A former Oracle executive, and VI native, is promoting the territory as the next Silicon valley. Michael Fields, chairman of Crucian Global Inc.,
is among the business people working to revive the Economic Development
Commission that allowed VI-based companies to shield up to 90 percent
of their profits from U.S. taxes, according to a report by Bloomberg News.
Fields says a new Treasury Department allows software companies to
qualify for the tax break. He also said a concentration of Internet
bandwidth in St. Croix, owned by AT&T and Global Crossing, offers great opportunity. David Nissman, business development director for StoneTree Group, said, “The next great Yahoo or Google could grow here.”
IHOP heads for St. Thomas
While St. John gets new places like Ocean Grill and Infusion and Satyamuna St. Thomas is getting new dining out options, too. IHOP Corp. announced that Allie Allison Petrus
has agreed to develop two new IHOP restaurants over the next five years
on St. T. Petrus, a former V.I. Senator, “possesses more than 20
years of experience in the hospitality industry with an expertise in
restaurant operations,” a statement from IHOP said.
Ocean Grill, Satyamuna open
Rehearsals and tryouts are done at Ocean Grill,
the new Mongoose Junction restaurant and bar. Lunch is being served daily
right now, dinners only on weekends, ’till season. Cash only, according
to a recent visitor. The credit card account hasn’t come through yet.
Anthony at Virgin Islands On Line posted a video last month. The St. John Sun-Times also did a feature on Ocean Grill. The picture at left is the Sun-Times’.
The new vegetarian restaurant at the Marketplace also opened over the weekend. Satyamuna is small, with about 25 seats – most of them in the covered area outside the door, right across the Mail Center. It’s serving breakfast, lunch, and dinner, according to the St. John Source. Breakfast offerings include waffles and pancakes; lunch finds paninis and pasta on the menu, while dinner entrees have an East Indian flavor.
Holiday season looks strong
Two of the territory’s largest resorts have been closed this fall,
which is benefiting other hotels, condos and villas, according to the
V.I. Hotel and Tourism Association. Beverly Nicholson told the St. John Source that the Ritz-Carlton on St. Thomas is closed for refurbishment and the Westin St. John is converting some hotel rooms to timeshares. "We saw unprecedented
demand in September," she said, adding the rate was 8% higher than last
September.
Nine condos at Coconut Coast Villas on St. John are full for Christmas, Jon Schutt
told the newspaper. "But Thanksgiving is only 75%." The tourism group
said it conducted a survey of expected occupancy rates for the last
three months of the year. It found quite a range: one property on St. Croix reports
27% while a St. John operator expects 91%.
Real estate update
The Marina Market site is under contract,
according to American Paradise. The property was listed at $1.395
million. There’s no word from the real estate agency as to whom the
buyer is or what their intention(s) is/are.
WHOOPS! Just went and checked the link – the "under contract" copy is gone, and it appears the property is back on the market.
Looking at the Multiple Listing Service, it’s more of the same. More inventory. I
remember when the agents complained there wasn’t enough; that they
weren’t able to offer buyers a choice. But despite the swollen number
of offerings, so far as houses are concerned, the median price is
unchanged at about $1.6 million and the average asking price is about
$2.2 million. Sellers are holding firm.
- Houses: 110 (unchanged from 8/13)
- Commercial: 20 (down 3 from 8/13)
- Condos: 43 (up 3 from 8/13)
- Land lots: 277 (up 18 from 8/13)
Coral fares better this year
The ocean temperature around the islands hit 84.5 degrees Fahrenheit
about a week ago, higher than the average last year when some coral
reefs suffered "bleaching." But the National Oceanic and Atmospheric
Administration has reduced its "warning" about bleaching to a "watch", according to the Virgin Islands Daily News . "We don’t expect anything further to happen," said Al Strong,
a scientist for NOAA. The "watch" will expire when water temperatures
fall below 84.2, which is expected early next month, the newspaper
reported. Waters off St. John were almost a degree warmer than the
territory average.
Strong estimated that last year, 40 percent of reefs
in some sites died. A biologist for the US Geological Survey said the problem has not gone away. "The losses are continuing, and this is not just a bleaching story," explained Erinn Muller.
"It’s bleaching followed by disease," which kills reefs and eliminates
habitat for fish and other marine life as well as attractions for
snorkelers and divers. Here’s an analysis of the reasons why coral reefs are deteriorating.
Conde Nast readers love St. John
For a second year, St. John is among the top islands in the Caribbean and Atlantic, according to results of the 19th annual Readers’ Choice Awards by Conde Nast Traveler magazine. Bermuda was voted #1, St. John #2, and the British Virgin Islands #3. Last year, St. John was #1. In the hotel and resort categories, no VI property was a winner.
Martini bar opens downtown
Where two or three locals used to sit and watch TV outside what was Oscar’s Convenience store, a martini lounge has opened. Ruth of St. John Spice published pictures of the spot, Infusions, which says it offers "Not your average martini." (Happy Fish at the Marketplace also touts its ‘tinis.) A calendar of events shows the owners are emphasizing Monday Night Football, entertainment by Marty Beech and the Paradise People, and Ladies Nights on Sunday to draw customers.
During the first three weeks of October, Infusions will be closed Saturday nights. (What’s up with that? Closed Saturday?) Its located across from the Lime Inn and is open, when it’s open, 6pm to midnight. Info at 340-776-9770.
One taxpayer said he thinks Infusions will do well, "Because it’s air conditioned."
Inner Visions plays up north
For a few summers, we’ve been visiting Maine. And who should we find doing a concert in the small towns? Inner Visions,
St. John ‘s successful reggae group. Turns out they love New England.
Well, this year they made two trips. "We told our agent that we wanted
to play one more time (there) before we went home," said Philip "Grasshopper" Pickering, the lead vocalist for the band. Inner Visions played in Round Pond Sept. 30, and in July at Damariscotta, where they also appeared last year. The local newspaper, the Lincoln County News, profiled the group and its CDs including "Street Corner Musicians."
Park Service issues history booklet
The VI National Park announced a new pamphlet about the
island’s history after the end of slavery on St. John and before the
island began to appeal to tourists. Laurel Brannick, the park’s education specialist, said the document was prepared by van intern from the University of San Diego who spent the summer doing research, the Virgin Islands Daily News
reported. "There’s a gap when it was a very quiet time on St. John and
people had to work hard to survive," she said. The booklet highlights
island activities of the time including the making of bay rum and
charcoal. The work is aimed at children 10-12 who participate in the
Park’s Junior Ranger activities. Booklets may be ordered at
340-776-6201, ext. 257, the Daily News reported.