WICO UPLAND DEVELOPMENT RFQ & RFP

REQUEST FOR QUALIFICATIONS (RFQ)

& SUBSEQUENT REQUEST FOR PROPOSALS (RFP) PROCESS

ISSUED BY: The West Indian Company Limited (WICO)
PROJECT TITLE: Waterfront Redevelopment Project
LOCATION: St. Thomas, U.S. Virgin Islands
RELEASE DATE: Monday, June 22, 2026
STAGE 1 – RFQ RESPONSE DEADLINE: Wednesday, August 5, 2026 (45 days)
STAGE 2 – RFP RELEASE (SHORTLISTED TEAMS ONLY): Wednesday, August 19, 2026 – Approximate

1. Executive Overview

The West Indian Company, Limited (WICO), in partnership with the Government of the U.S. Virgin Islands (GVI), invites qualified, experienced and capitalized developers to participate in a two-phase competitive solicitation for the phased redevelopment of over 8.5 acres of prime waterfront property adjacent to WICO’s cruise berths and proposed new development of 5.5 acres of prime hill side property for use in cruise operations, mixed use retail, resort, marine, recreation and tourism infrastructure opportunities in St. Thomas, U.S. Virgin Islands.

WICO seeks to conduct this process in two steps:

• Step 1 – Request for Qualifications (RFQ) process, WICO aims to shortlist qualified teams with the technical and financial capacity to deliver a large-scale, mixed-use retail, resort, marine, recreation and tourism infrastructure project:
• Step 2 – Request for Proposals (RFP) where shortlisted teams will be invited to submit full proposals under a subsequent delivery and deadline once initiated.

KEY PROJECT COMPONENTS:

• Mixed-use waterfront development: hospitality, retail, marina, and public space / place.
• Expanded Cruise Infrastructure: capable of hosting the largest vessels from Oasis of the Seas (RCL), Carnival (Excel Class), MSC (World Class), and NCL (Mega Class).
• Public and private space integration: including boardwalks, community facilities, transportation zones, and climate-resilient infrastructure.

WICO is committed to a competitive process to deliver a high-impact, economically sustainable, and environmentally responsible project for the benefit of the Virgin Islands and the wider Caribbean.

2. Overview

ABOUT WICO: The West Indian Company Limited (WICO) is one of the most historically significant and economically important infrastructure entities in St. Thomas, U.S. Virgin Islands, with roots dating back to the early 20th century. Founded in 1912 by Danish shipping executive Hans Niels Andersen, WICO was originally established to take advantage of the deep natural harbor at Charlotte Amalie and to support transshipment, bunkering, and maritime trade in anticipation of the Panama Canal’s completion. Over time, the company expanded its role beyond shipping logistics into broader economic development, including introducing electricity to the island and facilitating early tourism ventures. After decades as a private, foreign-owned enterprise, WICO was acquired by the Government of the U.S. Virgin Islands in 1993, transitioning it into a publicly owned but commercially operated entity that continues to serve as a key driver of the territory’s economy.

WICO’s current business model is centered on cruise tourism and port-related revenue generation. The company operates as the owner and manager of the Havensight Dock— the primary cruise ship facility in St. Thomas— and generates income through ship berthing fees, passenger-related charges, and associated services provided to cruise lines. In addition, WICO derives revenue from real estate and commercial leasing of other developed properties tied to cruise passenger activity. As a publicly owned entity functioning in a commercial capacity, WICO supports both direct port operations and the broader tourism ecosystem, acting as a conduit for passenger spending that benefits local businesses, transportation providers, and the hospitality sector.

From an operational and site perspective, WICO’s activities are concentrated at the Havensight cruise terminal, located in Long Bay within the port of Charlotte Amalie. This facility is the primary cruise berthing location on St. Thomas and includes multiple deep-water berths capable of accommodating large cruise ships, along with passenger access infrastructure, security, and adjacent retail and transportation connections. The terminal is located close to downtown Charlotte Amalie, enabling efficient movement of passengers into the island’s tourism network. WICO is responsible for vessel scheduling, docking logistics, and coordination with cruise operators, and it also manages infrastructure constraints such as limited berthing capacity and the need for periodic dredging to accommodate larger vessels.

