Committee advances lease to turn Hamburg America Line building into Virgin Islands Museum of Art with $5M escrow requirement

The Committee on Budget, Appropriations and Finance voted on March 18, 2025 to advance bill 36-0040, approving a proposed lease of the historic Hamburg America Line building (Parcel 48B, Noorragada, King’s Quarter, Charlotte Amalie) to the Charles M. Kim VI Foundation for the establishment of the Virgin Islands Museum of Art (VIMA).

Sponsor Senator Milton E. Potter said the Kim family would invest private funds to rehabilitate the deteriorating downtown structure and estimated private investment in the reconstruction at approximately $12 million to $18 million, with proponents later describing demolition costs of roughly $3 million and construction estimates that could rise as design and permitting proceed. The lease as presented to the committee sets the initial lease term at 99 years with two additional renewal options; Assistant Commissioner Vincent Richards said the department supported the initial 99‑year term and noted that the department had negotiated terms to address escalating…