Two Subbase Leases Approved After Revisions, Third Stalls Over Rent Concerns

Three leases for derelict, government-owned property in St. Thomas’ Submarine Base (Subbase) area returned to the legislative floor on Tuesday, after lawmakers expressed challenges with the terms of the agreements back in November 2025.

Concerned with inconsistencies in the leases, the Committee on Budget, Appropriations, and Finance requested that the Department of Planning and Natural Resources revisit, and where possible, renegotiate the leases.

On Friday, DPP’s assistant commissioner Vincent Richards presented the refreshed contracts.

Bill 36-0199 is a lease agreement between the Government of the VIrgin Islands and Accent Property Management, LLC, for Parcel Nos. 123 and 129 Sub Base. According to Mr. Richards’ testimony, their lease remains at $144,000 annually. However, the lessee is expected to pay a “reduced rent” during the construction and stabilization period. Accent Property Management will also be expected to pay a commission “of up to 30% of all base rent collected from its sub tenants,” Mr. Richards noted.