In terms of annual activity levels, WICO consistently handles a large share of the cruise traffic in the U.S. Virgin Islands. Recent data indicates that the facility typically accommodates on the order of 270 to more than 360 cruise ship calls annually, depending on seasonal and market conditions. For example, Fiscal Year 2025 saw approximately 960,000 cruise passengers across more than 270 ship calls, while projections for Fiscal Year 2026 indicate over 300 to 360 ship visits carrying more than 1.1 million passengers. Over longer-term averages, the terminal has handled roughly 1.5 million passengers and crew annually, reflecting its role as a major Caribbean cruise destination. These volumes represent a majority share of cruise arrivals to the territory, with WICO processing more than half of all cruise passengers visiting the U.S. Virgin Islands in recent years.

Overall, WICO functions as a hybrid port operator, real estate manager, and economic development engine for St. Thomas. Its evolution from a maritime transshipment company into a modern cruise port illustrates the broader transformation of Caribbean economies toward tourism. Today, WICO remains a cornerstone of the U.S. Virgin Islands’ cruise industry, supporting significant passenger volumes, facilitating hundreds of vessel calls annually, and contributing materially to the territory’s economic stability and growth.

Site location: The West Indian Company Limited – 9020 Havensight Mall – Charlotte Amalie, 00802 – U.S. Virgin Islands (Coordinates 18.33335° N, 64.92055° W)

Project Mission: Establish a working partnership with one or more developers or other entities to redevelop prime waterfront property adjacent to WICO’s cruise berths, and create a new development on prime hill side property for use in cruise operations, mixed use retail, resort, marine, recreation and tourism infrastructure opportunities.

WICO, in partnership with the Government of the U.S. Virgin Islands (GVI), is seeking qualified and capitalized development entities to participate in a two-phase competitive solicitation for the phased redevelopment of over 8.5 acres of prime waterfront property

adjacent to WICO’s cruise berths/docks and proposed new development of approximately 5.5 acres prime hill side property for use in cruise operations, mixed use retail, resort, marine, recreation and tourism infrastructure opportunities in St. Thomas, U.S. Virgin Islands.

This offer represents a compelling investment opportunity in one of the Caribbean’s most trafficked cruise markets. Through this Request for Qualifications (RFQ) process, WICO aims to shortlist qualified teams with the technical and financial capacity to deliver a large-scale, mixed-use retail, resort, marine, recreation and tourism infrastructure project. Shortlisted teams will be invited to submit full proposals under a subsequent Request for Proposals (RFP).

To ensure maximum participation WICO is open to full or partial development of the properties and submitter may present on one or both properties and only a portion of either property as best fits in the submitters vision and plans.

In a partnership with one or multiple partners WICO’s vision is to fully develop the properties to support use by locals, resort guests and cruise passengers.

3. PROJECT VISION & OBJECTIVES

WICO’s primary goals for this initiative include but are not limited to:

• Growing St. Thomas and in particular WICO as the leading mega-ship cruise port in the Caribbean – possibly by expanding the cruise berths facilities to receive more ships.
• Developing a world-class, mixed-use waterfront destination that enhances tourism and community value.
• Building state-of-the-art berth and passenger infrastructure
• Driving long-term economic growth and employment opportunities for the Territory
• Ensure resilience to climate risks and compliance with all territorial and federal regulations
• Utilizing commercially reasonable efforts to prioritize the hiring of qualified residents of the United States Virgin Islands for all project-related employment opportunities, including construction, operations, and management positions
• Sustaining and improving upon the ground and water transportation interface for cruise passengers
• Upgrading utility infrastructure (power, water, waste, stormwater) to accommodate new proposed development
• Establishing retail and dining experiences to support the growing tourism market on island (resort, local and cruise).
• Developing undeveloped land currently owned by WICO
• Establishing a breakwater to protect harbor assets and to allow for a marina and marine services area (yacht docking, fueling, boat clubs and waterside excursions)
• Developing a hospitality area (resort or boutique hotel)
• Integrating and transitioning WICO property with adjacent Havensight Mall and GERS Properties for a well planned aesthetic.

