Coral Bay shopping center gets OK

The owners of about five acres in Coral Bay, just behind the Domino gas station, have won approval from the Coastal Zone Management Committee to build a new shopping center.

The Virgin Islands Daily News reported the project will $2.9 million and include, "A new home for an expanded Love City Mini-Mart, five residential units, vendor kiosks, commercial space, tennis court, basketball court, outdoor theater, toddler play area, two windmills, three freshwater wells and 70 parking spaces."

Never mind that Coral Bay's Cocoloba shopping mall was completed just two years ago and has been for sale for months.  Or that two other shopping centers (Greenleaf Commons and Palm Plaza) are also for sale.

Just seems strange to build another project when there's so much available, already done.  Maybe it's the 'residential units' and 'outdoor theater' that will make this venture successful.  Seems to me there's already more retail space supply than the market wants.

11 thoughts on “Coral Bay shopping center gets OK”

  1. I disagree with you Frank. There is a huge need for this project in Coral Bay. It is the only place left on-island to develop. Cruz Bay has run out of room.

  2. From what I hear about the project, I too think it is a good thing. This project seems to me to be one of the only ones that has a lot planned for the community as a whole and isn’t just aimed at the tourist population.

  3. I wish the developers all the luck in the world – it does sound like a good thing, but I hope they have an angel investor to pitch in the “rest” of the money. $2.9M / 17,000 square feet = $171 per square foot. That target may be “optimistic”.

  4. The shopping center, with all you had mentioned, seems to me it can earn to itself (I assume that the residential units will be sold out completely, those windmills will make cheaper electricity and the outdoor theatre will have at least 3 performances per week..). Actually, there is no other comparable retail space anymore, so that is why, this project seems to be so attractive..
    Julie

  5. If I can remember that far back, it seems to me there was a similar plan for Pastory Gardens: outdoor amphitheater, residences, retail, etc. and look at it now. I hope this doesn’t turn out to be just one more white elephant.

  6. has consideration been given to what might happen to this area in a major earthquake? i thought this was an area highly susceptible for damage with any major seismic event.

  7. $171/sq.ft is easily obtainable considering the land is as flat as a pancake. The buildings will have to be elevated since it is in a flood plain and that is what will drive up the cost of the project. Since this is a public interest development, the gov’t should help pay for the amphitheatre and parking.

  8. Wow! This is really great news for Coral Bay. I lived there for three years and dreaded crossing the island to get basic supplies/services. This development will reap huge rewards for the Marsh family and will increase the property values nearby.

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