Date: December 10, 2003
Contact: Angela Johnson
Phone: 340-773-6449
angelaborchert@yahoo.com
LT. GOV. ENDORSES THE VI GOVERNMENT PARTNERSHIP WITH CARAMBOLA FOR
THE STIMULATION OF ST. CROIX'S ECONOMY
Lieutenant Governor Vargrave Richards, in keeping with his commitment
to focus on the economic development of St. Croix, announced today that
after months of intensive negotiations the Virgin Islands Government
has entered into a Limited Partnership Agreement with JS Carambola,
LLLP.
The agreement, signed recently by Governor Charles Turnbull, provides
for the acquisition, expansion and restoration of Carambola Beach Resort
- subject to ratification by the 25th Legislature.
JS Carambola agrees to invest approximately $41.5 million in the property.
The Government, in turn, will receive a 25-percent limited partnership
interest without any financial investment on its part.
The Carambola Beach Resort upgrade will include the creation of 100
new hotel rooms and the complete restoration of all remaining rooms,
bringing the resort's total room capacity to 256. In addition, the project
will include the construction of a state-of-the-art conference center
of nearly 15,000 square feet; a casino with a gaming floor of about
12, 500 square feet; and the development of a luxury spa facility.
"The key to economic development in the Virgin Islands is to grow
our economy through public-private sector partnerships," Lieutenant
Governor Richards said. "This partnership is a win-win for the
people in the territory, especially given the dire economic situation
on St. Croix. The economic impact of this project will be tremendous."
In addition to the 95 jobs that presently exist at Carambola, more
than 100 additional full-time jobs will be created; and outside of resort
employment, more than 100 construction jobs will be created during the
duration of the project.
"The bottom line is this is a vitally needed project," Richards
said. "It means immediate economic stimulation for St. Croix, and
a much needed expansion of hotel room capacity. More hotel rooms will
inevitably attract more airlift to the island.