Creating attractive Public amenities (boardwalks, parks, plazas, shuttle/taxi zones)

4. SITE DETAILS

See the attached figures for general layout and property boundaries (Exhibits 1 and 2) for consideration in the below descriptions.  Developer is to confirm all zoning and land use permissions and authorizations and establish for themselves the revisions required to achieve the final development goals.

WICO DOCK UPLAND

• Size: 8.5+ acres
• Location: Adjacent to WICO Dock, Havensight Mall, and Yacht Haven Grande
• Topography: Flat, waterfront access
• Utilities: Power, water, sewer, fiber
• Ownership: WICO/GVI/DPP/DPNR
• Zoning: Combination of W-2, C and R-3 – See also Surveys Provided in Exhibit 3

(Link to Website)

WICO HILLSIDE UPLAND – LIVERPOOL PROPERTY

• Size: approximately 5.5+ acres
• Location: Southwest of the WICO Dock Side Property
• Topography: Sloped Hillside, Steep in areas, waterfront access
• Utilities: None
• Ownership: WICO/GVI/DPP/DPNR
• Zoning: R-3 – See also Surveys Provided in Exhibit 3

(Link to Website)

5. Site Description

General description of the properties:

WICO DOCK UPLAND

• The dockside area along the full length of WICO’s three ship berths is owned and operated by WICO in the first 30 – 50 feet for the full length of dock.
• Further South of the fence line along the berth there are portions owned and operated by WICO and other portions owned and operated by GERS.  Refer to the WICO Property Area Map (Exhibit 1) yellow areas for property that is owned and operated by WICO.  All other areas not bound by solid black lines are outside WICO’s control and are not part of this RFQ/RFP.  Refer to Exhibits 1 and 3 for more detail.
• Current operations in the WICO Dock Upland consist of warehouses, parking, Executive Offices, landside excursions staging, safari / taxi staging, WICO Property maintenance building, rental car offices, former tank storage, circulation roads, cruise berth aprons and mooring hardware, etc.
• Specific operations of WICO Upland Property that need to be maintained are identified in Exhibit 2. Note that the cruise berth must be maintained where it is currently without change and not removed from the plan. Alternate berthing arrangements that add capacity may be considered.  Other operations shown must also be maintained but can be relocated or reconfigured to accommodate the proposed development provided that the operations are kept.  WICO is open to relocation of the executive offices and other buildings/operations if it best accommodates future development.

WICO HILLSIDE UPLAND – LIVERPOOL PROPERTY

• The hillside area (Liverpool property) along with a portion of Parcel 21 as shown in blue are open for new development. See Exhibits 1 and 3 for more detail.
• These areas are owned by WICO. All other areas not bound by blue shown as undevelopable are assumed to be too steep for development but are available for use by submitters for development if a concept for development can be created.
• Current operations in the WICO Upland (Liverpool Property) do not exist. The property is vacant and full of vegetation.  Property has an existing access drive from the upper road to the water’s edge.  Remnants of old abandoned buildings are on property.

LEGAL DESCRIPTION OF PROPERTY: See attached Exhibit 3 for general property boundaries.

MAPS OF CURRENT INFRASTRUCTURE: To be released to shortlisted teams.

MAP OF ACTIVE OPERATIONS: See Exhibit 2 for areas that must be maintained during construction and cannot be abandoned until new areas are created to allow relocation of these operations.

