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GERS Proposes Massive Development in Coakley Bay - STX

(@gonetropo)
Posts: 428
Reputable Member
Topic starter
 

Did this just slide under the radar? No one at the meeting questions or opposes it!

So, a hotel group comes to STX and they are taken through the ringer for years until they finally succumb and leave and this is O.K., no questions?

http://stcroixsource.com/content/news/local-news/2013/07/25/gers-proposes-massive-development-zoning-hearing

 
Posted : July 31, 2013 10:38 am
(@JulieKay)
Posts: 1341
Noble Member
 

Government employee retirement center in Coakley? Ugh. I don't like this. That's a beautiful and sensitive area.

 
Posted : July 31, 2013 11:02 am
(@divinggirl)
Posts: 887
Prominent Member
 

"Notably none of the St. Croix senators remained for the GERS presentation, which was the last item of business for the day."

Shame on the STX Senators. I can't be bothered to do my job if it gets late & the AC is broken. I'm so disappointed in them all, once again. Different group same old crap.

 
Posted : July 31, 2013 12:09 pm
(@sunshinefun)
Posts: 681
Honorable Member
 

Typical...thats the way business is done in the Virgin Islands.

 
Posted : July 31, 2013 12:29 pm
(@JulieKay)
Posts: 1341
Noble Member
 

It will be really hard for this to happen in this location.

Shouldn't this discussion be Under the Coconut Tree?

 
Posted : July 31, 2013 12:40 pm
(@islandjoan)
Posts: 1798
Noble Member
 

I don't think the discussion should be Under the Coconut Tree - it is about living on STX.

I think it is utterly RIDICULOUS for them to propose/plan/zone for the development of a retirement center. With Juan Luis hospital on the brink of insolvency, I can't imagine how many statesiders would want to move here to retire (IF that is also part of the plan - not sure if it is only for local government retirees).

Also the current real estate market is moribund, so building any type of housing now is not the best idea. Who will buy these units? The market is already flooded with properties for sale.

Finally, how can GERS afford to build this? I haven't read any details so I don't know if investors are involved. But if this development involves the floating of yet more bonds, GERS will be even further in the hole than it already is.

 
Posted : July 31, 2013 1:23 pm
(@JulieKay)
Posts: 1341
Noble Member
 

There are lots of other properties the GVI owns that would be more appropriate. Heck there are sites that could be bulldozed/renovated and used vs. new construction.

They don't have a business plan and have barely done a Level 1 inspection. This site will progress to a Level II or even III, depending upon what archaeological remains are found. Not to mention being a very environmentally sensitive location in the middle of a machineel semi-swamp area. And the cost of archaeological and environmental mitigation would make the whole thing cost-prohibitive.

It seems to me there is something else afoot here, but I have no idea. But the whole thing just stinks.

 
Posted : July 31, 2013 1:31 pm
(@terry)
Posts: 2552
Famed Member
 

Attracting retirees is a great idea. However the health care subject will have to improve!

 
Posted : July 31, 2013 2:00 pm
(@JulieKay)
Posts: 1341
Noble Member
 

I don't read the article as attracting retirees from the States. I read it as this is retirement housing available to retired government employees, to keep them from moving to FL.

 
Posted : July 31, 2013 2:05 pm
(@islandjoan)
Posts: 1798
Noble Member
 

I just re-read the article and JulieKay is right, it does not mention attracting retirees from the States.

However, I think they will have difficulty in selling all the units to local retirees because some of them aren't getting their checks from GERS and in a few years GERS will be insolvent anyway, so to take out mortgages with the system is utterly ludicrous!!!!!!!! And then who would want to buy one of the 165 residential lots and live there?!?

It said:
The plan called for a four-acre “town center” with 56,420 square feet of commercial space and 32 second-floor “loft” apartments. This would be surrounded by 165 residential lots and 70 independent living units for seniors.

Woods believed the village could provide an attractive alternative to Florida for retirees on St. Croix who are interested in moving out of the family home into something smaller.

