The National Housing Trust (NHT) has again placed the deteriorating Jamintel building on the market after failing to close a sale deal with another unnamed government entity which had shown interest a few months ago.
But real estate sources say that while the building appears to be a white elephant, NHT could make a sale if the agency would get serious about negotiating a deal for the seven-storey building which fronts Duke Street in Kingston and sits up the road from Gordon House.
"It is for sale, but they are not out there flagging it," said a Kingston broker who requested anonymity.
"But they would entertain an offer," the source said.
NHT Managing Director Earl Samuels did not respond to the claim in emails to his office requesting comment.
Last week the agency told Wednesday Business that it was exploring several options but that "no decision has yet been taken on how the property will be used".
When pressed on the options NHT declined further comment, but our source said that's because the housing agency has not tried to come up with a strategy.
"They don't have any development plans for it," said our source. "Every now and then they remember that they have it and try to sell it."
The NHT acquired the Jamintel building on North Street from Cable and Wireless Jamaica for $76.1 million in 2005. Initially, the agency planned to swap the building for property on Hope Road controlled by the police and used as headquarters for the police commissioner, but which is considered prime real estate for upscale residential development.
NHT planned to transform the Hope Road property, which is part of the Golden Triangle, into townhouses for young professionals.
The police, however, rejected the arrangement saying parking space was insufficient at Jamintel and that the location raised security concerns in the volatile downtown Kingston zone.
NHT put the 65,000-square foot property on the market in 2006 at a list price of $86.34 million, through brokers Century 21 Heave-Ho Properties.
In 2008, following a change of political administration, the property was taken back off the market, with NHT saying then its board was reconsidering the building's use.
Earlier in 2006, the Jamaica Fire Brigade, which was in search of new headquarters, had shown interest in the building but according to Laurie Williams, commissioner of the brigade, there were never any serious negotiations.
"We found that the space was in excess of what we needed and it was too costly to maintain," said Williams.
"It was not attractive to us as a headquarters."
The building in the meantime has been boarded up on the lower levels, is under guard, but showing clear signs of deterioration.
dionne.rose@gleanerjm.com