6. Development Opportunity

WICO seeks to develop a large-scale, mixed-use retail, resort, marine, recreation and tourism infrastructure project with considerations for the following:

• • • Mixed-use waterfront development: hospitality, retail, marina, and public space.
    • Expanded Cruise Infrastructure: capable of hosting the largest vessels from Oasis of the Seas (RCL), Carnival (Excel Class), MSC (World Class), and NCL (Mega Class).
    • Public and private space integration: including boardwalks, community facilities, transportation zones, and climate-resilient infrastructure.
    • Partnership with shared revenue and a focus on tourism.
    • Generally acceptable land uses —
      • Commercial / Retail
      • Lifestyle retail and boutique shops
      • Entertainment venues and/or event spaces
      • Hospitality
      • Boutique hotel or branded resort (80–150 rooms)
      • Event spaces, wellness centers, and waterfront access
      • Restaurants and bars
      • Waterfront restaurants and cafés
      • Entertainment venues and amusement
      • Public Space / Places
      • Pedestrian walkways, boardwalks, plazas, and parks
      • Cultural village
      • Public art, landscaping, and wayfinding
      • Parking and transportation access (ride share, shuttles, EV stations)
      • Marina / Marine Infrastructure
      • Docking facilities for yachts and recreational vessels
      • Cruise and Day Excursion Slips
      • Marina clubhouse, fuel dock, and support services
      • Integration with cruise passenger flows and ferry connections
      • Alternate or additional cruise berths
      • Other uses presented that are deemed viable for the site by WICO.
    • Developer has latitude to influence program and vision within master plan framework.
    • WICO is seeking to ensure maximum participation and is open to full or partial development of the properties. Submitter may present on one or both properties and only a portion of either property as best fits in with the Submitters vision and plans.
      • WICO is open to opportunities to connect the two properties into one join space for development and improvement of overall property and visitor experience.
      • WICO is open to reigniting discussions on the development of a new cruise berth and terminal area.
      • New developments should connect to adjacent Mall and offer finished circulation of pedestrian and vehicle traffic for cruise operations.

7. Deal Structure Options

WICO is open to multiple deal structures — respondents should propose what they believe best serves the opportunity with a maximized offer for WICO, revenue generation. Potential options that could be presented consist of:

• Ground lease with developer equity
• Joint venture with landowner participation
• Public-private partnership
• Hybrid structures with Long-term ground lease
• Concession agreement (design-build-finance-operate-maintain)
• Equity-based joint venture with WICO and/or GVI participation

The USVI Economic Development Authority offers significant tax incentives

8. Regulatory Framework

ENVIRONMENTAL AND LAND USE / ZONING

• All development must comply with territorial and federal permitting requirements.
• Key agencies may include but are not limited to:
  • USVI Coastal Zone Management Commission (CZMC)
  • S. Army Corps of Engineers
  • Virgin Islands Port Authority
  • S. Customs & Border Protection
• Environmental review and mitigation will be required prior to construction.
• Development contains Environmental considerations (Coastal Zone Management, USVI DPNR, ACOE requirements) and the process / overview. Development must also consider WICO’s role in the process.
• Land Use and Zoning Designations for properties may require modification depending on the property’s proposed development including approval through the Senate.
• Development and construction will need to consider tariffs, gross receipt taxes and other territorial fees.
• WICO and other agencies will deeply review and evaluate the waterside construction proposed if any.

9. Submission Requirements

WICO will be conducting this process in two steps.  WICO reserves the right to conduct interviews or request additional documentation before selecting finalists for the second step.

WICO aims to shortlist qualified teams to proceed to the second step where shortlisted teams will be invited to submit full proposals under a subsequent delivery and deadline once initiated.

STEP 1: REQUEST FOR QUALIFICATIONS (RFQ)

