The Government Employees’ Retirement System on Wednesday made two zoning requests — both of which were endorsed by the Department of Planning and Natural Resources — for a new five-story, 125-room brand-name hotel on the property of the Havensight Mall which is owned by the pension system.
GERS Administrator and CEO, Austin Nibbs, argued during a Committee of the Whole hearing Wednesday that the development would not only benefit the developer, Shaun Miller, a well known and respected businessman and owner of Standard Aviation, but also Havensight Mall tenants, the surrounding community and most importantly GERS.
The zoning requests seek changes from waterfront-industrial to residential-medium density for Parcel Nos. 2 and 4 Estate Thomas, Nos. 6B and 6F New Quarter, St. Thomas.
“This development will not only be a boost to the economy of the Virgin Islands and the GERS portfolio, but also a game-changer for the Havensight Mall tenants,” said Mr. Nibbs, who reminded the committee that it's been more than 30 years since the construction of a new hotel on St. Thomas.
When pressured by Senate President Donna Frett-Gregory to explain why GERS believes the partnership with the developer is a positive collaboration, Mr. Nibbs said it’s all aimed at increasing revenue for the pension system.
“We are trying to restore our revenue. Ten years ago the mall used to gross $9 million per year before the hurricanes [of 2017]. It went down to $5 million… Right now we are projecting this year to collect $3.9 million; our goal is to bring it back up to that $9 million,” he said in an effort to convince lawmakers that an approved vote for the rezoning would bring new economic activity to the territory.