A developer for the long-delayed redevelopment of Prospect Reef is expected to be identified in the first quarter of 2027, Premier and Minister of Finance Dr Natalio Wheatley has said, though he stopped short of giving a completion or opening date for the project. Photo: Internet Source

Responding to questions in the House of Assembly last week, Dr Natalio Wheatley said the Government is preparing to issue a request for proposals to investors shortlisted through an earlier expression-of-interest process. Cabinet has endorsed recommendations from the Prospect Reef Management Company to move forward with the proposals. Photo: Facebook

The Prospect Reef Board is responsible for managing and developing the former resort property, with a mandate to revive the site and increase its contribution to the Virgin Islands’ tourism sector. Photo: VINO/File

While addressing the House of Assembly on Tuesday, October 20, 2026, Dr Wheatley said the Government is preparing to issue a request for proposals to investors shortlisted through an earlier expression-of-interest process. He said Cabinet has endorsed recommendations from the Prospect Reef Management Company to move forward with the proposals.

Next steps

Once a preferred developer is identified, the Prospect Reef Management Company’s board will recommend an investor to the Government. A Cabinet paper would then be prepared seeking approval to enter negotiations on a development agreement.

Dr Wheatley said detailed designs, statutory planning approvals, financing arrangements and other conditions would still have to be settled before construction could begin.

“I would anticipate that we will be able to have our developer identified in the first quarter of 2027,” the Premier said. “I can’t quantify the time it will take to do that right now.” 

Obstacle cleared

A land issue had previously slowed progress on the redevelopment.

Dr Wheatley said he initiated a process through the Ministry of Environment, Natural Resources and Climate Change to transfer the land from the Government to the Prospect Reef Management Company.

The Prospect Reef Board is responsible for managing and developing the former resort property, with a mandate to revive the site and increase its contribution to the Virgin Islands’ tourism sector.

Hotel & conference facilities

The Premier said the objective is to create a high-quality hotel with proper conference facilities at Prospect Reef. He explained that the development should serve not only the tourism market, but also the territory’s legal, financial services and business travel sectors.

The Government previously described Prospect Reef as one of the territory’s most important tourism assets, and the project is expected to produce a major hotel development on Tortola.

Other tourism investments

Beyond Prospect Reef, Dr Wheatley pointed to resort and marina investments at various stages of development, including projects associated with Eustatia, Biras Creek, Mosquito Island, JOMA Properties and an unnamed development in West End.

He also highlighted Nanny Cay’s expansion, development prospects at Village Cay, properties reopened following major renovations, and the development of Brandywine Bay as a tourist attraction.

“Quite a number of them are actually in the planning stage. They actually have plans that they’re seeking to go through the approval process,” the Premier said.

While the projects are at different stages, Dr Wheatley maintained that those identified represent firm investment prospects.

“I’ve only mentioned serious developments that will be moving forward,” he said.