Majority of depositors in The Residences at Terra Nova refunded Loop Jamaica
Black Immigrant Daily News
Majority of depositors in The Residences at Terra Nova refunded
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The developer of The Residences at Terra Nova has confirmed that up to Friday, November 4, most managers’ cheques for refunds to apartment depositors in the development had been dispatched.
The Hussey family announced on Sunday, October 30, that it has scrapped plans to develop the apartments in what was to have been a mixed-use business development.
Meanwhile, the remaining deposits have been delayed because of new instructions from some purchasers to send their refunds via bank wire transfers.
In a statement on Saturday, the Hussey family said that none of the depositors’ funds was used in any phase of the development, but all were held in escrow.
The Hussey family also outlined that the project has been funded entirely from their resources.
“No depositors’ funds have been used or invested in any instrument of any kind, which the Real Estate Board can verify,” the family said.
“The Real Estate Board was involved in the project from the beginning, based on our intention to bring the concept of a mixed-used business complex to the desirable New Kingston location,” said the statement.
In the meantime, the reconfigured plans for the Residences at Terra Nova are being developed even as the company moves to obtain the requisite approvals for the hotel that will now be built.
The Terra Nova Hotel owners are now seeking to offer “an extension of the existing hospitality facilities on the premises.”
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