Mandahl Bay Holdings ‘in Discussions’ About Future of Project
St. Thomas Source article by James Gardner, February 24, 2015
Reports that Hyatt is looking to pull out as operator of the hotel proposed for the bigger Port of Mandahl project were neither confirmed nor denied Tuesday, but the developer’s attorney did say that discussions are ongoing about what happens next.
An attorney for developer Mandahl Bay Holdings told the Source on Tuesday he could not confirm reports. “That is an issue that is under discussion right now,” George H.P. Dudley said.
In November, former Gov. John deJongh Jr. and Mandahl Bay Holdings principals met at Government House on St. Thomas and signed agreements to facilitate the development, which would still have to be approved by the Senate and make it through the Coastal Zone Management Committee’s permit processes.
According to the agreement, Mandahl Bay Holdings – a subsidiary of New-York based Transcontinental Realty Investors – would invest $209 million during the first phase of the project, which includes the development of a Hyatt Regency Hotel, a 50-slip marina, private estates and marina townhouses, and 48,000 square feet of retail and commercial space.
The second part of the project includes the expansion of the Mahogany Run Golf Course, which developer Karl Blaha has said the company also closed on in November. The expansion would include the construction of a conference center, ballroom, junior ballroom and additional meeting rooms, among other things.
Previous attempts to develop Mandahl Bay have been opposed by the local community, which has expressed concerns about the protection of marine and plant life in the area. A large group also attended a recent information session at the proposed development site, which gave senators a chance to find out more about the plans.