The bus park/transport hub under construction in downtown Kingston is seen here in this July 17, 2009, Gleaner photo. The bus park is to be completed by December. - File

The announcement last week that communications giant Digicel Group would be establishing its headquarters on the waterfront in downtown Kingston should create some momentum for the revitalisation plan of the capital city.

A few years ago, Digicel acquired property at Lady Musgrave Road, inside the Golden Triangle in New Kingston, for its headquarters, but subsequently changed its mind in favour of downtown.

The design plans for the Digicel group office are currently being developed. Digicel Group CEO said on RJR's Beyond the Headlines that the company was considering two high-rise towers on the site, with the group head office building being possibly 12 stories high.

Digicel currently employs around 1,000 employees.

Delves also said that Digicel was interested in the restoration of some of the beautiful Georgian structures in the main business district, and it was his hope that developers and local investors would seek to establish restaurants, housing solutions, supermarkets, and other amenities that would create further momentum for the development of the business district.

Checks by the Financial Gleaner with Joy Douglas, general manager of the Urban Development Corporation (UDC), indicate that the move by Digicel is in keeping with the current efforts by the UDC to facilitate private-sector investment - both local and international - in the revitalisation of downtown Kingston.

Earlier this year, the UDC re-advertised the Oceana Hotel for sale, and an investor has shown an interest in re-establishing a hotel on the site.

new location

The UDC is itself currently in the process of acquiring the old Machado complex, which will serve as the new location for the UDC corporate offices. This should, hopefully, serve as a catalyst for further private-sector investments in the eastern section of the downtown waterfront area.

Plans are also well advanced for the creation of an arts and culture festival market to replace the existing craft market, and the Victoria Pier will also be redeveloped as part of an overall waterfront programme.

In 2008, Prime Minister Bruce Golding announced that the Government of Jamaica would be seeking to acquire properties immediately adjacent to Gordon House to construct a new Parliament building.

Financial Services Centre

And in the April 2009 Budget Debate, Finance Minister Audley Shaw said funds had been earmarked in the Budget for initial work to establish an international financial services centre on lands close to the Jamaica Stock Exchange.

The Government is also considering the relocation of the Ministry of Foreign Affairs and Foreign Trade in that vicinity.

All of these moves make sense, and it is hoped that several local and international businesses will seek to take advantage of the tax incentives available to investors setting up business in the capital.

The downtown transportation centre should be completed by mid-December, and work on the St Grant Williams Park should also be finished in the next few weeks. Then attention will be turned to freeing up traffic in the Parade area allowing the beauty of that area - to be seen once again - and redeveloping Coronation Market.

renee.shirley@yahoo.com