• Cover Letter & Executive Summary
  • The name, title, direct telephone, and email address of the primary point of contact for all communications regarding the proposal
  • The respondent’s core value proposition and development philosophy for this specific site and program
  • The proposed deal structure at a high level, including whether the respondent is proposing a ground lease, joint venture, purchase, concession, or hybrid arrangement
  • The respondent’s single most compelling differentiator as a development team for a destination of this nature in the USVI
• Development Team Qualifications
  • Identification of the Lead Respondent and all proposed co-developers, joint venture partners, subconsultants, operators, and capital partners, with a clear delineation of each party’s role, responsibility, and proposed ownership or economic interest in the Project
  • An organizational chart depicting the proposed team structure, lines of authority, and decision-making hierarchy.
  • Resumes or professional profiles for all key personnel who will be materially involved in the Project. Each profile shall confirm the individual’s proposed role, time commitment, and relevant prior experience
  • Past project profiles demonstrating direct, hands-on experience with one or more of the following development types: master-planned mixed-use destination development; marina, superyacht, or marine services facility development or operations; resort, or hotel, in a Caribbean or island jurisdiction; or waterfront commercial, retail, and dining activation. Each project profile shall identify: project name and location; total capitalization; respondent’s specific role and scope of responsibility; public agency or landowner counterpart; financing structure; current status or completion date; and a contact reference for verification
  • Disclosure of any prior development, investment, permitting, or operational experience in the USVI or broader U.S. Caribbean region, including any existing relationships with DPNR, USVI economic development agencies, utilities, or community stakeholders that would accelerate predevelopment activities
  • Disclosure of prior or pending P3 engagements in the USVI or U.S. Caribbean
  • Master Development Concept
  • Conceptual site plan with a narrative of proposed preliminary improvements. Respondents are not expected to submit renderings, models, construction documents or detailed design drawings at this stage; however, submissions should reflect genuine design thinking rather than generic placeholder imagery.
  • High level concept drawings and ideas for cruise programming, passenger flow, landside connectivity, and revenue-generating amenities.
  • Narrative approach to mixed-use integration, including any proposed retail, hospitality, cultural, or public space / place components.
  • A narrative description of the proposed architectural identity and how the development concept responds to the USVI’s cultural heritage, tropical climate, coastal setting, and community character
  • A narrative description of a phased development program identifying each development phase with defined scope, estimated construction cost, interdependencies between phases, demonstrating a logical and financially rational sequencing of the full build-out and a preliminary project timeline.
  • A land use integration narrative explaining how the development whether a marina, hospitality, commercial, and public realm components are conceived as a unified destination rather than isolated uses, and how the development will engage both the tourist and local resident markets simultaneously.
  • Sustainability strategy, including resilience planning appropriate to the USVI’s exposure to named storms, utility disruptions, and sea-level considerations
• Financial Plan
  • A narrative description of the proposed financing strategy, including the type and anticipated terms of senior construction and permanent debt, mezzanine or preferred equity, and any contemplated use of public or alternative financing tools such as tax-exempt bonds, New Markets Tax Credits, EB-5 capital, Opportunity Zone equity, federal infrastructure or resilience grants, USVI Economic Development Commission benefits, or similar instruments
  • A narrative description of the respondent’s proposed capitalization strategy, identifying anticipated sources of equity and debt, any anticipated use of public financing tools (tax-exempt bonds, New Markets Tax Credits, EB-5, federal infrastructure grants, EDC benefits), and proposed financial milestones.
  • Relevant past project budgets and financial outcomes, including total project budget, sources and uses, debt structure, and financial outcome or current performance.
  • Disclosure of any material litigation, bankruptcy, insolvency proceedings, or regulatory actions within the past seven years involving the Lead Respondent or any key team member that could affect financial capacity or project execution
• Timeline: A narrative explanation of the critical path and the sequencing logic between entitlement, permitting, financing, and construction activities, with identification of the timeline risks most likely to cause delay in the USVI development environment and the respondent’s proposed mitigation strategies for each
• Community Benefits Plan: Local hiring commitments, workforce development, housing inclusion, business opportunities, and public access or community benefit programs.
• Legal & Corporate Documentation

