The Lake family are developing a shopping and shopping center on the corner of Waterloo and Hope Road, Kingston – opposite Devon House – which was once used to store cars for sale.
The complex, which is under construction, will include a mix of office and retail space for rent.
“We are building a multipurpose space to house two quick-service restaurants on the ground floor and a commercial space on the upper floor. Lake Group will use some of the space,” Restaurants Associates CEO Lisa Lake Epstein said in response to financial gleaner requests.
The project is expected to be completed in the third quarter of this year, Lake said.
The Lake family operates a range of businesses, including Restaurants Associates Limited, which owns the rights to franchises such as Burger King, Popeyes, Little Caesars and Dessert Bar, and operates in Jamaica, Trinidad and Tobago and Barbados. The group employs more than 1,500 people in the three islands and its turnover exceeds 100 million dollars a year, according to information on its website.
The new complex is close to the offices from which the group operates on Hope Road.
“As a group, we are always on the lookout for good locations. In addition, our headquarters are located a few steps away. So, in addition to the intersection being one of the busiest in Kingston, it has additional strategic value for us,” Lake said.
She declined to disclose the size of the investment in the Waterloo complex, but said JMMB was a financial partner in the development.
The land is owned by the lakes through a company called Caribbean Resources Limited. Its shareholders include Kenneth Sherwood, Lois Lake Sherwood and Aerocon Construction Limited, according to documents filed by the Companies Office of Jamaica. The directors of Aerocon are Richard Lake and Lois Lake Sherwood, president of Restaurants Associates.
For the past two decades, the property has been used for the occasional soca party, as a parking lot, and later as a general warehouse.
In 2018, there was a standoff at a property, which was then being used by car dealership Dwight Moore to store vehicles. During the forced removal of the vehicles, Richard Lake told the media that the property had been acquired by Caribbean Resources Limited at public auction for $190 million.