Back to News Releases
Pennrose Selected as Master Developer by the Virgin Islands Housing Authority
August 26, 2019
Pennrose has been selected as Master Developer by the Virgin Islands Housing Authority (VIHA) for the disaster recovery and redevelopment efforts in St. Thomas. The redevelopment efforts will serve as Pennrose’s first projects in the U.S. Virgin Islands and Caribbean and is planned for approximately 700 units on St. Thomas. Pennrose will partner with Jackson Development Company on the initiative, a developer located in the U.S. Virgin Islands.
After Hurricanes Irma and Maria devastated several Caribbean islands in 2017, the U.S. Department of Housing and Urban Development (HUD) allocated $243 million of Community Development Block Grant Disaster Recovery (CDBG-DR) funds to the U.S. Virgin Islands to support long-term recovery efforts, with $32 million targeted for public and affordable housing.
“We’re honored to have been selected by VIHA for this critical redevelopment effort and we look forward to working closely with the Housing Authority and local community every step of the way,” said Ivy Dench-Carter, Regional Vice President at Pennrose. “Pennrose has a reputation for building high-quality developments that improve lives and transform communities. We have every confidence our extensive track record of success will support VIHA’s efforts to rebuild as we begin work in the Caribbean.”
As one of the nation’s largest owners and developers of affordable housing, Pennrose has in-depth experience working on multi-site, multi-phase redevelopment efforts. Most recently, Pennrose worked with the Kingsport Housing & Redevelopment Authority in Tennessee on the redevelopment of 381 housing units across five former public housing sites. Pennrose was also selected by the New York City Housing Authority to repair and upgrade 1,315 family and senior affordable housing units across 60 buildings.