President and CEO of Sagicor Group Jamaica, Chris Zacca, has no qualms about admitting that his company took a bet on Spanish Town, St Catherine, when it decided to invest $6 billion in the construction of a mixed-use development on Brunswick Avenue.
However, just months into its soft opening, Zacca says that decision is already bearing fruit.
“We took a little bet. It wasn’t a big bet because we have faith in the people of Spanish Town and we got tremendous support from the councillors and the Members of Parliament. The bet has paid off in my view,” Zacca told the
Jamaica Observer.
On Wednesday, Sagicor officially launched New Brunswick Village, said to be the first gated community of its kind in St Catherine. The initial concept, according to development partner John Bailey of Bailey Williams Limited, was to undertake a purely commercial development, but after conducting research and having conversations with neighbouring property owners about the safety of the area, the idea evolved.
In 2018, the team decided to pursue a mixed-use development instead.
“Sagicor Group made a choice to invest in an area where I’m sure people looking on might be very sceptical, but once the economy starts to turn, any businessperson knows that the time to invest is as the economy starts to pick up,” Prime Minister Andrew Holness said during the launch ceremony.
“I’m happy for this investment. I consider it an anchor development of this nature and I’m certain that property owners along this stretch and in the environs are now going to take a second look at Spanish Town,” Holness added.
That scepticism he is referring to is around crime in the town in years gone by. But that’s all changing.
https://www.jamaicaobserver.com/2024...wn-paying-off/
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