Coral Bay School purchases Gifft Hill site for new campus

By TANYA MANNES
Monday, June 28th 2004

After a three-year search for a suitable campus, Coral Bay School sealed a land deal last week - a major step toward becoming St. John's first preschool through 12th grade educational institution.

The deal comes on the heels of Coral Bay's announcement that it is merging with Pine Peace Elementary School.

Coral Bay has purchased 8 acres on Gifft Hill from Florida-based developer Reliance Housing Foundation, a nonprofit group that began construction this week on an affordable housing community in Estate Bellevue, St. John.

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Vacation timeshares for the 'middling rich'

This is an article from CBNC that makes mention of the Ritz Carlton Club on St. Thomas - read it here.

2.3 Million...

Frank Barnako is reporting this is the average price of a home on St. John - check out his site for more info!

Construction begins on St. John affordable housing project $20 million Bellevue Village duplex community will offer lower rents to qualified applicants

By TIM FIELDS
Thursday, June 24th 2004

Florida-based Reliance Housing Foundation began construction Wednesday on 36 affordable housing units in Estate Bellevue, St. John.

Reliance's $20 million Bellevue Village project off Gifft Hill Road will offer 72 duplex units to qualifying renters. Rents will be set at $524 for an 849-square-foot one-bedroom unit and $722 for a 1,479-square-foot four-bedroom unit. The project will be finished in early 2005.

"Affordable housing is overdue on St. John," said Bernadette Crummer, St. Thomas office manager for Reliance, a nonprofit affordable housing provider.

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Frank Barnako's Real Estate Report

"Summer has begun, and some in the business are taking vacation.  Others, however are selling.  Inventory of residences on the Multiple Listing Service has risen by 2 to 37 since May 30..  

Here's a summary: A 2-bedroom, 2-bath frame Chocolate Hole house came off the MLS.  It had been priced at $1.15 million and is located along Great Cruz Bay Road, with access to the beach.  A 3-bedroom, 3-bath, 3-million residence, also at Chocolate Hole, also dropped out, perhaps because it was sold.  The property was built in 1968."

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Mahogany Run Golf Course is sold to Florida company for $17 million

ST. THOMAS - The Ginn Co., a Florida-based real estate development corporation, has purchased Mahogany Run Golf Course and 95 undeveloped acres nearby from Contran Resorts Inc. for $17 million.

"This is a one-of-a-kind golf layout and experience in one of the most picturesque locations in the world," said Rich Hohman, executive vice president of asset development for The Ginn Co.

The Ginn Co. is a private corporation that is developing nine resort communities in Florida that it owns and one in South Carolina, according to the company.

Officials with Dallas-based Contran Resorts did not return telephone calls Monday seeking their comment on the sale. Contran Resorts bought the golf course in 1994.

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After affluence, destruction and rebirth, 60 years of federal control nears end

WATER ISLAND - In 1944, the U.S. government purchased Water Island with the intention of erecting a military fort to help defend its naval base, Roosevelt Roads, in Puerto Rico.

Ever since, the federal government has held onto large swaths of land even though it has had no use for the island since abandoning it as a chemical weapons testing site in 1952.

On Thursday, the U.S. Interior Department announced it is ready to hand over the last 200 acres it owns on the 500-acre island, bringing 60 years of federal control to a near close.

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Frank Barnako's Real Estate Report

Inventory is at a three-month low.  Only 35 residential properties are on the Multiple Listing Service this week, two less than last week.  No properties were added to the list.  Sales people will tell you it's tough to do business from an empty cart.

Houses removed from the MLS included a 2-bedroom/2.5-bath at St. Quaco and Zimmerman, listed for sale at $975,00.  It went on MLS in mid-April.  Also un-listed was a $1.6 million 3-bedroom, 3-bath home (pictured at left) with a 24x20 foot pool.  The property at Gifft Hill and Regenback was first offered last year.

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Bill to build 2,500 affordable homes gets nod from Senate Committee

ST. THOMAS - The Senate Housing, Parks and Recreation Committee has approved a bill that seeks to build 2,500 affordable homes territorywide during five years.

The Homeownership Act of 2004 would allow developers to use government-owned land to build a range of residential units from condominiums to single-family homes.

"The legislation will provide work, will provide homes and hopefully a better society," said Sen. Emmett Hansen, the committee's chairman.

The Housing Finance Authority would oversee the program, conveying for free government-owned land to developers, who then would build the homes.

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