Development

Senate Committee Approves Long-Term Lease to Revive Derelict Crystal Gade Property

A long-vacant, government-owned property in St. Thomas’s historic district is set to undergo rehabilitation following approval last week of a new lease agreement by the Committee on Budget, Appropriations, and Finance. The committee approved a 30-year lease between the Government of the Virgin Islands and DM Hospitality, LLC, allowing the company to repurpose Parcel No. 2 Crystal Gade and a portion of Parcel No. 3 Crystal Gade in Queen’s Quarter for commercial use centered on food, beverage, and related operations. According to Vincent Richards, assistant commissioner in the Department of Property and Procurement, the leased parcels include a two-story building that will serve multiple functions. “On both properties sit a two-story building where the lessee will operate a food and beverage management company with a bakery and deli, jewelry management services and other related purposes,” Richards told the committee. The lease carries an annual rent of $12,000, with an option for ex...