The V.I. Housing Finance Authority has purchased almost five acres of land in the heart of Coral Bay to build more affordable housing on St. John, Director Clifford Graham confirmed Tuesday.
He said the price of the land, purchased from the Moravian Church Virgin Island Conference, was $2 million. The deal closed in September.
“We had an opportunity for future development on St. John,” Graham said.
The property is located on Centerline Road where it meets Route 107 and is zoned R-2, residential low density (one and two family).
While no concrete development plans are in the works, Graham said it’s probable the five acres will be used for 28 to 30 townhouses or duplexes. He said they will “more than likely” be sold in the Authority’s home ownership program.
Graham said he had no idea when ground would break for the project.
Graham said that historic ruins in the area sit on land still owned by the Moravian Church.
Sharon Coldren, president of the Coral Bay Community Council, said she welcomes the Authority’s plans.
Stuart Smith, the Planning and Natural Resources planner who works on St. John issues, hasn’t heard anything official about the project.
“But it will end up on my plate sooner or later,” he said.
According to Graham, the Authority still has 20 of the 24 homes left to sell at Calabash Boom affordable housing. He said the two of the 24 homes were sold and two have sales pending. However, he said the Authority is working with other applicants to find subsidies so they can purchase the homes. The price is $295,000.
All the units have three bedrooms.
The units sit adjacent to rental units built by Reliance Housing, which also operates the Bellevue Village affordable housing community on Gifft Hill Road.
Graham said Calabash Boom’s location on St. John’s southeast end—and far away from Cruz Bay—has impeded sales.
“Especially if you work on St. Thomas,” he said.
