Developer inks $9M Cabrita Point land deal

ST. THOMAS - Miami developer Alfredo Lowenstein has closed on 26 acres of undeveloped land on Cabrita Point in a deal worth approximately $9 million.

Lowenstein has partnered with The Ritz-Carlton to build three more of the hotel's luxury timeshare buildings on a 10-acre tract beginning at the entrance to the East End peninsula. Four Ritz-Carlton Club timeshare buildings currently are adjacent to the hotel.

The developer also plans to build high-end residential homes on the remaining 16 acres, which span dozens of undeveloped lots on Cabrita Point.

"Basically, he bought most of the open land left on Cabrita," said Michael Lampe, a real estate broker who handled the 26-acre purchase for Lowenstein.

Click here for the whole article