$11M For Joe's Hill Housing Development
BVI Platinum News | 17 Opinions
Published: January 11, 2017 7:35 am AST
Chairman of the Social Security Board Mr. Ian S. Smith, Director of the Social Security Board Antoinette Skelton, Director of James Todman Construction Mr. James Todman, Director of Larry Adams Construction Mr. Larry Adams, Board members, Mr. Simon Potter, Ms. Vereen Vanterpool and Mr. Anghel George.
Photo Credit: Provided
The Social Security Board (SSB) has inked an $11M agreement with the team of James Todman Construction and Larry Adams Construction companies (JTC/LAC) to facilitate the design and building of 43 residential units at Joe’s Hill, in the Road Town Section of Tortola.

The contract signing took place on January 5.

SSB in making the announcing, stated that the Joe’s Hill Housing Development carries a contract sum of $11,150,612.00.

The development comprises of approximately 7.054 acres of land to include a collection of 43 homes ranging from one to three bedrooms in condos and single family homes. The development encompasses scenic views and will boast a gym, a playground, commercial and green spaces, and ample parking.

The Chairman of the Board, Mr. Ian S. Smith is assuring contributors that the Social Security Board will not be assuming the risk of the development, as the end financing for the relevant individual mortgages will be done through the local banks.

The board expects to see returns of 7% to 12% on the local real-estate development investments.

Smith hailed the signing as a proud moment for the Virgin Islands and the Social Security Board, as the investment will enable Virgin Islanders and Belongers to own their own home, thus creating the opportunity for individual wealth building.

The Chairman pointed out that the development will also stimulate the economy through the creation of hundreds of jobs and the circulation of money throughout the economy by the multiplier effect.

Director of SSB, Antoinette Skelton said that over 100 persons have expressed an interest in purchasing a home through the Social Security housing development initiative and the board is committed to advance the housing project to other areas of the Territory.

Speaking on behalf of joint venture team, JTC/LAC, Mr. James Todman pledged his commitment to constructing the housing development in a timely manner, with quality and professionalism.

According to SSB, the board has a long history of investments in real estate internationally, such as Fannie Mae and Freddie Mac. The First Time Home Owners initiative will be no different. The Social Security Board, as part of its Investment Policy, has the capacity to invest anywhere from 10% to 20% of the Social Security Reserve Fund into the local economy.

"Previously, these investments took the form of large scale infrastructure and capital development financing. Given the pressures on interest rates and returns on investments, the Social Security Board looked at an alternative investment strategy that would increase the portfolio’s return while stimulating the economy and ensuring the long term viability of the Social Security Fund," the board stated.

The Social Security Reserve Fund currently stands at approximately $580 million, with $192 million invested in US and global equities; $206 million invested in fixed income and convertible fixed income; $80 million in local credit and equity investments; and $98 million in CD’s and cash at local banks.

The development agreement for the First Time Home Owners Programme was signed by Todman, Sr. and Larry Adams, on behalf of JTC and LAC respectively, and Director of the Social Security Board, Skelton. Witnessing the momentous signing were Mr. Smith, Chairman of the Social Security Board along with board members, Messrs Anghel George and Simon Potter, and Ms.Vereen Vanterpool.
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Readers' Opinion
17 Opinions | Post Your Opinion
Please note that the opinions posted are the opinions of its author and does not reflect the views of the management, staff, parent company or sponsors of Virgin Islands Platinum News.
ENOUGH | Report Abuse
Government should not be taking money from SSB to invest in no housing project. Government can't even collect rent from the persons at Craft Alive how and when will they collect on this project. This is only another way for the politicians to get their dirty hand on OUR SSB money. When the... more
January 12 at 12:23pm | Like    Dislike
well.... | Report Abuse
They project sounds like the Hamptons. Why the gym is needed,the hill is gym enough.LOL
January 12 at 9:58am | Like1 Person like this.   Dislike
...... | Report Abuse
The water flow caused by this project will drown/flood we the ones living below
January 12 at 9:52am | Like1 Person like this.   Dislike2 People dislike this.
while affordable housing is needed, I hope there is vetting of architect and design process by the public. We are the ones who have to live with an ugly building, added car and pedestrian traffic. Joes Hill has a narrow approach off a historic street. Please have public meetings to hear if there... more
January 11 at 12:20pm | Like6 People like this.   Dislike
Nonsense | Report Abuse
Wha happen to VG? Again we get nothing smh!! And why Jamesie getting all the work Tola got a lot of other capable contractors/construction companies.......hmm.
January 11 at 11:28am | Like4 People like this.   Dislike5 People dislike this.
well sah | Report Abuse
it seems like only he paying social security?
January 11 at 1:38pm | Like1 Person like this.   Dislike1 Person dislike this.
Onlooker | Report Abuse
11m for housing development when people struggling to pay monthly rent....The hospital ain't even finish....The roads in bad condition.....Sewerage scent issues....No parking in town....Only 1 ambulance...The fire service buildings around the island need fixing....But who cares??
January 11 at 10:46am | Like7 People like this.   Dislike6 People dislike this.
This is a social security venture, not government. You hear talking about roads etc., that's a government problem not social security.
January 11 at 3:30pm | Like3 People like this.   Dislike2 People dislike this.
Employee | Report Abuse
Ummm are u not aware that all the issues listed were already funded by the social Security Board ? So what's ur point?
January 11 at 4:16pm | Like2 People like this.   Dislike
Really | Report Abuse
Hope they don't turn into slum projects. You must have strict rules on how persons keep the place or be given fine.
January 11 at 10:18am | Like12 People like this.   Dislike
Guest | Report Abuse
$11 million dollars for 43 homes, gym, commercial space, playground in the BVI? I will believe it when I see it. If a wall in the BVI can cost over 1 million dollars, we know what the final cost of this will end up being.
January 11 at 10:15am | Like9 People like this.   Dislike
Not when you have people like James Todman involved. That's a great man right there. Knows what he is doing and is truly talented. A true unsung hero in the BVI.
January 11 at 11:42am | Like10 People like this.   Dislike2 People dislike this.
other contractors | Report Abuse
How come we were given a chance to bid? Were these hand picked?
January 11 at 9:29am | Like5 People like this.   Dislike4 People dislike this.
I FROM HERE | Report Abuse
With you all we won't get value for money. We like the contractors we see on this project.
January 11 at 10:21am | Like2 People like this.   Dislike1 Person dislike this.
Great initiative and SSB should be congratulated.
I agree that there are contractors other than Todman who can put up buildings.
If only given a chance to bid.
January 11 at 11:33am | Like5 People like this.   Dislike1 Person dislike this.
blind man | Report Abuse
I see a conflict of interest
January 11 at 9:28am | Like8 People like this.   Dislike
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