NewzST JAMES, Jamaica — As part of efforts to optimise assets owned by the St James Municipal Corporation (SJMC), Mayor of Montego Bay Councillor Richard Vernon said the corporation is exploring public-private partnerships (PPPs). Speaking during the corporation's public budget forum last Thursday, Vernon said the SJMC is seeking to raise $450 million through this avenue to support its capital expenditure programme. "I am issuing a direct open invitation this evening to our private developers, our financial institutions and our local entrepreneurs.
Come to the table; let us discuss business," Vernon declared. "Our doors are wide open for serious dialogue regarding strategic real estate ventures and public-private partnerships," he added. The mayor was outlining the corporation's plans to undertake $1.086 billion in capital expenditure during the 2027/2028 budget period.
He said the funding was necessary to finance projects such as repairs to the Charles Gordon Market, which was damaged during Hurricane Melissa, similar repairs at the Jarrett Park sports facility, and infrastructure development at Bogue Lands, among other initiatives. While the corporation expects to receive $456 million through the Tourism Enhancement Fund (TEF) and sponsorships, as well as $180 million in insurance payments, Vernon said asset optimisation would also play a significant role in raising the funds needed. Speaking to the Jamaica Observer on the sidelines of the event, the mayor explained that the corporation would explore divestment options for undeveloped or underutilised properties, working with private-sector investors.
"We have properties at Brandon Hill, we have properties at Leaders Avenue, and those are prime areas for real estate development," he said. "Once persons are interested in those areas, we are willing to have a conversation because we want to repurpose our assets but, more importantly, develop the city to generate more employment, to develop the space in such a way that the services are properly delivered," he added. Vernon said the discussions would also consider opportunities to provide housing for the wider population.
"To also ensure that we increase housing, not just for persons who are doing Airbnb and that sort of business but for persons who actually want somewhere to live, we also have property in Retirement area that if developers are interested in affo…
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