An A.H. Riise liquor store will be a prominent tenant inside the new Red Hook ferry dock, A three-year-lease for the store, in 60 square feet, was approved this week by the V.I. Port Authority. Riise will pay $12/foot and 15% of its sales, the Virgin Islands Daily News reported.
Other tenants in the Urman Victor Fredericks Marine Terminal have flat-rate deals. Three food sellers will pay $75/foot ($843/month), and a St. John ferry company (Transportation Services)
will have office space and counter space at $65/foot. Two retailers
have also leased about 40 feet, each, at a price of $65/foot, which
works out to about $215/month.
While these per-square-foot prices sound steep, the monthly "nut" for these small businesses is easily managed. In the case of a food vendor, for instance, selling seven sandwiches a day will cover the rent.
These are prime locations and a percentage rent deal, as the Authority did with Riise, would make a lot more sense. But, let’s be honest folks, that would also mean the sellers would have to give receipts and keep records.