Caymanas Economic Zone

Overview
The Government of Jamaica proposes to develop a Special Economic Zone with an Independent stand-alone energy source and integrated port facility under a public-private partnership (PPP) arrangement.
 
This Special Economic Zone, proposed for the Caymanas Estates lands, will consist of 1500 acres of prime real estate, situated at the confluence of the major population centres of Kingston, Spanish Town and Portmore, of which 40 acres have been marked for the development of phase 1 of an Information and Communications Technology (ICT) Park. Interested partners are being sought to undertake the financing and management of the Economic Zone.

Caymanas is ideally located for a technology park development the following reasons:

  • It is located 40 minutes from the Norman Manley International Airport with excellent public transportation and access to the island’s Highway 2000.
  • Modern shipping and trans-shipment services are less than 10 minutes away at the Port of Kingston, which is all underpinned by a sophisticated world-class telecommunications backbone.
  • Proximity to Kingston, the national capital with an estimated population of 580,000, offers the region’s premier transportation centre as well as 146 schools, six management institutes and four universities.
  • Portmore is the largest middle– income dormitory community in the English-speaking Caribbean with over 265,000 residents, many of whom have post-secondary education.

Project Concept
The ICT Park will house facilities for Software Development, Telecommunications/Co-Location sites, Bio-Technology, Business Process Outsourcing (BPO), IT/Security Consultancy and Network Operations Centre (NOC). It will be constructed on 40 acres of land with 1,200,000 square feet of production space hosting 12,000 seats and up to 21,000 jobs.

The Zone will operate as a Freeport/multi-use facility catering to the ICT, Manufacturing and Agro-processing sectors. The Zone will be the first large scale integrated industrial zone in Jamaica, with particular emphasis on manufacturing, logistics management, transshipment, dry-docking, and services (ICT/BPO operations included) under the ambit of an integrated industrial zone.

There are also plans for the development of several product-and-service differentiated zones: Business Incubators Industrial Zone, Recreational Parks, Utilities/Infrastructure Warehousing. The Zone will also include numerous support services including banking, training, retail, maintenance, and health, air, road rail and sea access to the facility.

Project Costing
Total investment for completion of buildings is estimated at approximately US$ 90 million. The typical cost to build a facility is estimated at US$75 per square foot with an additional US$75 per square foot for fit-out. Investment for infrastructural works is a projected US$120 million. The target rental rate is US$10 per square foot per annum. Typical time-to-build is 8 - 16 months.