Senate Approves 99-Year Lease for Virgin Islands Museum of Art, Expands Port Authority Borrowing Power
In a series of key moves Monday, the Virgin Islands Legislature approved a 99-year lease for the Virgin Islands Museum of Art to occupy the long-vacant Kimelman Building in downtown Charlotte Amalie, and gave the V.I. Port Authority expanded borrowing power to pursue critical infrastructure upgrades.
2025-04-16 12:16:07 - VI News Staff
The lease grants the Charles M. Kim V.I. Foundation the right to transform the historic 48B Norre Gade property — located in the heart of King’s Quarter — into a permanent home for a Virgin Islands Museum of Art. The agreement includes a 99-year initial term, with the option to renew for two additional 50-year periods. The initial annual rent is $1,200, with no rent due during a 60-month construction period. The nonprofit plans to demolish, renovate, or rebuild a historically styled replica of the existing structure, totaling at least 7,500 interior square feet, not including any tower or lookout structure. The space will be used for museums, galleries, community and civic events, studios, cultural production, associated office and retail use, and other related purposes.
While the project’s vision was widely praised, several senators expressed concern about the lease’s duration and termination terms. Sen. Marise James said she was “personally disappointed” that the tenant can walk away each year for the first decade — and every 10 years thereafter — without a similar option for the government. Still, she voted in favor, calling it a worthwhile investment in a building that has long sat idle.
Sen. Carla Joseph defended the deal, pointing to the nonprofit’s history of community engagement. “This is a nonprofit that spends considerable time working with other organizations,” she said. “What they’re doing is a new paradigm in development – taking on a damaged property that could one day become a liability and turning it into something valuable.”