Christopher Moore - File

Ashford W. Meikle, Business Reporter

Businessman Christopher Moore has scrapped his development plans for the one-acre property located at the intersection of Waterloo and Hope roads and has placed the lot on the market, asking for US$1.8 million ($122 million).

The one-acre property was previously owned by Century National banking group and, at one time, had been earmarked as the headquarters for the Don Crawford-led financial institution.

However, with the bank's collapse, FINSAC - the government entity that was used as the vehicle to pump capital into troubled financial institutions in the mid to late 1990s - acquired the property.

Moore bought the property from FINSAC in October 2002 for about $40 million, which was partially financed with credit from Issa Trust and Merchant Bank, now DB&G Merchant Bank.

Original plans

Moore's original plans, as first reported by Wednesday Business, was to construct an auto dealership, modelled after the WorldTron/KIA outlet on Half-Way Tree Road which is owned by his brother Dwight Moore.

Shortly after Wednesday Business broke the story, preparatory work began on the site, with a sign indicating that it would be the location of Drive 1 Motors, the car dealership owned by Christopher Moore.

That idea was scrapped, however, in face of opposition from the residents of the nearby Abbey Court Apartments, as well as concerns voiced by the regulatory body NEPA.

In fact, according to the source, Moore scrapped the idea of building an office complex because of NEPA's insistence that any proposed development should not detract from the architectural design and appearance of the historic Devon House which the lot faces.

Zoning laws stipulation

"Well, as far as I know, with the new zoning laws stipulation in that area, there must be a 50-feet reservation on both Trafalgar Road and Hope Road," noted a real estate agent with whom Wednesday Business spoke. "So, anybody who buys the property is going to have to subtract the 50 feet from both sides of the lot and end up getting less than the one acre. And you can't construct buildings over five stories there."

According to the agent, while the property is located in a prime area - a stone's throw from the New Kingston business district and the busy Half-Way Tree commercial area as well as easy commute to Liguanea - it will present challenges in terms of access.

"If you are exiting, you have only to come out of Waterloo Road and turn left, traveling north. There is no way KSAC is going to allow anybody to exit on Waterloo Road and turn right because, essentially, you would be crossing three lanes of traffic to go on the other side."

The agent noted that, based on the selling price, the lot might not be suitable for the construction of a gated community.

"I mean, people are building things anywhere but for that price ... it might not be worth it. Look at what Life of Jamaica paid for that prime property in the Golden Triangle which has no restrictions." Three months ago, Wednesday Business reported that LOJ had paid $150 million for a two-and-half acre property on Seymour Avenue, which it has earmarked for a townhouse development.

Efforts to reach Christopher Moore were unsuccessful. A source intimate with the transaction declined to comment on the sale, saying: "It's a private matter."

ashford.meikle@gleanerjm.com

This one-acre property at the corner of Waterloo and Hope roads, owned by Christopher Moore, is on the market for US$1.8 million. - photo by Ashford Meikle