CHARLOTTE AMALIE, US Virgin Islands – Amidst the global coronavirus pandemic, the Virgin Islands Economic Development Authority’s EDC Program continues to promote economic growth and job creation by approving tax incentives to attract a $25 million capital investment projected to create at least 45 new full-time jobs over a multi-year phased development.
On Thursday, May 7, 2020, the Virgin Islands Economic Development Commission (“VIEDC”) governing board unanimously approved an application from By-the-Sea Resort Properties, LLC to receive incentives to open a new 68 key independent boutique resort within the 397-acre enclave of The Preserve at Botany Bay, located on the west end of St Thomas.
“We are delighted to see investors remaining interested in investing in our Territory despite the pandemic,” said Kamal I. Latham, chief executive officer (CEO) of the Virgin Islands economic development authority. “This exciting new project in St. Thomas’ scenic Botany Bay reflects a significant vote of confidence in our Territory,” added chief executive officer Latham.
By-the-Sea Resort anticipates it will make a minimum capital investment of $25 million in the three-phase development project. Representatives of this hotel anticipate hiring at least 45 full-time employees upon completion of the hotel.
Jesse Ferrer, owner of the Hotel, projects construction to commence next year. “We anticipate that construction will begin in July 2021. Receiving an approval of the application for tax incentives is a critical step for this project in Botany Bay and, more broadly, the USVI. It shows that even during this uncertain time the USVI economic climate remains open to investment and, as an optimist, I think the tourism future for the territory is a bright one,” said Ferrer.
“The Hotel will encompass individual cottages and will be constructed to preserve and celebrate the existing flora and fauna. We believe it will be particularly attractive to visitors seeking to have units that are separate from each other and in a serene and breathtaking natural environment,” added Ferrer.