New Mandeville residential development to start in March
Manchester raked in some $12.74 billion from 342 development projects last calendar year, Mayor Donovan Mitchell has revealed.
He was speaking recently at the launch of PROVEN Real Estate Investment Trust’s (PROVEN REIT) latest investment, the AVISTA @ Bloomfield on Greenvale Road in Mandeville, to be constructed on the hillsides overlooking the Manchester capital. The development is being financed by JN Bank.
The investments in Mandeville last year represented a mix of commercial and residential developments, the mayor said
“PROVEN was our best client for 2019,” he told a crowd of business executives, realtors and potential investors at the event. “They are the single best investor in Mandeville for 2019, and I want you to thank them.”
The development is PROVEN REIT’s 10th venture. Situated on nine acres of land, it will comprise 77,000 square feet of commercial space and 78 apartments.
PROVEN REIT’s Chief Executive Officer Aisha Campbell, described the project as “an iconic mixed-use development that will integrate residential, commercial and entertainment [elements]”.
The six-storey residential development will comprise 40 studio units measuring 580 sq ft with balconies; 20 one-bedroom apartments of 870 sq ft, and 18 two-bedroom units of 1,165 sq ft.
JN Bank is also offering special mortgage financing, along with the National Housing Trust, for the purchase of the units.
The amenities for the residential portion will include a fitness centre; a heated swimming pool, given the sometimes cold climate of the region; and a jogging trail.
“There is no doubt that the town of Mandeville represents an ideal location for many forms of real estate development in Jamaica,” Carlton Earl Samuels, chief development financing officer at The Jamaica National Group, underscored.
Pointing to the bullish local stock market, Samuels encouraged investors to widen their portfolio to include real estate as another investment.
“Markets go up and down. Real estate is the only market that continues on a straight [upward] trajectory,” he opined.
Construction of the residential portion of the project is slated to commence in March and scheduled for completion in August next year. The commercial aspect of the development will start in October and completed by October 2021.