Simpson Miller said, while adding that, within 18 months, the overall project will result in investments of approximately $2.2 billion.
"This development project will bring an exciting new dimension to the municipality of Portmore," she said.
Portmore Marina was incorporated in November 2013 with one million shares. Its shareholders include a Kingston-based company called Island Resources Limited, with 549,999 shares, Richard Lake, Woodbine Burton and Hugh Burton.