Flicker of life for Pond Bay

Pondbay The ambitious Pond Bay Resort project could come back from the dead if somebody wants to throw more millions of dollars into the half-finished project at Chocolate Hole.

The possibility that could happen was raised by a decision this week by the Board of Land Use Appeals. The Board overturned a previous decision by Coastal Zone Management refusing to allow Pond Bay's building permits to someone who might like to buy the project out of liquidation.

The St. John Source quoted an attorney for West LB Bank saying it could take two or three years before construction could be restarted, assuming a developer can be found. West LB is a German bank which loaned Pond Bay's developer $35 million. Understandably, nobody's about to buy the debt or project if they can't also complete construction.

Read about the Pond Bay hearing in this story from the St. John Source.

4 thoughts on “Flicker of life for Pond Bay”

  1. Thank God the Board of Land Use Appeals is back in session after a 2 year leave of absence. The DPNR often fails to act in the best interest of the island and the BLUA can bring some sanity to the table. There is nothing to be gained in stopping the completion of this project, we have enough 1/2 done roads and projects eroding into the ocean already.

  2. A REIT buy’s skyscrapers, shopping malls, apartment complexes, office buildings, or housing developments. Rather than investing directly in real estate, investors of REIT’s invest in a professionally managed portfolio of real estate.

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