1 
 
Virgin Islands Economic Development Commission 
Public Hearing of Tuesday, March 4, 2025 
Summary 
 
During the Virgin Islands Economic Development Commission (“VIEDC”) Public Hearing on 
Tuesday, March 4, 2025, the VIEDC Governing Board heard one (1) application presentation as 
follows: 
 
❖ APPLICATIONS: 
 
• Historic Heritage Holdings, LLP) – New Application 
 
[Category III – Hotel/Guesthouse & Category IV – Designated Services Business; Investment: $11,000,000; 
Jobs: 15; Location: St. Croix, VI] 
 
 
Historic Heritage Holdings, LLP (“Historic Heritage”) seeks VIEDC tax incentive benefits as a 
Category III – Hotel/Guesthouse and Category IV – Designated Services Business providing 
venture capital management and investment and family offices. 
 
On September 20, 2024, Historic Heritage filed an application with the Virgin Islands 
Economic Development Commission (“VIEDC”) for tax incentive benefits as a Category III – 
hotel/guesthouse.  Historic Heritage shall own, construct, and develop a boutique hotel and 
amenities normally associated with a hotel to be located on St. Croix. Historic Heritage shall 
also own and operate a Category IV – Designated Services Business providing venture capital 
management and investment and family offices. Historic Heritage shall invest its own money 
to fund the acquisition and renovation of project properties. Historic Heritage’s clients shall 
be located outside the USVI. Historic Heritage has established four (4) wholly owned, 
disregarded entities: Z Property VI, LLC ; Z Hospitality I, LLC; Z Hospitality II, LLC; and 3 Hospital 
Street LLC to hold title to the parcels comprising the hotel property; and Stay At Uptown, LLC 
who will become the operating entity for the hotel. Historic Heritage may establish more 
wholly owned, disregarded subsidiaries through which it may carry out the above business 
activities.   
 
Historic Heritage commits to employing 15 full-time employees within one (1) year from the 
date the Chairman signs the VIEDC Certificate, or within one (1) year of commencement of 
hotel operations, whichever is later.  Historic Heritage also commits to invest a minimum 
capital investment of $11,000,000 in the benefitted business commencing no earlier than 
twelve months prior to the date the application is deemed complete by the VIEDC and ending 
within three (3) years from the date the Chairman signs its Certificate, or within three (3) 
years from commencement of tax incentives, whichever is later.  Historic Heritage further 
agrees to meet all statutory and special conditions, and other applicable requirements for the 
grant of tax incentive benefits. Historic Heritage s is located on the island of St. Croix.