Real estate investors buy stake in Annaly Bay

The VI Daily News is reporting:

"ST. CROIX - St. Croix is poised for more development at Annaly Bay on the northwest end of the island.

Throgmartin Co. announced Tuesday that it has sold 1,100 of the 2,500 acres of its Annaly Bay property to a newly formed company called Annaly Bay Resorts LLC. The company is made up of a group of California-based real estate investors.

Neither company released the purchase price.

Last November, Florida-based Throgmartin purchased 2,500 acres at Annaly Bay from local developer Jake Jacobus, who owns Carambola Resort, for an undisclosed amount of money.

In December, Throgmartin unveiled a master plan for a $500 million mega-resort and residential community to be developed over a 15-year period.

Throgmartin officials said they plan to develop only 1,327 of the 2,500 acres it purchased and would leave 70 percent of the 1,327 acres developed as green space, or natural open space."

There is more here. This is pretty exciting - it is great to see news about possible development on St. Croix.

DPNR says it did not approve three-story Enighed condos

This news is a bit old already, but worth posting:

"After receiving an order to halt construction this week on a major condominium project in Estate Enighed on St. John, workers will be able to resume building today - but only partially.

The Sirenusa Residences project came under scrutiny in recent weeks after drawings provided to its listing real estate broker showed three- and four-story structures were planned there. The area's zoning allows residential one- and two-family dwellings no more than two stories high.

The project received a special group-dwelling permit from the V.I. Department of Planning and Natural Resources in September 2004 to construct 40 living units in 29 buildings on slightly less than 5 acres of land."

That was from the VI Daily News, there is more of the article here.

Andy's Mystery Marina Job

Interesting tid bit in the NY Post (not a rag I have much confidence in personally):

"May 1, 2006 -- Andrew Cuomo, the front-runner in the state attorney general's race, works for a little-known real-estate banking firm - and his decision to keep coy about some of its investors has his rivals raising questions. The firm, Island Capital Group, is Cuomo's main source of income.

A major Island project is Yacht Haven Grande, off St. Thomas in the Virgin Islands.

Other projects, according to Island Capital's Web site, include a partnership with Dubai to manage all of that country's marinas and create a home-mortgage system there.

Cuomo initially told The Post that Island has a small number of investors besides founder Andrew Farkas, but said he did not know who they were.

Later, after speaking to Farkas, Cuomo aides said Farkas and another official are the only partners.

But they didn't provide the names of investors in Island Global Yachting, which Island Capital formed to develop many marina projects.

Cuomo's job description is unclear. Last week, he repeatedly described himself as an "employee" and said he had no title.

Mark Benoit, spokesman for Cuomo rival Mark Green, said Cuomo's father, Mario, "set the standard" when he was elected for demanding full disclosure and it's "disappointing . . . that Andrew Cuomo doesn't share that principle."

Cuomo said he'll make his finances public when he is formally a candidate. Aides said he'll leave Island this month."