Kingston Live Entertainment Group (KLE) has spent upwards of J$60 million from equity raised on the stock market last October to create an 11,000-square foot nightclub now under construction in Portmore.
"KLE is delivering on its promises to shareholders as plans are rolled out on target," said CEO Gary Matalon on Friday.
"Following on the opening of Odyssey Gaming Lounge in collaboration with Supreme Ventures will come the official groundbreaking for the new Famous Nightclub in Portmore."
The nightclub is slated to open in the second quarter, anytime between April and June.
The current size is twice what was originally planned before KLE went public and raised J$95 million of capital. The company now trades on the JSE Junior Exchange.
Famous will operate from a stand-alone building located just off the Port Henderson main road.
Matalon describes the venue as one which will have, on completion, "a spectacular new space with over 11,000 square feet of unparalleled decor, layout, sound and light. It is a state-of-the-art coliseum-style club that will feature multiple VIP destinations overlooking a magnificent dance floor with a DJ balcony and Stage that will feature the hottest live entertainment around," he said.
The new operation is 100 per cent KLE owned but will have the "support of key sponsor partners," said Matalon who declined to name the backers.
With this new venue, KLE is targeting 18-35-year-olds in Portmore and surrounding neighbourhoods.
Admitting that several nightclub businesses located on the Port Henderson strip have died a quiet death, Matalon said Famous' advantage rests with the track record of its parent, and would be operated with the same "high standard set in delivering quality and top-notch experiences from all of our brands thus far."
KLE Group's most famous operation is the Usain Bolt Tracks & Records casual dining operation.
Further, he notes, consumer insight and market research into the needs for nightlife options in the Portmore area suggest that patrons do not have options of this nature.
"KLE will deliver a club experience in Portmore which will rival the world's best club offerings in the most developed markets. It is also important to note that one of Jamaica's longest-standing clubs was Cactus located in Portmore that ran successfully for over 10 years," he said.
aggressive expansion plan
Matalon indicates that the success of the first two flagship brands, Fiction Lounge and UBTR, has allowed for a very aggressive expansion plan that KLE is currently executing.
The company is also stepping out of its immediate comfort zone under partnership with the Sagicor Life insurance group in a project called 'Bessa'.
"Bessa is a lifestyle-themed villa community on over eight acres of beach and river-front property. A contemporary playground that will feature tailored villas, sophisticated condos and unique swim-up suites amidst an enviro-friendly world that cannot be replicated anywhere else in the world," Matalon notes.
The investment is valued at US$6 million over a two-year period to build, create and deliver what the company is touting as a new standard in villa living.
Bessa is slated to break ground by the fourth quarter.
"Along with the new projects in progress, KLE's continued focus on the expansion, locally and globally, of the Usain Bolt's Tracks & Records product is on track," said Matalon, promising that more details would be unveiled in coming months.