Oceana building to be sold within 60 days - UDC

After years of talk, the former Oceana Hotel in downtown Kingston finally looks set to be sold within 60 days, and according to the Urban Development Corporation (UDC), its current owner, it will revert to use as a hotel under the new owners.
   
The final hurdle has reportedly been cleared for the UDC to proceed with the sale of  the property.

That's the word from Desmond Malcolm, General Manager of the UDC, who told RJR News that "all the internal approvals from the government have been received."

All that is left, he added, is the final agreement "to be drafted and signed by the UDC and the purchaser."

A group of  local and overseas investors is set to acquire the 338 room complex which was on the auction block for several years.
                                                   
The Ministry of Health, which has been the main tenant for more than a decade, has started to relocate its offices.

"We're very happy about it (the sale of the property) because it will add a lot to downtown in terms of UDC fulfilling its mandate of making development happen, particularly downtown, Kingston, Malcolm said.

While not disclosing the sale price for the property, he confirmed that "the building is going to be re-established as a hotel, with commercial activities on the ground floor."

The important issue was "not so much how much we get (for the building) but what is going to happen to the building, he stressed, while asserting that "it will add a lot to downtown."

Imposing

Opened in the 1970s, the Oceana, situated on the Kingston waterfront, is one of the most imposing structures in that section of the city and was initially seen as an ideal complement to other facilities nearby, such as the Jamaica Conference Centre, and the head office of the International Seabed Authority.

Creeping social disintegration in downtown Kingston eventually led to a fall-off in the use of the hotel, however, leading to its closure in the 1990s.

Now, with another drive towards restoration of downtown Kingston underway, private investor interest in the area is picking up. This is best exemplified, perhaps, by telecommunications firm Digicel establishing its head office on the waterfront as well.

That investment by Digicel is, in turn, being viewed as an important catalyst for others to get in on the investment opportunities while they are still available.

GraceKennedy Ltd., one of Jamaica's largest and most recognized firms, which maintained its headquarters on Harbour Street throughout the difficult times, recently announced plans to develop a business complex, combining offices, shopping facilities and a parking garage, also on Harbour Street.