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A plan for a mixed-use development in New Kingston, called The Ascent, would become Jamaica’s tallest building, but how the developers are to executing the project is unknown.
The concept involves a 26-storey edifice on lands at Oxford Road and would extend to incorporate property on neighbouring roads, the Financial Gleaner understands. It would easily surpass the Jamaica Pegasus hotel building, which has 17 storeys.
Consequently, the developers of The Ascent are not only seeking planning permits, but also approvals from the Jamaica Civil Aviation Authority, JCAA, which oversees Jamaica’s air space.
The developers are Stratospheric Development Limited, whose directors include businessman Neville Wallace, former head of Berger Paints Jamaica Warren McDonald, and businessman Robert Barnes. The company was formed in 2018 and its shareholders are Wallace with one share, McDonald with one share, and Stratospheric Investment with 100 shares. The shareholders in Stratospheric Investment are listed as Jhordan Wallace and Ashane Wallace.
ONGOING NEGOTIATIONS
McDonald directed requests for comment to Neville Wallace, who initially agreed to speak to the Financial Gleaner on Thursday but then declined to go on record, citing ongoing negotiations. Wallace transferred the Financial Gleaner to another party who cited the sensitivity of the negotiations and indicated that October would be a better time to discuss the details of the project.
Members of the real estate community said they were aware of the plan to develop Ascent, but haven’t started selling or marketing the units. The development is featured on Stratospheric’s website, where renderings of the skyscraper and an accompanying video are posted. That website states that the expected date of completion is year 2022.
There is no estimate on the cost of development at this time.
steven.jackson@gleanerjm.com
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