Senate budget committee approves three long-term leases for St. Thomas properties, holds one for further review

The Committee on Budget, Appropriations and Finance on Feb. 3, 2026 approved three long-term lease agreements that would turn underused government properties in the St. Thomas district over to private developers and held a fourth measure for further consideration.

The committee voted to advance bill 36-0199, approving a 30-year lease with Accent Property Management LLC for Parcels 123 and 129 at Sub Base, and bill 36-0204, approving a 30-year lease with Commercial Investments LLC for Parcel 30 at Submarine Base; it also approved bill 36-0237 for DM Hospitality LLC to lease two downtown properties on Crystal Gutter. A separate measure, bill 36-0205 for Submarine Base Warehouse LLC, did not receive a second on a motion to pass and was left in committee.

Why it matters: the four leases are intended to return derelict or storm-damaged buildings to productive commercial use, expand warehouse and office capacity, and generate recurring rent revenue for the government while preserving government ownership of the land.

The department's case and developers's proposals Vincent Richards, assistant commissioner of the Department of Property and Procurement, told the committee the projects would repair or replace hurricane-damaged structures, clear debris and bring approximately 74,000'75,000 square feet of industrial, warehouse and office space back to market. On…