New Ideas Floated for Waterfront, Other Project Updates Given at VIPA Meeting

The Source has this today:

May 19, 2005 -- The Port Authority Board once again got a look at what the Waterfront could be if some improvements were made. At a meeting Wednesday they heard a new twist on an improvement project that has been brought before them repeatedly over the past several years. "No one wants to carry the ball with this project, so it has been dormant for a long time," said Darlin Brin, executive director of the Virgin Islands Port Authority. According to past Source reports, the plans to upgrade Waterfront have been in the works since about 2001. (See St. Thomas Source story "Hearings to Come on Waterfront Upgrade Plans"). But Brin says it's time to take action, and has asked the Yssis Architectural Group to continue to plan improvements on the "water side" of Veteran's Drive. "Activities have significantly increased on the water side in terms of passengers," he said.

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Senators raise limit for homeownership program

From the Daily News:

ST. THOMAS - The V.I. Senate unanimously approved legislation Thursday to amend local laws to establish an upper income limit allowing blue-collar workers to participate in the V.I. Housing Finance Authority's Home and Land Ownership Program.

The bill increases the maximum household income for program participants to 3Ã? times the median personal income in the island district where the participants live. This would increase eligibility to people with a household income of $130,725 in the St. Thomas-St. John District and a household income of $104,650 on St. Croix.

The program, which was created in 1981 by the Legislature, presents affordable home ownership opportunities to low to moderate income families in the form of low-interest loans. As the program currently operates, people with household incomes ranging from $18,000 to 2Ã? times the median personal income in their district are eligible.

According to the Housing Finance Authority statistics, the median income for a person in the St. Thomas-St. John District is $37,350 and the median income for a person in the St. Croix district is $29,900. The maximum household income for people currently participating in the program in the St. Thomas-St. John district is $93,375 and the maximum household income for people in St. Croix is $74,750.

Marriott Vacation Club International Announces First Resort on St. Thomas

Marriott Vacation Club International (MVCI), the vacation ownership division of Marriott International, Inc. (NYSE: MAR), announced today the development of its first resort in the U.S. Virgin Islands on the island of St. Thomas.

Slated for occupancy in December 2006, Marriott's Frenchman's Cove is proposed to include 220 two- and three- bedroom villas on 13 waterfront acres overlooking scenic Pacquereau Bay. Initial prices range from $14,300 to $70,900 per week of fee simple deeded ownership, depending on season and floor plan selected.

"The U.S. Virgin Islands have long been requested by our vacation owners," said Stephen P. Weisz, president of Marriott Vacation Club International. "We are pleased to add another tremendous Caribbean destination for our owners and guests to experience, and St. Thomas is certainly a beautiful complement to our resort portfolio."

With designs reflecting the island's diverse European heritage and strong Danish colonial influences, the resort will offer spacious plantation-style vacation villas for owners as well as nightly rental guests. Each two- or three-bedroom villa will comfortably accommodate between eight and 12 guests. Vacationers can savor the relaxing Caribbean spirit in a deep soaking tub in the master suite, as well as other villa features including a fully equipped kitchen with granite counters, gracious living and dining areas, a washer and dryer, private balcony, multiple Sony televisions and a Sony DVD player. The new Marriott Vacation Club resort will also offer convenient access to the adjacent 504-room Frenchman's Reef & Morning Star Marriott Beach Resort.

Construction of Marriott's Frenchman's Cove is slated to begin this week and sales officially commence today.