Hussey family scraps Residences at Terra Nova Loop Jamaica

Black Immigrant Daily News

The owner of the Terra Nova All-Suite Hotel — the Hussey family — has scrapped plans to develop the Residences at Terra Nova on Waterloo Avenue in Kingston, 16 months after breaking ground on the luxury-14 storey development.

The plan was to construct 91 luxury units for residential use and 30 fully furnished hotel suites on property adjacent to the Terra Nova Hotel.

Citing diverse external economic conditions impacting the Residences at Terra Nova, the developers on Sunday, October 30, announced that they have decided to reconfigure the project from being a mixed-use business development to a commercial building only.

Depositors for units have since been advised that all deposits made would be refunded during the week beginning November 1, 2022.

Outlining the rationale behind the change of plans, the developers said: “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.”

Instead, the new building will only accommodate hotel suites and amenities as an extension of the existing hospitality facilities on the premises.

“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,” the Hussey Family said in a statement.

The Hussey Family has made significant investments in hospitality, manufacturing, pharmaceutical and gaming.

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