In February 2014, the Financial Services Commission bought at least 14 parcels of land in the Kingstown area just northwest of the Cedar International School from businessman Elton Leonard for $4.5 million, according to records at the Land Registry.
That land was purchased for the FSC’s new headquarters: The financial regulator states in its 2015 budget report that it bought six acres of land in the area in early 2014 and that the site will “consolidate and house the new home of the commission.”
The FSC report also states that the agency currently occupies roughly 35,000 square feet of office space in three adjacent buildings and 5,000 square feet of offsite storage space, which is insufficient due to the “growing need to accommodate more staff to carry out our mandate, and positively impact the office environment and promote greater workspace satisfaction.”
The FSC’s 2015 budget report states that $300,000 was allocated that year for “pre-construction expenses” such as site testing, preliminary designs and development plans, but the 2016 budget makes the exact same statement and budgets the same amount for the same work.
The FSC did not answer questions about whether that preliminary work has been finished, how much the total project is expected to cost, or when the agency hopes to begin construction, and the regulator did not provide any other details of the development.
“We are at very early planning stages with respect to this land development and cannot provide any timelines and budget numbers at this time,” FSC Deputy Director Jennifer Potter-Questelles stated in response to a Beacon inquiry on the issue.
An official at the Town and Country Planning Department said that no development applications have been filed by the FSC for the project site.
Mr. Leonard, whose businesses include Bobby’s Supermarket and U.P.’s Cineplex, did not respond to requests for comment for this story.
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