Caribbean Producers Jamaica Limited is projecting annual income of J$300 million from the soon-to-be-opened CPJ Market on Lady Musgrave Road in Kingston.
The two-storey retail shopping and dining complex is costing J$80 million to develop, says chairman of Caribbean Producers, Mark Hart.
“The concept is the next generation of our popular CPJ Market located at Montego Freeport,” Hart said via email.
“With 4,300 sq ft on the ground floor, CPJ Market at Lady Musgrave Road will incorporate a deli, gourmet wine and spirits and retail store. The store is geared for institutional customers … primarily small-business owners, caterers, hotels and restaurateurs,” he said.
The second floor will include a 3,500-square-foot open-terraced bar and lounge, with private dining and meeting room.
“CPJ is currently negotiating with interested persons to operate this business,” Hart said of the second-floor facility.
CPJ Market on Lady Musgrave is slated for completion by midyear, giving the Montego Bay-based Caribbean Producers a physical retail presence in Kingston.
The building site, Hart said, has been leased from architect Clifton Yap, who is also handling the development.
“There was never an option to purchase the property, so in lieu the lease has been structured for 15 years with CPJ’s investment in facility build-out estimated at J$80 million. We aim to be operating by end of second-quarter 2012, with revenue projections in excess of J$300 million,” the CPJ chairman said.
Lady Musgrave Road was chosen, he said, for its strategic location.
“The LMG Road location is at the crossroads between downtown residential and business districts and the upscale residential and commercial areas. It’s a meeting point where anyone can comfortably get to. The facility is highly visible and accessible,” Hart said.
The expansion of CPJ Market into Kingston is one of several new projects being pursued by Caribbean Producers since its stock market listing in July 2011. The company raised J$420 million from the float of shares on the junior stock exchange.
Caribbean Producers is in the business of distributing wines and spirits, with the hotel sector as its main market. It also operates a food-processing plant in Montego Bay, which is being expanded by 10,000 square feet with funding from the IPO proceeds.
At yearend June 2011, CPJ reported sales of US$63.9 million and profit of US$1.12 million.