A 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 revenue as of March 31 has come nowhere near those projections, according to information provided by Communications and Works Minister Mark Vanterpool on Tuesday in House of Assembly.
In response to a question from the opposition, Mr. Vanterpool provided a list of rental income TPP has received from the 38 businesses currently in operation: The total came to about $308,000.
Some of the businesses have been paying rent for more than seven months, while others just started paying in March, according to the list.
The document — which does not name any businesses — also shows that some tenants are already behind in their payments: TPP has billed retailers for nearly $333,000 as of March 31, but has received $308,293.
Moreover, 16 of the businesses listed as operational haven’t been billed yet, the document states.
Fourteen other businesses are still fitting out their stores, and don’t have to be billed until they’re fully operational, Mr. Vanterpool said on Tuesday.
The document the minister provided states that those 14 businesses are scheduled to become operational by July.
Mr. Vanterpool told the HOA that all the units at Tortola Pier Park have been leased except 18.
“Ten spaces are under negotiation pending signage of a lease,” he said. “Six spaces remain available for interested persons to rent on the upper levels, and we are considering applications for the last two kiosks.”
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