Government Seeks New Investors for Prospect Reef Redevelopment

The government of the Virgin Islands is taking renewed steps to redevelop Prospect Reef Resort, a property devastated during the 2017 hurricanes. At the first press conference of 2025, held on January 24, Premier Dr. the Honourable Natalio D. Wheatley announced a new initiative to attract investors.

“My government continues to persevere to ensure a business-friendly and secure environment,” Premier Wheatley stated. “You should take note that we just sent out the expression of interest for Prospect Reef and look forward to receiving expressions of interest. We continue to persevere to ensure business-friendly and secure environment compliance with regulatory demands, and provide the products and services that will attract business to the sector and maintain our competitive advantage.”

Prospect Reef Resort, once a flagship property of the territory, has been a symbol of both the potential and the challenges of post-hurricane redevelopment in the British Virgin Islands. After the hurricanes of 2017, the National Democratic Party (NDP) government signed a $90 million deal with ICA (BVI) Group Corp for its redevelopment. However, that agreement failed to come to fruition.

When the Virgin Islands Party assumed office, it pledged to seek new investors for the project. Nearly eight years later, this latest move represents a renewed push to breathe life into the property.

Premier Wheatley emphasised his administration’s focus on creating conditions that attract international investment, with compliance, innovation, and competitiveness being central to the strategy.