• An ownership and governance chart identifying all entities comprising the development team that will hold an ownership, equity, or contractual interest in the Project, with a clear depiction of the proposed corporate structure, capital ownership percentages, and decision-making authority
• Confirmation of current licensure or registration to conduct business in the U.S. Virgin Islands, or a written commitment executed by an authorized representative to obtain all required USVI business licenses and registrations prior to execution of any definitive agreement with WICO.
• A legal and corporate disclosure statement identifying any material litigation, arbitration, regulatory proceedings, government investigations, or outstanding judgments involving the Lead Respondent or any principal or key team member within the past seven years that could affect the respondent’s ability to perform or its suitability as a development partner
• A signed notarized resolution by an authorized representative confirming that the respondent is authorized to submit the submission in response to this RFQ and that the Company agrees to all provisions of this RFQ.
• Corporate Resolution authorizing the respondent entity to submit the submission to this RFQ and agrees to abide by all terms and conditions herein.
• Evidence of current insurance coverage and bonding capacity, including general liability, professional liability, and any marine or waterfront-specific coverages, with a commitment to satisfy WICO’s insurance requirements as may be specified in a subsequent RFP
• References: A minimum of three professional references from public agency counterparts, institutional lenders, or development partners with direct knowledge of the respondent’s performance on comparable projects. Each reference shall include the name, title, organization, direct contact information, and a brief description of the project or engagement on which the reference is based. WICO reserves the right to contact references without prior notice to the respondent.
• Sufficient information to show overall proof of the ability to meet the requirements in the next StepDeliverables are conceptual only. No full designs, budgets, or site plans are required at this stage.WICO will shortlist up to 3 teams for participation in Step 2 – RFP phase.

STEP 2: REQUEST FOR PROPOSALS – RFP (ISSUED TO SHORTLISTED TEAMS ONLY)

Respondents invited to participate in Step 2 will be required to submit a comprehensive Proposal Package demonstrating the technical, financial, operational, and legal sophistication necessary to execute a transaction of this scale and complexity.

Step 2 submissions will form the basis for final evaluation, scoring, and selection. All deliverables shall be prepared with the specificity and rigor appropriate to a financeable, executable proposal — conceptual narratives unsupported by data, analysis, or defined commitments will be weighted accordingly.

Shortlisted respondents will receive a full RFP package that may include the following:

• More detailed site information and surveys
• Final evaluation rubric and scoring criteria if deemed necessary.

Stage 2 Proposal Packages may also include the following – subject to revision prior to release to short listed firms:

