The new Kingston Two Apartments, or K2, development is being built by Sherbourne Limited, a company owned by businessman Richard Lake.
A new housing development is on the horizon for downtown Kingston as Sherbourne Limited, a company owned by Richard Lake, has launched a construction project in the area.
The project is valued at $2 billion.
The cost of financing will be governed by tax incentives which will be supplemented by the returns from the 10-storey high-rise building that will be erected.
It is slated for completion in two years.
Dubbed Kingston Two Apartments, or K2, the development is to be constructed on approximately two acres overlooking the Kingston Harbour.
The urban renewal project will provide 119 apartments, 54 of which will be studio units.
The apartment prices range up to $35 million.
Sherbourne has budgeted for a return on investment of 20 per cent on the K2 project.
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