June 5, 2025
MIAMI, FL — Governor Albert Bryan Jr. announced today the successful closing of a $150 million Garvey Bond financing agreement in Miami, Florida that will significantly transform transportation and infrastructure across the U.S. Virgin Islands.
“This is a monumental day for the Virgin Islands,” Governor Bryan said. “The closing of this bond deal means we are now able to break ground on projects that have been years in the making and deliver additional real, tangible improvements to the lives of Virgin Islanders.”
The funding will directly support three critical infrastructure priorities:
• The long-awaited ferry service between St. Croix and St. Thomas will now become a reality, reconnecting our islands and opening new pathways for commerce, travel, and unity.
• Completion of Veterans Drive Phases 2 and 2A on St. Thomas, a project that will modernize our waterfront and create a safer, more beautiful thoroughfare for residents and visitors alike.
• $28 million in road reconstruction and improvement projects on St. Croix, addressing long-standing concerns and making our roads safer and more efficient for everyone.
“This deal is not just about concrete and asphalt — it’s about connecting communities, creating jobs, and building a stronger, more unified Virgin Islands,” said Governor Bryan. “I thank our partners, the financial team, and Commissioner Derek Gabriel and his team at the Department of Public Works for making this happen, and I look forward to seeing these projects come to life in the weeks and months ahead.” Other partners included Ramirez and Company, the Virgin Islands Public Finance Authority, and the law firm of Duane Morris LLP.
The Garvee Bond mechanism allows states and territories to leverage future federal highway funds to finance critical infrastructure today — a strategic approach to accelerating growth while maximizing federal investment.
Governor Bryan emphasized that this funding aligns with the Bryan-Roach Administration’s long-term commitment to revitalization, sustainability, and progress for all Virgin Islanders.
Governor Bryan returns to the territory on Saturday. In his absence Lt. Governor Tregenza Roach is Acting Governor.
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