Luxury-brand stores lay claim to space at Yacht Haven Grande

The V.I. Daily News is reporting:

ST. THOMAS - While construction on the Yacht Haven Grande development continues, a long list of high-end tenants are preparing to move in.

Lease agreements have been reached with several retail and jewelry stores, including Louis Vuitton, BCBG Max Azria, Roberto Coin, Tommy Bahama, Little Switzerland, Body Deli, Jewels, Diamonds International and Sunglass Hut, said Elie Finegold, vice president of Yacht Haven USVI, which owns the $150 million marina and retail development

in the heart of St. Thomas.

The stores are planning to open in late 2006 and are just the first of many more stores to come, he said.

"I'm very excited about the tenant mix," he said. "It's reflective of what we want to provide, which is world-class, first-rate quality."

More here.

Yacht Haven Grande

I didn't know that a company from the UAE was a partner in the new Yacht Haven:

"Istithmar PJSC, a leading investment house based in the UAE, focusing on private equity, real estate and alternative investments, has announced that it has closed on the acquisition of another internationally recognized landmark property, 230 Park Avenue in Manhattan...

Istithmar has invested in a US$200 million mega-yacht oriented mixed use real estate development in the US Virgin Islands."

They have a new website up for Yacht Haven (at least one I have not seen yet). I don't know why people have to add this silly "Grande" after everything... to me it cheapens the whole effort. Who are you appealing too using that kind of language?

Golden gets additional time to secure money for resort

The V.I. Daily News is reporting:

ST. THOMAS - The Public Finance Authority on Monday gave New Jersey-based developer Paul Golden additional time to get his finances in place for the $120 million resort and casino he plans to build on St. Croix's south shore.

The PFA governing board's members voted unanimously to extend Golden's deadline to April 5. If Golden's company, Golden Gaming, misses the new deadline, he risks losing out on the V.I. government's guarantee of an additional $32.5 million investment in a 12,000-square foot convention center proposed for the resort.

The government funding hinges on whether the company can line up 80 percent of the financing to complete the resort project, which includes a 400-room hotel, a spa and an 18-hole golf course near Great Pond.

There is a lot of interesting stuff in the article, with Golden hinting that he has lined up a major hotel name to manage the property. I don't know if I would trust comments like that but you never know.

Group Still Waiting to Hear from Turnbull on Vessup Purchase

From The Source:

Nov. 7, 2005 – Despite not having heard any word from Gov. Charles W. Turnbull, the Red Hook Community Alliance has decided to hold off on seeking a court decision ordering the government to purchase Vessup Beach.

At a July meeting, the alliance’s members had decided to seek the writ of mandamus if Turnbull had not responded to them by Sept. 30 concerning the purchase of the beach.

The organization has been trying for more than a year to prevent the sale of the beach to a mainland developer and had gained some victory when the Senate adopted a law to acquire the beach through eminent domain with an override of the governor's veto. However, Turnbull has yet to comply with the law or to communicate to the group despite its repeated attempts to speak with him.

"We're holding off on the writ of mandamus because we were told that every indication shows that the administration will move on the purchase of the beach," Andrea King, RHCA president, said at a meeting Monday evening. "I'll be communicating with the attorney general to find out where things stand."

More here.

Group seeks to build parking garage downtown

From the V.I. Daily News:

ST. THOMAS - A group of St. Thomas business professionals is trying to deliver what downtown Charlotte Amalie has needed for years - a parking garage.

Creating more parking is one of the most critical elements in improving downtown, said James Armour, owner of Royal Dane Mall and International Plaza, and member of the nonprofit Charlotte Amalie Revitalization Effort.

Armour, along with a group of developers, business leaders, and community activists on St. Thomas, recently formed C.A.R.E to spearhead restoration and economic revitalization projects in downtown.

A major goal for the organization is to build a three- to four-story parking facility, offering 325 spaces, sometime next year, Armour said.