A 2015 prospectus for potential investors in the Tortola Pier Park forecasted that the landside development would receive $837,000 in lease revenue in 2015 and more than $2 million in 2016.
However, total lease revenue as of Sept. 15 was only $939,244, according to information provided by Communications and Works Minister Mark Vanterpool.
On Monday in the House of Assembly, Opposition Leader Julian Fraser asked Mr. Vanterpool why those shortfalls have been occurring, and Mr. Vanterpool replied that the 2015 prospectus’ projections were based on the assumption that all the buildings would be constructed by the time the park opened.
But that goal wasn’t met, as missed target dates caused multiple businesses to open in mid 2016 or later.
Construction at the park still isn’t complete, either, as work on one of the larger buildings — known as “Building Five” — stalled around February and has yet to resume.
See the Nov. 3, 2016 edition for full coverage.
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