PLANS are in the works to build a 10-storey luxury mixed-use building on Keate Street in Port of Spain, says Jason Farrell, senior project manager at Urban Development Company of Trinidad and Tobago (UDeCOTT).

The project is being implemented by Memorial Plaza Development Ltd, a private and special purpose company of UDeCOTT.

The mid-rise building called “La Savane Residences” was launched at the Brix Hotel in St Ann’s on Friday.

Farrell said the purpose of the launch was to seek financiers for the projects. Representatives from Royal Bank Trinidad and Tobago (RBC), First Citizens, Republic Bank, Scotiabank, ANSA Merchant Bank and credit unions were invited.

In addition to financiers, he said, they also wanted to gauge public interest and involve real estate agents.

Speaking about the location, Farrell said: “It’s an area that has not been developed in the past and we essentially have an exodus of people moving out of Port of Spain. And to revitalise areas like this, we need life in the city.

“We are financed through private equity, so no government money is being spent on the project,” he added.

He also noted that the 70,000 square feet of land space was not owned by the state, but has been owned by UDeCOTT for over 20 years. He added that the site has been used in the past as a staging site for the National Academy for the Performing Arts (NAPA), and currently to host the Port of Spain development project.

La Savane Residences will feature commercial spaces on the ground floor to boost the city’s economy, and one-, two- and three-bedroom apartments starting at $2 million. There will be a total of 112 apartments. The project’s rooftop will also feature a clubhouse, swimming pool and squash court.

Construction of La Savane Residences is expected to begin in the last quarter of 2024, with an expected completion date of 2026.

During the press conference, Kimberly Carr Hamilton, CEO of Memorial Plaza Development Ltd, said that La Savane Residences is the company’s first signature project.

“We are a private limited company established to develop and manage real estate in Port of Spain, particularly those associated with the Memorial Block,” said Carr Hamilton.

“Our goal is to make Port of Spain more attractive for residential purposes by integrating business elements such as rental opportunities, Air BNB and creating a multifunctional environment with the needs of the community and surrounding commercial activities. Our aim is to restore the vibrancy of the city while creating a safer and more dynamic environment for all. Our vision is to rejuvenate and revitalize the urban landscape of our beloved capital, Port of Spain. At La Savane Residences, we strive to provide a residential experience that embodies elegance, comfort and convenience. Our homes are thoughtfully designed, with modern urban living in mind,” she said.

Carr Hamilton said each unit will offer “panoramic views of the city skyline and the majestic Northern Range, combining the vibrancy of city life with the tranquility of nature.”

“This harmonious blend creates a unique living environment that is both invigorating and serene. La Savane Residences features spacious layouts, high-end finishes and state-of-the-art amenities, creating an atmosphere of sophistication and luxury,” she said.

Thomas McCartney, principal of the architecture and interior design firm OBMI, said he was excited that the project’s efforts and potential have finally come to fruition.

“La Savane Residences is the hub where you can live, work and play in the same area, which will enable the regeneration and further development of Port of Spain. It is a vote of confidence in the economy of Trinidad and Tobago and a definitive statement that we are worthy of any level of development that we can see. The development must be ours, not imported. I know I was introduced as part of an international company, but we are a Caribbean company first that has gone out into the world, so what we bring is global-local,” McCartney said.

“The La Savane Residences feature an impressive array of features. With a total of 12 floors, the building offers ample space for various purposes. Two floors are specifically designated for basement parking, providing convenient and secure parking options. Seven floors are reserved for residential units, offering comfortable and stylish living spaces. Finally, the rooftop is home to a range of recreational facilities, providing residents with opportunities for relaxation and enjoyment,” according to a press release about the project.

“There will be commercial space on the ground floor and 112 residential units. Each residential unit will consist of two one-bedroom units, six two-bedroom units and eight three-bedroom units, and the top floor will house six penthouse suites: two three-bedroom penthouse suites and four-bedroom penthouse suites,” the press release said.

The prices of the different units are as follows:

* One-bedroom apartment: $2 million (925 sq. ft)

* Two-bedroom apartment: $3 million (1,255 sq. ft)

* Three-bedroom apartment: $4.5 million (1,510 sq. ft)

* Three-bedroom penthouse: $6 million (2,155 sq ft)

* Four-bedroom penthouse for $8 million (4,175 sq. ft).

Each tenant will have two parking spaces. Amenities include an infinity pool, clubhouse, gym, jogging track and squash court.