Senators Debate Nearly 200-Year Lease of Prime St. Thomas Property, Approve Measure
A proposal to lease a prime piece of St. Thomas real estate to a private foundation for nearly two centuries sparked spirited debate among lawmakers on Thursday, as members of the Senate’s Committee on Economic Development and Agriculture weighed the long-term implications of Bill 35-0040. While some senators praised the project's cultural and economic potential, others raised concerns over the unusually long lease term and its impact on future generations.
2025-04-01 11:59:46 - VI News Staff
“I want to thank the Kim family for valuing what we did not value over these 30 years,” Senator Marise James declared during Thursday's debate over Bill 35-0040. The Charles M. Kim V.I. Foundation is expecting to spend at a minimum $15 million of its own funds to construct the Virgin Islands Museum of Art in Charlotte Amalie, St. Thomas.
The bill, first introduced in the Committee on Economic Development and Agriculture on March 18, would authorize a 99-year lease of 48B Norre Gade in Kings Quarter, St. Thomas to the foundation. The proposed lease also makes provision for two 50-year renewals.
The length of the lease once again was a sticking point for some lawmakers, including Senator Kenneth Gittens. “I'm still a bit uneasy with this 99-year lease for what is arguably one of the most valuable pieces of real estate in downtown Charlotte Amalie, St. Thomas,” he admitted. “We have no idea what social or economic conditions we can expect in the years ahead, and to bind our grandchildren and great-grandchildren to this lease is wholly unacceptable.” Instead, Senator Gittens suggested that a “30 to 50 year lease with an option to renew should be more than adequate to complete this project.”
“There are a lot of merits to this initiative, don't get me wrong, and I will be happy to support it if we are able to make changes to the terms that are actually before us,” he told his colleagues, displeased that occupying the property for a potential 199 years would only cost the Charles M. Kim V.I. Foundation $100 per month.