March 13, 2003 – Plans to rebuild and expand the old Yacht Haven Hotel and Marina won unanimous approval from the St. Thomas Coastal Zone Management Committee, the parent company of the property owner announced in a release Thursday night.
The committee "voted to grant IN-USVI's CZM permits Thursday evening after a brief meeting," the release from Insignia Nautica stated.
Insignia Nautica acquired majority interest in the derelict Long Bay hotel and marina complex from PRM Realty Group of Chicago last July.
In December, the board of The West Indian Co., which owns some 7.5 acres of landfill adjacent to the four-acre hotel property, approved a long-term lease of that land to IN-USVI for development as part of the resort rehabilitation project.
IN-USVI submitted its CZM application — 800 pages of documents — in January and made a formal presentation to the committee on March 3. The proposal calls for the development of a new hotel and marina, retail and commercial facilities, and a boardwalk-style esplanade linking Havensight and Yacht Haven to downtown Charlotte Amalie. It also includes the rehabilitation of a public park at the west end of the WICO land.
CZM program director Janice Hodge told the committee that her staff found the redevelopment project consistent with the goals of the CZM program, the release stated. It quoted her as saying that "the granting of this permit for the proposed activity will clearly serve the public good, will be in the public interest and will not adversely affect the public health, safety and general welfare."
"This is a crucial step toward achieving final approval of this project," Andrew L. Farkas, IN-USVI chief executive, said. "We will continue to move ahead with our plans."
He said his company looks forward "to being a good neighbor and helping to enhance the territory's marine and tourism industries."
Plans call for razing all of the existing structures of the old hotel, which has stood largely abandoned since Hurricane Marilyn devastated the site in 1995. A local bank acquired the hotel and marina in bankruptcy proceedings and the property has changed hands three times since then.
Insignia Nautica announced earlier this month that its parent company, Insignia Financial Group Inc., has entered into an agreement to be acquired by CB Richard Ellis, a Los Angeles commercial property management firm. Insignia officials have said the planned corporate acquisition "in no way affects plans for the Yacht Haven development."
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