A Burger King and a Save-A-Lot Grocery are coming soon to Island Crossings Shopping Center, the St. Croix’s newest shopping center and home to Home Depot home improvement warehouse store, according to Caribbean Development Partners, the shopping center’s developers.
CDP built the shopping center from 2009 to 2011, using government-backed bonds paid through pledged future taxes, through a 2008 V.I. economic development law called Tax Incremental Financing. Home Depot was the first franchisee, but the developers always planned to try to bring in a number of chain outlets. (See Related Links below)
CDP is partnering with Honor Capital, a private equity fund, for the continued development, according to the company.
According to CDP, Save-A-Lot is the third largest grocery store in the United States, with over 1,300 stores. Save-A-Lot grocery stores have recently expanded to the Caribbean, with locations in Dominica and Aruba.
Burger King is the second largest fast food chain in the world, founded in 1954.
According to the company, CDP will be partnering with Honor Capital to help veterans become business owners, as part of their ongoing development strategy for the shopping center.
CDP is a partnership of several individuals from large stateside capital investment firms. Those include James River Capital, Stern Brothers Real Estate Finance and Boston Capital, according to documents filed with the V.I. Economic Development Authority by CDP. CDP was incorporated in the territory in September 2006 and purchased the 44 acres in Barren Spot where the shopping center is located for $2.13 million, financed by a bank loan.
