Castries Carpark Facility Ltd.
New multi-storey car park to ease congestion
Castries Car Park Facility Limited The Castries multi-storey, multipurpose facility project was initiated by the Government of Saint Lucia and has since become a project of the National Insurance Corporation (NIC) and the National Insurance Property Development Company Limited (NIPDEC). A feasibility study was submitted to the Government of Saint Lucia in October 1996 and a revised feasibility study was submitted in October/November 1997. Since then, negotiations have been held among NIPDEC, the NIC and the Government of Saint Lucia. As a result, a Special Purpose Company, Castries Carpark Facility Limited, was formed with NIC and NIPDEC as the shareholders.
Justification for the Car Park Facility The City of Castries is the main anchor and focus of an urban region that stretches to Gros Islet. All the main Government offices, most of the shopping centres, the majority of professional, banking and other commercial services offered on-island are located in Castries. Consequently, like all other capital cities in the region, it accommodates more than twice its resident population during the daytime. This multi-storey carpark facility is one of the strategies for easing the traffic congestion by providing safe parking spaces in the overcrowded capital city. It is also proposed that the Company be given the responsibility for the operation of a paid on-street parking voucher system within the city of Castries. The Carpark building is a six (6)-floor multi-purpose facility comprising 156,300 sq ft and located at the southern end of the Graham Louisy Administrative Building in Castries. It offers an integrated mix of accommodation for car parking, commercial activity and offices as follows:
- Three hundred and twenty-one (321) car parking spaces.
- Rental area of nineteen thousand, eight hundred (19,800) sq ft for offices.
- Rental area of fifteen thousand, eight hundred (15,800) sq. ft. for commercial activities including a food court area, supermarket, post office and an open-air terrace on the roof of the building. The project was constructed under a turn-key arrangement by NIPDEC.
The technical team on the project follows:
- Architects – NLBA/IAP
- Civil Engineer – Thomas Walcott
- Mechanical & Electrical Engineers – Francis & Francis
- Quality Surveyors – Skinner Harper & Dolcy
The cost of the project is estimated at EC$23.8 million dollars. The proposed financing mechanism of the project was a mix of debt to equity in a ratio of 60:40. The debt financing was provided by a commercial Bank and the National Insurance Board at a fixed rate and repayable over a fifteen- year period. The equity will be raised through the Company which owns and manages the facility with shareholdings as follows: NIS 85%, NIPDEC 15%.