The long-discussed resort at Botany Bay on St. Thomas has taken another step forward after FirstBank announced a $13 million financing deal with By-the-Sea Resort Properties earlier this month.
The agreement, backed by the federal State Small Business Credit Initiative in partnership with the V.I. Economic Development Authority, is intended to help advance construction of a $25 million eco-luxury project called The Botany, slated to open in Spring 2026.
The 365-acre property on the island’s far west end has been tied to resort plans for decades. Once home to a sugar estate and later marketed for residential development, the site has changed hands and concepts multiple times. A residential community was partially developed, but hotel plans — including a proposal for Ritz-Carlton Residences — never reached completion.
In June 2020, the V.I. Economic Development Authority approved Economic Development Commission benefits for Botany Bay developers, including 90% reductions on corporate and income taxes, exemptions on gross receipts and excise taxes, and customs duty breaks on imported goods. In return, the company pledged to hire at least 35 full-time employees and donate $50,000 annually to local charitable causes. Within months, however, the pandemic shuttered tourism and construction projects across the territory. By November, the EDA issued waivers of those requirements, citing the collapse of travel and economic activity. Botany Bay was among the beneficiaries.
After several quiet years, the project resurfaced in 2025 with a redesigned vision. In July, the EDA board approved a new plan that emphasizes sustainability: solar-powered villas, communal amenities built into the hillside, and an operating model centered on renewable energy. Dallas-based Practice Hospitality, a boutique operator known for design-focused properties, signed on to manage the resort.
According to the EDA’s July decision summary, the company committed to employing 45 full-time staff, maintaining a minimum payroll of $1.5 million annually, and contributing $75,000 each year to community programs. The updated agreement also requires the developer to offer at least $20,000 annually in scholarships and $10,000 in sponsorships, along with partnerships to provide internships and job training opportunities.
Officials describe the project as a model for sustainable tourism. VIEDA CEO Wayne Biggs Jr. called the financing “a commitment to meaningful partnerships that drive long-term growth, honor the natural heritage of our islands, and create lasting opportunities for our people.”
But the project also raises familiar concerns. Large-scale resort developments in the Virgin Islands have often been criticized for failing to deliver on jobs and community benefits, or for limiting public access to sensitive coastal areas. Botany Bay’s secluded beaches and historic ruins have long been part of that debate. Supporters of the new plan say the financing signals a serious commitment; skeptics note that only completion will answer whether this iteration delivers on promises made over the years.
With financing now in place and a projected opening in 2026, The Botany marks the furthest the Botany Bay resort project has advanced in decades.
St. Croix Source
Local news
