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PERMIT SOUGHT FOR YACHT HAVEN DEMOLITION

Nov. 8, 2001 — The Chicago-based real estate company that bought and plans to rebuild the Yacht Haven Hotel and Marina has applied for a permit to demolish the dilapidated buildings on the property.
The PRM Realty Group has proposed the construction of a 150-room hotel, 184 timeshare units and a new marina at the Long Bay site. The project, estimated at $100 million, would replace the existing hotel, which was badly damaged in Hurricane Marilyn and has sat unrepaired and unused ever since, an eyesore along the route between the Havensight cruise ship docks and downtown Charlotte Amalie.
On Wednesday, the developers submitted their application to the St. Thomas Coastal Zone Management Committee to demolish the existing structures. CZM has 15 working days to review the application to determine if it is complete, after which it is expected to schedule a public hearing on the demolition project. After that hearing, the CZM committee will have 60 days to make a decision.
The demolition permit is the first step toward bringing the long-awaited rebuilding project to completion. Construction of the hotel, time-shares and marina would also require CZM approval.
PRM bought the Yacht Haven property last year from Malaysian investor Tan Kay Hock for about $8 million. PRM is currently in negotiations with The West Indian Co. to lease the land WICO owns west of Yacht Haven. The two properties would be used together for the proposed hotel and time-share project, according to Calvin Wheatley, the spokesman for WICO.
Representatives of both PRM and WICO said they are hopeful that an agreement can be reached soon.
"We hope to see that land developed. Right now it's not developed, and it's choice land," Wheatley said. "We want to see it put to good use, but only under the right conditions."

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Nov. 8, 2001 -- The Chicago-based real estate company that bought and plans to rebuild the Yacht Haven Hotel and Marina has applied for a permit to demolish the dilapidated buildings on the property.
The PRM Realty Group has proposed the construction of a 150-room hotel, 184 timeshare units and a new marina at the Long Bay site. The project, estimated at $100 million, would replace the existing hotel, which was badly damaged in Hurricane Marilyn and has sat unrepaired and unused ever since, an eyesore along the route between the Havensight cruise ship docks and downtown Charlotte Amalie.
On Wednesday, the developers submitted their application to the St. Thomas Coastal Zone Management Committee to demolish the existing structures. CZM has 15 working days to review the application to determine if it is complete, after which it is expected to schedule a public hearing on the demolition project. After that hearing, the CZM committee will have 60 days to make a decision.
The demolition permit is the first step toward bringing the long-awaited rebuilding project to completion. Construction of the hotel, time-shares and marina would also require CZM approval.
PRM bought the Yacht Haven property last year from Malaysian investor Tan Kay Hock for about $8 million. PRM is currently in negotiations with The West Indian Co. to lease the land WICO owns west of Yacht Haven. The two properties would be used together for the proposed hotel and time-share project, according to Calvin Wheatley, the spokesman for WICO.
Representatives of both PRM and WICO said they are hopeful that an agreement can be reached soon.
"We hope to see that land developed. Right now it's not developed, and it's choice land," Wheatley said. "We want to see it put to good use, but only under the right conditions."