Stuart takes on second apartment project
Tameka Gordon, Business Reporter
Developer Peter Stuart is on his second venture, a similarly small apartment complex called La Vue.
His first was the 10-unit Claudeville Condos in which Stuart said he invested $55 million from internal resources. He is the owner of Woodtek Manufacturing and Construction Company, which spearheaded the development on a one-third acre property he acquired years before at Claude Clarke Avenue in Montego Bay.
"This is my first real estate venture, but I have done a lot of work for other people. I have worked for Iberostar, Riu, and Palmyra and I just decided to something for myself," the developer said.
His new project is a $120 million complex, also comprising 10 apartments.
Sale of the Claudeville units began some 18 months ago, following the removal of a covenant on the property as well as other procedural issues, Stuart said.
"I actually started the project not realising it would take so long to get the covenant lifted. So by the time I got it lifted, I was about 85 per cent through the project. By the time I was finishing the project, I was just getting the approvals in terms of getting everything done," he said.
The development is approved by the Real Estate Board with the nine studios at 485 square feet and a one-bedroom at 840 square feet. The units are sold for US$78,000, seven of which have been sold, Stuart said.
Both Claudeville and La Vue are located in proximity to Sangster International Airport. Prices of units in both Claudeville and the upcoming La Vue are not subject to escalation, the developer said.
Purchasers of Claudeville will pay a maintenance cost of $13,500 monthly. "That includes your taxes, insurance, maintenance of the property and lighting and water costs for common areas," said Stuart.
He said he opted to insure the property for the year since "if anything happens to one apartment it affects the others". This will also be the case for La Vue he said, when completed.
Groundbreaking for La Vue was two months ago with a projected completion date of next December.
The split-level complex targets "young professional looking for luxury apartment living" and is located "a minute away" from Claudeville, Stuart said.
La Vue will be financed through proceeds from Claudeville, and other financing. Stuart declined to name his backer.
The units, measuring 713 square feet each, will sell for a projected US$150,000, he said.
"Whereas the first set were designed and sold as studios, with this one, if you want to put in a partition to create a bedroom, you can modify the inside," Stuart explained.
La Vue will feature solar energy for the common areas, water storage tanks, gym and recreational facility with manned gates as well as a perimeter alarm "so if anybody decides to jump the fence, it will automatically send off an alarm".