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.