Dennise Williams, Staff Reporter
RENOVATION OF the former Island Life Mall in New Kingston is resulting in changes not only to the building, but also its tenants.
The massive redevelopment being carried out by Expedition Limited, the new owners of the building, has displaced major tenants and more are expected to leave. The most immediate cause is a big rent hike.
"They (Expedition Limited) inherited our leases from the former owner, but now they have raised my rent from $54,000 per month to $107,000," said a second floor tenant. "The maintenance is not fixed and that can move anytime."
The Financial Gleaner has learned that the rental for the complex was between US$10-$12 per square foot per annum and maintenance is excluded.
The second floor tenant said only about four tenants will stay and these are being shifted around.
RBTT Bank and Island Cinema rented a significant shares of the building already left from last year. RBTT merged the branch operations into its headquarters at Dominica Drive while Island Cinema, owned by Palace Amusement, ceased to operate.
The Island Pharmacy and Trafalgar Medical Centre moved across the street to Grenada Crescent.
One Stop Computers will be moving to Half-Way Tree and Totally Male Limited, the barbers and spa for men, will head to Ruthven Road.
Expressions, Cad In Action and the entire food court are leaving as well, but their future locations were not revealed. However, Star Apples, one of the food court tenants, already has a Hope Road location.
And, Jamaica Money Market Brokers, the Financial Gleaner understands, will be moving out sometime this year into a building they recently acquired on Knutsford Boulevard.
The renovations will be made in time for the Cricket World Cup 2007 organisers to occupy a major portion of the second floor space in the complex as it prepares for the sporting event.
