Property Values Surge on St. Croix and St. Thomas Due to Strategic Investments

The GERS BOT's General Meeting on February 27, 2025, highlighted significant increases in property values that will positively impact the organization's financial statements. The meeting focused on recent appraisals of properties on Saint Croix and Saint Thomas, revealing notable growth in their market values.

On Saint Croix, the appraised value of a property rose from $3.3 million in 2021 to $3.4 million in 2024. Meanwhile, on Saint Thomas, the value of the complex where the meeting was held increased dramatically from $8 million to $10.4 million over the same period. This growth is attributed to diligent property maintenance and strong rental income.

Additionally, the Haven Site Mall showed impressive appreciation, with its value climbing from $41 million in 2017 to $46.5 million in 2024. Future projections suggest that once a hotel property associated with the mall stabilizes, its value could reach $58.7 million, marking an increase of $18 million.

These developments reflect the strategic partnership with Haven developers, which is expected to enhance cash flow through rental agreements and boost the overall asset value on the balance sheet. The meeting concluded with a commitment to provide further details on the appraisal processes in future discussions, underscoring the positive outlook for the organization’s financial health.