BARITA Investments Limited, in its capacity as arranger and underwriter, has announced a multi-billion-dollar deal designed to redefine the urban panorama of St Catherine.
The housing development dubbed ‘Hellshire View’ is being planned as a ground breaking stride toward urban development.
Through financial backing of $1.5 billion, via an innovative revolving construction financing structure, Barita has forged a partnership with RiteSolutions Developers Limited.
This collaboration has culminated in a joint venture agreement with the Housing Agency of Jamaica (HAJ), setting in motion the development of 157 acres of prime land at Shooters Hill, St Catherine.
This initiative is poised to yield 603 cutting-edge housing solutions for low- and middle-income earners interwoven with commercial spaces.
“This public-private partnership stands as a testament to Barita’s resolute belief in the boundless potential of the housing project and real estate development. Beyond addressing housing needs, the project emerges as a dynamic stimulus for economic expansion and creating employment opportunities,” said Terise Kettle, senior vice-president for investment banking at Barita Investments Limited.
“We are proud to acknowledge our pivotal role in making this venture become a reality as it mirrors our commitment to fostering sustainable urban growth and community advancement, which will positively impact Jamaica.
“Our financial support paves the way for a visionary concept that will etch an enduring legacy in the future of St Catherine and Jamaica,” added Kettle.
For Owen Campbell, director of RiteSolutions Developers, the venture marks the convergence of strategic foresight and unwavering commitment.
“As partners in progress, we are thrilled to embark on this transformative journey alongside Barita and the HAJ. This project is more than the sum of its parts; it’s a testament to our dedication to crafting thriving communities that resonate with innovation, inclusivity, and sustainable growth.
“We envision Hellshire View as not just another residential development, but a testament to what’s possible when shared aspirations and determination converge,” said Campbell
In endorsing that view, Kettle underscored that Barita has had more than four decades of service to Jamaica.
“During that time, we have embraced challenges and opportunities while optimistic about the future. We are committed to realising the shared vision of a St Catherine that thrives, evolves, and stands tall as a testament to what collaboration and perseverance can achieve.
“We are not just arranging funding to assist in building structures, we are building a legacy, one that celebrates the spirit of community, innovation, and the boundless potential of human endeavour,” said Kettle.
Construction of Hellshire View started in April with the aim of delivering the first phase of homes in early 2024.