BILL No. 36-0095
COMMITTEE OF THE WHOLE: JUNE 2, 2025
The Residences at 340 North
AC DEVELOPMENT
"Crafting Spaces, Building Communities"
ESTABLISHED IN 2018 (MD) & 2021 (USVI)
Operations in Baltimore Metropolitan Area and St. Thomas, USVI
OVER A DECADE OF EXPERIENCE
Real Estate Development, Engineering Design, Construction, and Project 
Management
MISSION: BUILDING A SUSTAINABLE FUTURE
Focused on innovation & creating high-performance homes that redefine modern 
living.
PARCEL
• 4I & 4J Estate St. Joseph and 
Rosendahl
• 11.16 acres
CURRENT USE
• Vacant Land
• No Structures
• Zoned R-2
PROPOSED USE
• 80 Unit Planned Area 
Development
•
28 - 20' Townhouses
•
36 - 24' Townhouses
•
16 - Detached Single-Family Homes
LAND USE BREAKDOWN
• Developed Area - 35%
• Active Open Space - 5%
• Passive Open Space - 60%
ABOUT THE PROJECT
LOCATION
Rosendahl Drive
St. Thomas, USVI
EXISTING CONDITIONS
ROSENDAHL DRIVE
GOOSEBERRY LANE
EXISTING ACCESS POINTS
INSPIRED BY 
CULTURE
Design rooted in local 
architectural heritage
THE CALABASH
20-FT TOWNHOUSE
1st Floor
2nd Floor
HIGHLIGHTS
• 1,200 square feet
• BEDROOMS - 3
• BATHROOMS - 2.5
The Calabash blends style and 
function with a cozy, spacious 
layout—ideal for modern island 
living. Thoughtfully designed for 
comfort, charm, and convenience 
in a vibrant community.
FLOOR PLAN
THE CALABASH
THE MAHO
24-FT TOWNHOUSE
1st Floor
2nd Floor
HIGHLIGHTS
• 1,450 square feet
• BEDROOMS - 3
• BATHROOMS - 2.5
The Maho features a spacious 24-
foot-wide layout, ideal for relaxing, 
entertaining, and enjoying modern 
island living. A usable rear yard adds 
outdoor comfort and charm in a 
vibrant community.
FLOOR PLAN
THE MAHO
THE AMALIE
SINGLE-FAMILY HOME
1st Floor
2nd Floor
HIGHLIGHTS
• 1,600+ square feet
• BEDROOMS - 3
• FLEX SPACE: OFFICE/BEDROOM
• BATHROOMS - 2.5
The Amalie is a spacious detached 
home offering timeless design and 
customizable features. It sets a new 
standard for luxury island living in a 
vibrant community.
FLOOR PLAN
THE AMALIE
COMMUNITY FEATURES
ACTIVE OPEN SPACE
Designed open space for 
recreation, gatherings, and 
community enjoyment
COMMUNITY GARDEN
Urban gardens for sustainable 
living and engagement
HOA
Homeowner's association to 
maintain shared spaces 
and standards
WALKING TRAILS
Promoting wellness, 
connectivity, 
and access to nature
ICF (Insulated Concrete Forms)
Disaster Resilient, Poured Concrete 
Wall, Tight Building Envelope
Energy Efficient
Low Consumption Fixtures, EnergyStar 
rated appliances
Pitched Roofs
Sloped roof on Townhouse models
Net Zero Ready *GOAL*
Aiming for future net zero readiness
BUILDING INNOVATION
Site Grading
Erosion control, 
phased 
development, and 
retaining walls
Road Design
Shared street 
parking with 
driveway parking 
for units
Stormwater 
Management
Progressive design 
to reduce offsite 
impact
Wastewater Design
Primary tank with clustered 
secondary treatment
Water Storage
Individual cisterns plus 
communal water storage for fire 
safety
CIVIL ENGINEERING & SITE PLANNING
• NO ENDANGERED SPECIES FOUND: Surveys confirmed no 
endangered species; VI Tree Boa Protocols will be 
enforced.
• HABITAT AREAS PRESERVED: Portions of native forest 
and drainage areas will remain undeveloped for ecological 
balance.
• NO CRITICAL ENVIRONMENTAL ISSUES: Third-Party 
Assessment shows no major environmental concerns.
