Frith and partner investing in Sun Coast residential development
Published:Wednesday | January 26, 2022 | 12:05 AM
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With planning permits in hand, TCF Development is laying the groundwork for a residential complex at Twelve Miles in Bull Bay, St Thomas, that will place 396 units on the market over five years. TCF, owned equally by Kevin Frith and Lancelot Thomas...
With planning permits in hand, TCF Development is laying the groundwork for a residential complex at Twelve Miles in Bull Bay, St Thomas, that will place 396 units on the market over five years.
TCF, owned equally by Kevin Frith and Lancelot Thomas, will be developing property that once housed the Sun Coast hotel and adventure park, and was literally a playground for paintball combat enthusiasts, hikers and game hunters.
Frith, the former owner of Bar Central Limited, who is transitioning from the marketing of alcoholic beverages to real estate and other ventures, said the property was acquired from owner David Wong Ken for $320 million.
“We just bought the land from David. It was a straight purchase valued at just over $320 million,” he said, while clarifying that the deal did not include the actual Sun Coast hotel.
CONFIRMED BACKING
The land purchase was financed by the St Ann branch of First Regional Credit Union, which is also helping to put together a consortium of backers for the overall project set to cost $15 billion, according to TCF.
Ardford Billings of First Regional confirmed the credit union’s involvement with TCF, but declined further comment.
“We went to the credit union and based on my long-time association with them, they looked over my proposal, listened to the vision, visited the property, and put up the financing,” Frith said.
The 396-unit residential complex will be developed in three phases and span a combined 91 acres. Phase one, consisting of 133 units, began in November 2021 and is set for completion in March 2023. Phase two, with 170 units, is programmed to start in January 2023, with completion in December 2024; while the final 93 units will be built between October 2024 and December 2026.
Approval for the development were reportedly obtained in December from the National Environment & Planning Agency and the St Thomas Municipal Corporation.