Multi-million dollar commercial hub planned for PSOJ’s headquarters

The content originally appeared on: Jamaica News Loop News

The Private Sector Organisation of Jamaica (PSOJ) has entered a joint-venture agreement with VM Group to develop its headquarters at 39 Hope Road, St Andrew, into a new commercial space.

The PSOJ and VM Group, through VM Pensions Management Limited and VM Wealth Management Limited, are collaborating to secure financing through a combination of their resources and appropriate lending and investment partnerships, the PSOJ told Loop News.

“With the potential business prospects and anticipated growth opportunities this development presents, we are highly confident in its financial viability and ability to attract the necessary investment,” the PSOJ said.

VM Pensions Management and VM Wealth Management are equity partners, providing co-investment capital and their expertise in project management and real estate.

“This initiative represents a significant step towards realizing the PSOJ’s long-held goal of transforming its headquarters into a modern and sustainable commercial hub,” the organisation said of the plans to develop the landmark location which has been its home for over 40 years.

The new development will create 32,000 square feet of rentable space, spread across four upper levels, with basement and ground floor parking and lobby space. The rooftop will feature an amenity area for various activities, offering a unique and versatile space for tenants.

The PSOJ and entities within the VM Group will jointly be responsible for selling and leasing properties within the development.

The project has been designed by Synergy DESIGN STUDIO, with strategic input from Michael Neita of NeitaConsult Limited. It is currently navigating the approval processes with the Kingston and St. Andrew Municipal Corporation (KSAMC) and other regulatory bodies, ensuring adherence to legal requirements, sustainable development standards, and industry best practices.

The projected groundbreaking timeline will be announced once all requirements are met.

Metry Seaga, president of the PSOJ, commented, “We are taking concrete steps towards a project that has been part of the PSOJ’s strategic plans for years. Our objective is to create a facility that not only meets our operational requirements but also serves as a model of sustainability within the Jamaican business community.”

This project represents a significant multi-million investment aimed at modernizing PSOJ facilities to better serve its members and the business community.

The PSOJ said it will provide detailed cost information as planning progresses.

Seaga added, “Having this commercial hub will further support our efforts to drive economic activity and growth by providing a state-of-the-art facility that nurtures business development, expansion, and long-term sustainability.”

Natalie Bennett, CEO of VM Pensions Management, expressed pride in the partnership with the PSOJ, noting the shared commitment to supporting Jamaican businesses and confidence in the local economy.

“We are particularly pleased about this joint venture because it highlights what many already knew – that VM Group is truly capable and passionate about supporting various financial needs of people and businesses to achieve transformation,” she said.

In the meantime, the PSOJ will temporarily rehouse its staff at a suitable location to continue its usual operations and offer member services from that temporary space.