Botany Bay Resort Project Secures Financing After Years of Delays

The long-discussed resort at Botany Bay on St. Thomas has taken another step forward after FirstBank announced a $13 million financing deal with By-the-Sea Resort Properties earlier this month.

The agreement, backed by the federal State Small Business Credit Initiative in partnership with the V.I. Economic Development Authority, is intended to help advance construction of a $25 million eco-luxury project called The Botany, slated to open in Spring 2026.

The 365-acre property on the island’s far west end has been tied to resort plans for decades. Once home to a sugar estate and later marketed for residential development, the site has changed hands and concepts multiple times. A residential community was partially developed, but hotel plans — including a proposal for Ritz-Carlton Residences — never reached completion.

In June 2020, the V.I. Economic Development Authority approved Economic Development Commission benefits for Botany Bay developers, including 90% reductions on corporate and income taxes, exemptions on gross receipts and excise taxes, and customs duty breaks on imported goods. In return, the company pledged to hire at least 35 full-time employees and donate $50,000 annually to local charitable causes. Within months, however, the pandemic shuttered tourism and construction projects across the territory. By November, the EDA issued waivers of those requirements, citing the collapse of travel and economic activity. Botany Bay was among the beneficiaries.