The Government Employee Retirement System reported May 29 that the Havensight hotel project is nearing completion and that system leaders have begun preliminary discussions with the governor and housing agencies about coordinated development of system-owned property on St. Thomas and St. Croix.

The updates matter because the hotel and related visitor infrastructure are expected to produce rental and operating revenue for the retirement system and to affect broader housing and development planning in the territory, officials said.

Chairman (identified in the meeting as the board chair) and Administrator Dawson, together with Trustee Smith, chair of the development subcommittee, met with the governor on May 14 and held preliminary talks with the Virgin Islands Housing Finance Authority and the Office of Disaster Recovery about potential cooperation on developing system properties, the chairman said. The chairman described the discussions as “very, very preliminary” and said follow-up meetings with ODR are planned.

Administrator Dawson provided project details for Havensight and the adjacent development. He said construction of a visitor center at the Havensight site has already begun, adding that “walls [are] coming up” and that the Havensight hotel project was about 91% complete. The administrator said the commission (CCM) approved a permit modification for the site and that the developer expects a soft opening on Aug. 5 and a grand opening in October.

Dawson said the hotel’s preliminary booking rates “far exceed expectation,” and he expects additional revenue for both the developer and the system once operations begin, though he cautioned the board not to “count the chickens before they hatch.” He also noted a conceptual green space and a visitor welcome center planned between the hotel and green space to serve cruise passengers and other visitors.

No formal board action was recorded at the meeting to sell, lease, or transfer system property, and the talks with the governor and housing agencies were described as preliminary exploratory cooperation rather than binding commitments. Trustees did not vote on development approvals or funding at the May 29 meeting.

Staff indicated they will provide more detailed updates as follow-up meetings with the Office of Disaster Recovery and other agencies proceed.