3 weeks ago
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A 19th-century Georgian style property with ties to the Devon House estate has entered the market, with sellers asking US$3.4 million or J$550 million for just over half an acre. The price, among the higher end of listings, is being pitched as commercial real estate and reflects Kingston’s wider shift from verandas to vertical tower developments.
The nearly 30,000 square foot parcel – about six tenths of an acre – at 4A Waterloo Road is listed by Jamaica Sotheby’s International Realty and includes a Georgian main house and garden cottage.
Its proximity to Devon House, the 19th-century mansion built by George Stiebel, Jamaica’s first black millionaire, lends the site a heritage aura, though it is not part of the official historic landmark. While not designated a heritage site, the property retains classic Georgian architecture, a second cottage, a fountain, and yard space. Surrounded by new towers and embassies, it sits squarely in the path of Kingston’s transformation.
The development of vertical structures in Kingston signals a strong economy, said Julian Dixon, CEO at Jamaica Sotheby’s International in a Financial Gleaner interview.
“Like any capital city worldwide, towers overshadow traditional veranda homes. Not only do we see the city going vertical, but also pricing increasing per acre. And these properties are selling.”
A decade ago, an acre in the Corporate Area sold for about US$1 million. Today, prime parcels command close to US$6.5 million, a sixfold rise. Apartments are mainly purchased by investors and young professionals as they aspire to townhomes and houses, said Dixon. A trend that mirrors Panama City and Santo Domingo, where vertical skylines dominate.
The shift began with 20 South, the landmark high-rise developed by Arthur Von Strolly and opened in 2018, setting a precedent for luxury vertical living in the area. Other complexes along Waterloo Road, Trafalgar Road, and New Kingston have since reinforced the trend, attracting expatriates, investors, and professionals seeking secure, amenity rich residences. Projects from developers such as Ripton have pushed the skyline toward 20 storey towers.
Dixon acknowledged that planning changes allowing higher density per acre were critical in the 2000s, but stressed that it required investor vision.
“He pushed for it with clear proposals, outlining the direction of the city, and waited some three to five years to make his point,” she said of Von Strolly. “He started to sell at the highest price point, and the market followed.”
Preservationists lament the loss of traditional Caribbean Georgian homes with open windows, arches, and verandas. Dixon agreed balance is needed: “Not every neighbourhood can or should welcome high-rise developments. Even Miami has beautiful communities where towers are not allowed”. But preservation takes money.
“In a rapidly growing economy, preservation is expensive,” she added. “Ownership in these communities comes with a hefty pricetag.”
She cautioned that government infrastructure must keep pace. Water and roads need to follow the developments, she said. Not just for the present, but for future planning. “We do not need four lanes roads, we need eight lanes. It is time to plan for the future,” she added.
Looking back at the Waterloo Road property, the lot was originally part of “Devon Pen”, which included the historic Devon House estate, according to agent Gail Young of Sotheby’s. The centrally located parcel features 160 feet of road frontage along what is becoming St. Andrew’s coveted “Embassy Row”. Young described it as a prime location offering proximity to New Kingston’s business district, Liguanea’s shopping, and other hubs.
In the decades following Jamaica’s independence, Kingston underwent one of the Caribbean’s most dramatic urban transformations, a sweeping conversion of residential neighbourhoods into office towers and commercial complexes that reshaped the capital’s identity and economic geography. The metamorphosis accelerated in the 1960s, as population pressures and economic ambitions collided with Kingston’s colonial era residential fabric.
English (US) ·