An artist's impression of the Residences at Terra Novadevelopment in St Andrew
October 30, 2022
Residences at Terra Nova developers cancel plan for residential units – adverse market conditions cited
KINGSTON, Jamaica – The Residences at Terra Nova development on Waterloo Avenue in St Andrew will no longer offer residential units for sale, the developers citing “adverse external economic conditions” impacting the project.
“Instead the new building will only accommodate hotel suites and amenities as an extension of the existing hospitality facilities on the premises,” stated a release announcing the decision by the developers to reconfigure the project from being a mixed-use business development to a commercial building only.
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This was announced to stakeholders last week by the Hussey family, developers of the complex, the release added.
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A series of meetings was held with professional service providers and depositors, who were advised that “based on sudden and significant changes in market conditions, the mixed use business model for the development – hotel and residential – is significantly less viable at this time. Therefore, a difficult decision has had to be made to modify the development plans to accommodate hotel units only,” stated the release.
The depositors were also advised that all deposits made would be refunded in full during the week beginning November 1, 2022, it added.
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“We thank our investors, professional service providers and members of the business community who continue to show trust and confidence in us as a family, who has contributed over decades to the building of our nation through our investments in hospitality, manufacturing, pharmaceutical and gaming,” said the statement from the developers.
The Hussey family broke ground on the construction of the $7 billion Residences at Terra Nova on June 1, 2021, with plans for a 14-storey development comprising 91 units.
At the groundbreaking, Prime Minster Andrew Holness labelled the project as a “strong signal of confidence of a rebound of our economy.”
