Mar 2016 Financial News

GRACELAND! GraceKennedy to shell out US$25M to build new HQ in downtown Kingston

Mar 01, 2016

Work has started on the new GraceKennedy corporate headquarters on Harbour Street in downtown Kingston.

Michael Ranglin, executive chairman of GraceKennedy Properties Limited, who has oversight for the development, explained that the construction process on the 48,000 square foot property started with the erection of a 'hoarding' or wall along the perimetre of the property.

Ranglin pointed out that this wall will enclose a section of the sidewalk along Harbour and Port Royal Streets, which will affect pedestrians and vehicular traffic, to varying degrees.

A covered walkway is being built along the section of Hanover Street between Port Royal and Harbour Streets for pedestrian traffic.

The construction will also put a temporary halt to parallel parking along the section of Harbour Street adjacent to Lot 21, between Hanover Street and Exchange Lane.

PREPARATION

In preparation for the actual construction of its new head offices, the company, through a joint project with the Urban Development Corporation (UDC), recently completed the transformation of the Myrtle Bank lot, also known as Lot 20, into a parking facility.

GraceKennedy employees are now parking in Lot 20 until the new corporate headquarters is complete. The UDC is managing this new parking facility.

"The construction we are about to undertake represents a significant contribution to the redevelopment of downtown Kingston," said Ranglin of the property which is slated to cost the company US$25 million to construct.

"We will work steadily towards our completion target of mid-2018, doing our best to mitigate against any significant inconvenience to pedestrians and motorists.

"We regret any inconvenience that the construction may cause, but know that the people of downtown Kingston, and those who have to travel and do business in this area, will understand that this is part of creating a better commercial and living environment for all of us," added Ranglin.

According to CEO of the GraceKennedy Group, Don Wehby: "We are eager to get this project under way to contribute to the beautification and utility of the place we have called home for 94 years. We look forward to its completion, and know it will be a significant addition to the downtown Kingston landscape."

Source:
Jamaica Gleaner
Tuesday March 1, 2016

http://jamaica-gleaner.com/article/news/20160301/graceland-gracekennedy-shell-out-us25m-build-new-hq-downtown-kingston