UDC leases Victoria Pier building

The Urban Development Corporation (UDC) announced on Tuesday that it had concluded arrangements to lease the Victoria Pier building, located on the Kingston Waterfront, to Yosamini Holdings Limited. The lease is for a period of 25 years.  

The property used to house a restaurant, night club and launching pier for harbour tours, among other entertainment activities.

The UDC, at a media briefing in Kingston, disclosed that Yosamini Holdings Limited has proposed to transform the property into “an ‘A’ class’ restaurant with lounge, sports gaming facility, art gallery and outdoor entertainment area.”

Senator K.D. Knight, Chairman of the UDC, speaking at the press conference, said that the lease of the property is in line with the Corporation’s plans for the redevelopment of downtown Kingston, and follows on the recent sale of the Oceana and Jamintel buildings, development of which, will act as a catalyst for the renewal of the city.

The leased property, which has been unoccupied for two decades, comprises 1,962.93 square metres. It is situated on the seaward side of Ocean Boulevard.

The UDC, in a release on the transaction, is projecting that the restoration of the facility will advance the socio-economic development of downtown Kingston, “with the Victoria Pier acting as an entertainment hub, bringing rebirth to the downtown Kingston area, especially after sundown.”

According to the UDC, a State agency, the redevelopment of downtown Kingston and Port Royal is aligned with the Vision 2030 Jamaica National Development Plan, which aims to make Jamaica “the place of choice to work, live, raise families and do business.“