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For Sale Sapphire Beach, Rem 11 Smith Bay EE, St. Thomas, St Thomas U.S. Virgin Islands 00802

The Investment

Prime Investment / Development Opportunity at one St. Thomas' finest and most popular beaches.

Property Details

(Amenities)

  • 23 acres, zoned R-3, mostly undeveloped.
  • 2,700 linear feet of beach ownership (shoreline).
  • 15,000 Sqft Beach-side Venue. Partially finished. Multi-Use.
  • Pool Bar/Restaurant site located on dramatic beach point.
  • On-site Reverse Osmosis Plant
  • On-site Waste Management Facility.
Lat./Long. 18.335528, -64.851528

Land Aerials

Sapphire Beach, St Thomas U.S. Virgin Islands.

Take the Tour!

Undeveloped Land

23 +/- acres zoned R-3 allowing for Residential / Condo / Hotel and many other Medium Density uses.

Location Summary

USVI / St. Thomas

Saint Thomas is one of the Virgin Islands in the Caribbean Sea and, together with Saint John, Saint Croix and Water Island form a constituent district of the United States Virgin Islands (USVI), an unincorporated territory of the United States. Located on the island is the territorial capital and port of Charlotte Amalie. The island has a land area of 32 square miles (83 km2).

The economy of the United States Virgin Islands is primarily dependent upon tourism, trade, and other services accounting for nearly 60% of the Virgin Island's GDP and about half of total civilian employment.

USVI / St. Thomas Demographics *2010 Census

  • USVI St. Thomas
  • Population 104,000 51,000
  • Total Households* 40,648 24,000
  • Median HH Income* $37,254 $38,232
  • *2010 Census
St. Thomas Tourist Visitors (2016)
  • Stay-Over Visitors………………646,000
  • Cruise Passengers………………1,694,100
St. Thomas/St. John Accommodations (2016)
  • Number of Hotels…………………….. 27
  • Hotel Rooms……………………….. 2,923
  • Occupancy Rate ……………………59.9 %

Hotel Development Act:

The Virgin Islands Hotel Development Program is designed to assist in the development of hotels, resorts and related hotel facilities to increase opportunities in tourism enterprises in the U.S. Virgin Islands so as to facilitate and to accelerate opportunity for employment in these enterprises, particularly of unemployed and underemployed residents of the jurisdiction in which the hotel investment is to be made.

The USVI Legislature adopted the Hotel Development and Finance Program in 2011. The program allows for the use of future gains in hotel room occupancy taxes and casino taxes to assist in the development areas which would not happen solely through private investment in the reasonably foreseeable future. Monies generated from the Hotel Development and Finance Program are deposited into a separate hotel development and finance trust fund which is established for each approved project. Funds allocated and deposited into the hotel development and finance trust fund are from the hotel and casino taxes generated from the approved project.

The expanded Hotel Development Bill, No. 33-0104, signed into law on Oct. 7, 2019 allows hotel developers to channel a percentage of room revenue to finance renovating existing properties and building new hotels.

Administered through the U.S. Virgin Islands Economic Development Authority (USVIEDA), the bill was created to encourage and promote economic growth in the Territory and incentivize construction of new hotels and resorts including commercial and other related facilities. Under the new law, up to 100 percent of revenues generated from the existing 12.5 percent occupancy tax, plus 100 percent of the gross revenue generated from the newly created Economic Recovery Fee, which is up to 7.5 percent of the hotel guest bill, may be allocated to finance new hotel construction or a renovation project. Hotel developers would be able to utilize these funds to assist with debt service by leveraging financing for new development or property repairs and improvements.

Tax Incentives:

ECONOMIC DEVELOPMENT COMMISSION

The EDC seeks to attract a variety of different business to the territory including but not limited to manufacturers, high-technology assembly companies, pharmaceutical companies, hotels, service businesses such as call centers, consulting companies, and financial services companies, including hedge funds and money managers.

The goal of the EDC is to provide the necessary incentives for business expansion or relocation to the USVI. In return for such incentives, EDC beneficiaries must commit to meeting certain requirements on an annual basis. The requirements include, among other things:
  • Making the statutorily required capital investment in a new business;
  • Hiring a minimum of five to ten employees (dependent upon the type of business) who have been residents of the U.S. Virgin Islands on the date of hiring;
  • Procuring goods and services locally; and
  • Contributing to local charitable organizations.
Companies who are granted benefits under the USVI EDC program can qualify for the following incentives:
  • 90% credit against corporate income tax due on income derived by the business granted benefits;
  • 90% credit against personal income tax due on distributions from the business granted benefits for bona fide resident owners of the U.S. Virgin Islands;
  • Reduction in the customs duty from the standard 6% to 1%;
  • 100% exemption from excise tax;
  • 100% exemption from real property taxes due on property used in the business;
  • 100% exemption from gross receipts tax (currently imposed at a rate of 5%)
  • Tax reduction on royalty income from software developed in the USVI and sold to non-US customers

For details about this property

Contact us!

James deWinter

+1 917 882 8632

Our Office

JLL Puerto Rico Realty & Co., S. En C. | License Number: E-297

27 Gonzalez Giusti Street Suite 101, Guaynabo PR 00968

+1 787 777 5800

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