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Undeveloped Real Estate

The Company owns approximately 400 acres of undeveloped land on St. Thomas, including the Land Bank, zoned for commercial and residential development, and located in close proximity to the principal commercial district in downtown Charlotte Amalie, St. Thomas, or on the main highway connecting Charlotte Amalie and St. Thomas' main residential district. The Company intends to selectively develop much of this land for single-family and multi-family residential uses, further supporting Lockhart's shopping centers. Lockhart will develop this land in three different ways. In some areas, Lockhart will build the infrastructure such as roads, utilities and sewers, and then sell residential lots to developers and individual homeowners. In some areas, Lockhart will joint venture with experienced residential developers to build single and multi-family homes. In other areas, Lockhart will sell undeveloped land from the Land Bank to third parties for development.

 

The property zoned for residential purposes offers many unique opportunities due to its varied topography. Sites range in elevation from 100 to 1000 feet above sea level, with the views, lot sizes, quality of construction and amenities adding to the already existing embedded value of the real estate. Lockhart's master planning activity for the residential submarket includes:

  1. high-end condominiums and estate homes;
  2. high-density, middle income apartments and townhouses; and
  3. middle-income, single-family homes.

 
Raphune Townhomes
(middle-income, high-density town homes)


The housing style for each development site would vary depending on topography, location, targeted demographic market and consumer demand. Lockhart presently is evaluating three business alternatives to achieve the residential submarket activity:

  1. subdivide the parcel, install site utilities and roadway infrastructure and sell the parcels for further development by individual purchasers;
  2. enter into a joint venture arrangement with an independent developer targeted towards the residential market; and/or
  3. undertake development of the real estate by creating an in-house/full service residential development unit.

These alternatives can either be implemented independently or in an interrelated fashion

 
Donoe South Estates
(middle-income, single-family homes)

The Company's undeveloped property zoned for commercial development has been Masterplanned for compatible uses for the neighborhood services currently required and for future needs as the Company's residential submarket strategy is implemented. Lockhart will seek tenants who will work with the Company towards a "build-to-suit" or pre-lease basis to include facilities that will include office buildings, retail centers and mixed-used complexes.

Lockhart Undeveloped Residential Real Estate Includes:

  1. High-end condominiums and estate homes
  2. Sugar Estate (middle-income, high-density apartments and townhomes)
  3. Raphune Heights (middle-income, single-family home sites)
 

Click here to see a map of Lockhart's Undeveloped Real Estate.