VirginIslandsDailyNews.com published an article describing the changes coming if the 3 major hotel-casino developments working through the planning process are built. Here are some excerpts.
“With a Senate committee’s passage of the Robin Bay project’s Coastal Zone Management permit Friday — and its likely approval once when it comes before the full body of the Senate — three major hotel-casino developments on St. Croix appear to have their permits in order.
“If all of the projects — Robin Bay, William and Punch, and Golden Resorts — move forward and receive the necessary federal permits and backing of financiers, St. Croix island is destined to change dramatically.
“At the moment, Divi Carina Bay Resort — with 180 rooms in its beachside hotel — is the largest hotel on St. Croix. Each of the proposed developments would have hotels that would match, if not dwarf Divi’s. Robin Bay’s Seven Hills Beach Resort would add 870 rooms on its own.
“As a result, the new developments would double the number of rooms on the island — as well as add a number of other amenities, such as three additional casinos and golf courses, a marina, a water park and myriad restaurants, shops and condos.
“With the presence of flagship hotels and a plethora of rooms, air traffic could increase and flights might be cheaper, with more airlines competing for passengers.
“Based on developers’ estimates, construction could exceed $2 billion, and senators have made it widely known that they expect as many of those construction jobs as possible to go to local residents.
“While St. Croix’s resort makeover still has issues with financing and permitting, for the first time it looks as if the push to develop the island is moving forward. William and Punch will most likely be the first to break ground, with Robin Bay riding their coattails six months behind. Both have two-year construction periods, meaning they would not open until early or mid-2013. The status of Great Pond Bay remains up in the air until it can work its way out of court and into some financing.”
The prices now of real estate in St Croix are the lowest in the Virgin Islands. This is a great opportunity to invest before the changes force real estate appreciation, which they undoubtedly will. Stop by one of our Coldwell Banker St Croix offices to discuss how you can take advantage of this growth opportunity.
Read more at VirginIslandsDailyNews.com.