ENVIRONMENTAL SUMMARY
BIOIMPACT, INC
• NO FLOOD RISK: Property is in 
a FEMA Flood Zone X - Outside 
of flood prone areas.
• 100-year coastal flooding is not 
expected
FEMA FLOOD ZONE DESIGNATION
• NO HISTORIC SITES FOUND: No significant precolonial settlements were identified on the property.
• RUBBLE WALL DISCOVERED : A historic dry-laid stone wall was found; It is Not Eligible for the National Register.
• MODERN REFUSE DUMP: A Small 20th-century dump was identified and deemed historically insignificant.
CULTURAL SUMMARY
COCOSOL INTERNATIONAL, INC
AMOUNT
STATUS
AC Development Pre-Dev Equity
$361,500
COMMITTED/EXPENDED
AC Dev Equity
$250,000
COMMITTED
Investor Equity
$1,000,000
COMMITTED
*CDBG Grant Funds (Drawdown Based)
$6,250,000
NOT COMMITTED
FHLBNY AHP Grant
$1,680,000
PENDING- 3rd Quarter 2025
*The CDBG-MIT funds are structured to support affordability based on unit type: $250,000 per 20' townhouse (targeted at 
80% AMI) and $125,000 per 24' townhouse (targeted at 120% AMI). 
FUNDING OVERVIEW
Phase 1 - 33 Units
21
AFFORDABILITY TARGETS
CD BG-MIT Allocation: CD BG-MIT Action Plan v4.1
The Calabash
The Maho
ODR
Own A Lot, Build A Home
EDA
VI Slice
VI FEMS
Fire & Life Safety
VI WMA
Refuse Coordination
Dept. of Agriculture/UVI Ext.
Reforestation
Public Works
Outreach Support 
Needed
WAPA
Outreach Support 
Needed
Dept. of Energy
Solar Initiatives
AGENCY ENGAGEMENT
According to the HUD 2019 study, the Virgin 
Islands required 800 additional for-sale housing 
units by 2022 to meet existing demand.
As of 2025, the estimated unmet demand has 
increased to approximately 964 units, with an 
annual compounded growth of 3%, driven by 
economic inflation, population growth, and 
continued supply challenges.
Key Drivers of Demand
•
Limited recovery in housing stock due
•
Gaps in affordable housing availability.
•
Demand for quality, energy-efficient homes 
across diverse price points.
HOUSING DEMAND
PUBLIC FEEDBACK
We’re having a real 
housing crisis. I 
don’t need to tell 
any of you that.
— Governor Albert Bryan Jr.
The Virgin Islands is 
experiencing a housing 
crisis, and the demand 
for affordable housing far 
exceeds the supply.
— Eugene Jones Jr., VIHFA
The convergence of high construction costs, 
limited land availability, and regulatory 
constraints has created a perfect storm, 
making affordable housing increasingly out 
of reach for many Virgin Islanders.”
— Dr. Mark Wenner
Affordable housing remains a top 
priority. We must find practical 
solutions to ensure every Virgin 
Islander has access to safe and 
affordable homes.
— Senator Milton E. Potter
We must ensure that 
federal funds are utilized 
effectively to support 
housing projects that will 
alleviate the current 
shortage.
— Senator Kurt A. Vialet
We must find ways to streamline 
the process to complete the 
construction of housing in the 
territory. While there is concern 
over the work that needs to be 
done, collaboration is essential to 
complete the task at hand.
— Senator Marvin A. Blyden
• Affordable By Design
Units priced to meet VIHFA’s low-
to moderate-income affordability 
targets.
• Community-Centered 
Design
Human-scale homes that blend 
with local character, not 
“projects.”
• Public-Private 
Partnership
Goals to leverage private 
developers for public need.
• Local Hiring & 
Participation
Prioritizes local contractors and 
workforce in development and 
construction.
• Shovel-Ready 
Compliance
Meets zoning, infrastructure, and 
permitting standards.
Virgin Islands Affordable Housing Program
Title 29, Chapter 16, Section 930, et seq.
DELIVERING WHAT'S NEEDED
Submitted 
4/1/2025
Start
End
Jun. 2
Jul. 1
Aug. 15
Aug 22
Oct 1
Oct 1
Apr 1 (26')
HOMES SOLD 2ndQUARTER 2026
Contact Us
www.340north.com
info@340north.com
The Residences at 340 North
340North