Sen. Donald Cole asked Nibbs how the development would be financially structured to ensure that it provided a return on the GERS investment. Nibbs replied that it was too early in the process to have a fully fleshed out business plan. He indicated, however, that the general idea was to have GERS members take out mortgages with the system to buy homes in the village.

Again, he said, it was too early to know how much these homes would cost, but he said the limit for mortgages issued by GERS was $350,000, so they would take that into consideration when pricing the homes

 
Posted : July 31, 2013 2:17 pm
(@JulieKay)
Posts: 1341
Noble Member
 

Yep. No business plan, barely any due diligence. and yet they're asking for a sweeping zoning change/allotment in an area that will cost a fortune before they even break ground.

Something smells stinky. Are they hoping this will in some way fund GERS in the future? I can't see the angle.

 
Posted : July 31, 2013 2:20 pm
(@beeski)
Posts: 644
Honorable Member
 

follow the money.
figure out who benefited when the land was sold to GERS.
it was an estate sale....the old man passed.....

 
Posted : July 31, 2013 2:34 pm
(@islandjoan)
Posts: 1798
Noble Member
 

I think Beeski's on to something!

Here's an excerpt from the Daily News article:
The property GERS wants to develop is 170 acres of undeveloped land in Coakley Bay, south of East End Road, within the slopes of Seven Hills, according to the letter.

GERS purchased the land for $5 million as an investment in February 2011 from the Christian Hendricks Trust.

"GERS will create a sustainable conservation and building culture for this unique property, providing new opportunities for its membership, and the families of St. Croix to enjoy on the eastern end of the island," Woods said in the letter.
http://virginislandsdailynews.com/news/senators-hear-gers-rezoning-request-for-planned-development-on-st-croix-1.1526911

 
Posted : July 31, 2013 3:03 pm
(@alana33)
Posts: 12366
Illustrious Member
 

Wonder if it will be similar to the housing built in Coral Bay, St. John just past Shipwreck Landing with the majority of the unsold and unlived in, years later........?

All I can say is that I am glad I am not a GERS member wondering if I will ever get my money while the GERS board and VI government continue to mismanage, misspend, misappropriate and waste it. We already know how the VI Gov. or it's entities operate and surely this is just another disaster waiting to happen. Bad idea all around, especially with no business plan in place but what else is new?

 
Posted : July 31, 2013 3:11 pm
(@islandjoan)
Posts: 1798
Noble Member
 

I'm sure it will end up just like the STJ development.

There must be kick backs galore on this one. Seriously you are right I am SO glad I am not a GERS member too!!!!!

Here is the info I uncovered in my research:

You can do a Parcel Search (using parcel number) or a Tax Bill Search (using the person’s name)
http://public.usvi.cavucorp.com/logon.htm

parcel number 2-03200-0202-00

170 acres
The deed was recorded 2/23/2011
It was purchased from HENDRICKS, CHRISTIAN & BELARDO G

GERS owes $11,365.50 on 2011 taxes which were billed in February 2013

 
Posted : July 31, 2013 3:20 pm
(@Linda_J)
Posts: 3919
Famed Member
 

This is never gonna happen. Which is why the STX senators didn't bother to show up.

 
Posted : July 31, 2013 5:55 pm
(@beeski)
Posts: 644
Honorable Member
 

I really feel for my friends who are planning on GERS pensions being available when they retire.

 
Posted : July 31, 2013 6:27 pm
(@islandjoan)
Posts: 1798
Noble Member
 

Yeah I can't imagine! They are forced to contribute to GERS also. It's not like they have a choice, like you do at a private company.

One other thought about the mortgages that GERS thinks the retirees will take out with GERS - what retiree in their right mind would take out a mortgage when they are going to be living on a fixed income (unless they're a former governor, lt. governor, or widow of a deceased governor)?

And how can GERS think issuing these mortgages, to folks who might not outlive the term of the mortgage, is a good thing?

 
Posted : July 31, 2013 6:37 pm
(@speee1dy)
Posts: 8868
Illustrious Member
 

craziness abounds in the usvi

 
Posted : July 31, 2013 6:41 pm
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