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Charlotte Amalie
Tuesday, February 7, 2023
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Developers Expanding Interest in St. Thomas

March 10, 2005 – Construction of 17 luxury, vacation homes on the East End of St. Thomas is expected to begin this fall.
The residences at Cabes Point will feature fully furnished, two- and three-story houses, each with four-bedroom suites and a private pool. Prices are expected to be in excess of $1.5 million.
The new development at Cabes Point will be located near the Ritz Carlton, Wyndham Sugar Bay and Sapphire Beach resorts. Twelve of the homes in the 7.5-acre community will be situated to maximize ocean views, while five will be built directly on the beach. There will be a private beach club with facilities for residents. Additionally, there are plans for a tennis court and a full-time resident manager.
The developer of Cabes Point is PRM Realty Group, LLC, which has offices in Chicago and Honolulu, Hawaii as well as St. Thomas. Led by Peter Morris and Robert Harte, PRM Realty specializes in high-end residential, resort and commercial developments around the world.
PRM has gone through the Coastal Zone Management permit process for the new development with a public hearing on Jan. 20, and received approval from a Committee of the V.I. Coastal Zone Commission Feb. 10. Site work could begin as early as next month. According to the application process, PRM now has 45 days to appeal the decision made by the Commission.
Because the Cabes Point development is not on public trust lands, the application did not have to be approved by the governor and ratified by the legislature.
Victor Somme III, director of CZM, said Tuesday in a phone interview that the permits are in place. "They just have to provide notice of intent 48 hours before they begin construction," Somme said.
PRM representatives wouldn't comment on specifics, but Mason Moore of Yesawich, Pepperdine, Brown & Russell, a public relations firm in Orlando, Fla. representing the development, said the permit process should be complete in the next few weeks.
According to the company's Web site, PRM is involved in other developments in and around St. Thomas. The company has acquired Yacht Haven in Long Bay and brought it into a joint venture with a commercial real estate developer. Plans include turning it into a pedestrian oriented marina and resort area, creation of a deep draft marina able to accommodate vessels over 200 feet, as well as smaller luxury cruise ships, "a scenic waterfront esplanade which will extend over a mile along the harbor, a small hotel, retail shops and restaurants, a private yacht club, and condominium/time share accommodations."
PRM has also formed a joint venture to acquire and develop the islands of Great Hans Lollik and Little Hans Lollik. Plans for each island include construction of a dock, helipad, self-sustaining infrastructure and a single, large luxury home with staff and guest quarters.
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