Construction of the Morant Bay Urban Centre in St. Thomas is set to begin in the first quarter of the new financial year.
Lyttleton 'Tanny' Shirley, Chairman of the Factories Corporation of Jamaica, who has admitted to delays, explained that they were necessary in order for due diligence to be conducted.
He said the Goodyear property was found to be favorable for the type of development to be undertaken.
Shirley said as part of the preparatory works, a feasibility study was conducted and the project found to be financially viable. In addition, prospective clients were engaged to ascertain their requirements in the development.
He said there is now close to 100 per cent demand for space at the Morant Bay Urban Centre.
It is being constructed based on a Joint Venture Agreement between China Harbour Engineering Company (CHEC) and the Factories Corporation of Jamaica (FCJ).
CHEC will assume 30 per cent equity in the project and be responsible for the project's engineering works.
The Factories Corporation's investment will be its land equity.