Sabrina N. Gordon, Business Reporter

AN AMERICAN company is buying up large acreages on the outskirts of Savanna-la-Mar, Westmoreland, for a mixed use development, plunking down close to US$28 million for 534 acres of property, called Cave Village.

But ProConcept Market Group, based in Buford Georgia, seems to be going after as much as 1,078 acres.

It has set up a subsidiary here, Cave Village Development Limited, to handle the project, and has hired developer Peter Carbone to run the operation.

As part of the deal, owner of the cave Village lands, Norman Forrester, has taken a stake in the project, according to ProConcept.

"There are six phases planned for Cave Village which is owned by Cave Village Development, the majority shareholder, and Norman Forrester, a farmer in Savanna-la-Mar," Joel Stohlman, president of ProConcept told the Financial Gleaner.

Ownership options

The company has so far executed three sales agreements for the land, paying a total of US$27.7 million (J$1.97 billion), but has an option to purchase the entire 1,078-acre Cave Village property.

In information notices released by ProConcept, the company said the land acquired to date was being sub-divided into five-acre residential lots and sold for up to US$300,000, but that the plans also include townhouses, a 200-acre organic farm, and an 18-hole golf course.

Stohlman has declined comment on the structure of the project, but his company's website indicates that Cave Village Development was issued a US$1.5 million contract to bring the development to saleable conditions.

Under construction

Split into three phases, the first two are already under construction, while the third phase, described by ProConcept as "200 acres of entire mountain-top estate lots", is to begin later this year.

The fist 134 acres was acquired for US$5.7 million, and on June 27, ProConcept again announced that it paid U$10 million for another 200 acres, and US$12 million for the last 200 acres.

Expanding

The project is expected to be finalised within seven years, with the five-acre lots to be 'retailed' at US$200,000 to US$300,000.

Cave Village is one of three real estate developments that Pro-Concept has in Jamaica. Listed on the company's website is a 9.5-acre mixed-use development on the south coast; and a boutique planned unit development of bungalow villas at Jackson Heights.

sabrina.gordon@gleanerjm.com