The Committee on Budget, Appropriations, and Finance started its hearing Friday morning, considering leasing several government properties in the Sub Base area of St. Thomas. By late afternoon, the committee had received the supporting documents it needed, such as proof of insurance and business licenses, to send the leases to the Rules and Judiciary Committee with favorable recommendations.
Vincent Richards, the deputy commissioner at the Property and Procurement Department, said the lease agreements supported businesses that contributed to the “Renaissance of Sub Base.”
Sanchez Ventures proposes to lease several parcels in the area to build a warehouse, a mixed retail building, and a parking lot. The parcels are for No. 1 Estate Contant, No. 7B Southside Quarter; No. 194-2 and 194-2A Estate Altona and Welgunst, Crown Prince Quarter; and parcels No. 10 and 11A; Sub Base, No. 6 Southside Quarter, collectively consisting of approximately 30,662.79 square feet. The lease is for 30 years with three 10-year options. The initial rent will be $12,000 per year.
Verdell Turnbull represented Turnbull Welding Service at the hearing. The business proposes to lease Parcel No. 99A-1 Sub Base, No. 6 Southside Quarter, which is 3,215 square feet and will cost $10,800 per year. The lease is for 10 years with two five-year options.
St. Thomas Properties intends to lease Parcel No. 17-3A Estate Nisky, No. 6 Southside Quarter, consisting of just over a half acre of improved land. The property will be used for a parking lot. The lease would be for 15 years with a renewal option of three of ten years terms.
Annual Rent will be $36,829.80.