• Advanced Master Site Plan & Phasing Strategy
  • Conceptual renderings, massing studies, or illustrative diagrams sufficient to convey the proposed design, architectural character, scale, and relationship of uses to one another and to the surrounding natural and built environment. Respondents are not expected to submit construction documents or detailed design drawings at this stage; however, submissions should reflect genuine strategic planning rather than generic placeholder imagery.
  • A narrative description of the proposed design language, architectural identity, and how the development concept responds to the USVI’s cultural heritage, tropical climate, coastal setting, and community character
  • A phased development program identifying each development phase with defined scope, gross square footage or unit count by use, estimated construction cost, anticipated revenue commencement, and interdependencies between phases, demonstrating a logical and financially rational sequencing of the full build-out
  • A land use integration narrative explaining how the development whether a marina, hospitality, residential, commercial, and public realm components are conceived as a unified destination rather than isolated uses, and how the development will engage both the tourist and local resident markets simultaneously.
  • A phased development approach with a high-level description of proposed uses, facilities, and infrastructure improvements for each phase, including indicative sequencing and a preliminary project timeline.
  • Conceptual ideas for cruise programming, passenger flow, landside connectivity, and revenue-generating amenities.
  • Site plan drawings depicting proposed land uses, building footprints, circulation, parking, public space / places, waterfront access, and infrastructure connections at a level of detail sufficient to demonstrate design feasibility.
  • An updated phased development program identifying each development phase with defined scope, gross square footage or berth capacity, anticipated uses, and interdependencies between phases.
  • Identification of all USVI Department of Planning and Natural Resources, U.S. Army Corps of Engineers, EPA permits, and others, as applicable, and approvals anticipated to be required in connection with the Project, including without limitation Coastal Zone Management permits, land use and zoning approvals, submerged lands authorizations, and any environmental impact review obligations under USVI and federal law.
  • A more detailed critical path schedule for each phase, including pre-development, permitting, design, construction, and commissioning milestones, with identification of schedule risk factors specific to the USVI development environment.
  • A narrative explanation of how the phasing strategy optimizes early revenue generation, manages construction disruption to ongoing port or commercial operations of the WICO Port and Havensight Mall, and positions later phases for scalable growth.
  • Identification of any proposed interim uses, activation strategies, or revenue-generating programming intended to bridge phases or maintain community engagement during construction periods.
  • Approach to mixed-use integration, including any proposed retail, hospitality, cultural, or public Space / Places components
  • Sustainability strategy, including resilience planning appropriate to the USVI’s exposure to named storms, utility disruptions, and sea-level considerations
  • Community integration approach, including proposed local hiring commitments, USVI small and minority business participation, workforce development, and public access or community benefit programming
  • Sustainability and community integration approach
  • Operations & Property Management Plan.
  • Terminal and Cruise Infrastructure Design (if considered in proposed development)
    • Proposed berth configuration, vessel capacity, and compatibility with current and next-generation cruise vessel classes
    • Landside connectivity plan addressing pedestrian flow, vehicle circulation, taxi and shuttle staging, and integration with the broader Charlotte Amalie waterfront and downtown commercial district
  • Environmental Compliance & Resilience Plan: A site-specific environmental assessment identifying known or potential environmental conditions, sensitive natural resources including coral reef, seagrass, wetlands, and coastal habitat in proximity to the site, and proposed Phase I or Phase II environmental assessment protocols to be completed during predevelopment
  • Full Financial Plan and Capital Structure
    • A detailed sources and uses statement for each development phase, identifying all anticipated equity contributions, debt financing, public funding sources, and contingency reserves
    • Evidence of lender or investor interest, which may include term sheets, letters of interest, or co-investment commitments from institutional capital sources
    • A financing timeline identifying anticipated financial close milestones for each phase and the conditions precedent to each close
    • A narrative description of the proposed financing strategy, including the type and anticipated terms of senior construction and permanent debt, mezzanine or preferred equity, and any contemplated use of public or alternative financing tools such as tax-exempt bonds, New Markets Tax Credits, EB-5 capital, Opportunity Zone equity, federal infrastructure or resilience grants, USVI Economic Development Commission benefits, or similar instruments
    • A five-year pro forma financial model encompassing all revenue streams across marina, hospitality, and commercial components, with supporting assumptions for occupancy, average daily rate, revenue per available room, retail sales per square foot, marina slip occupancy, and residential absorption or rental stabilization, benchmarked against comparable market data or co-investment commitments, sufficient to demonstrate that the proposed capital structure is not merely aspirational
    • Letters of credit or bank references for the lead respondent and any material equity partners, dated within 12 months of the submission date.
    • A narrative description of the respondent’s proposed capitalization strategy, identifying anticipated sources of equity and debt, any anticipated use of public financing tools (tax-exempt bonds, New Markets Tax Credits, EB-5, federal infrastructure grants, EDC benefits), and proposed financial milestones.
    • Relevant past project budgets and financial outcomes, including total project budget, sources and uses, debt structure, and financial outcome or current performance.
    • Disclosure of any material litigation, bankruptcy, insolvency proceedings, or regulatory actions within the past seven years involving the Lead Respondent or any key team member that could affect financial capacity or project execution
    • Proposed deal structure and term sheet outline
    • More comprehensive Financial capacity documentation
    • Environmental and Resilience Plan (including permitting roadmap)
    • An energy resilience plan identifying the respondent’s strategy for addressing WAPA utility reliability, including any proposed on-site generation, battery storage, microgrids, or renewable energy systems, and the proposed allocation of energy infrastructure costs and responsibilities between the parties
    • A preliminary environmental review identifying known or potential environmental conditions on the Project site, proposed Phase I or Phase II assessment protocols, and any anticipated environmental remediation obligations
    • Legal Documentation and Partnership Proposal (e.g., lease, joint venture, concession): A term sheet or letter of intent setting forth the proposed material terms of the concession, ground lease, joint venture, or other primary transaction document, including concession term, renewal options, base rent or minimum annual guarantee, revenue sharing structure, capital improvement obligations, default and termination provisions, and step-in rights

10. Evaluation Criteria

STEP 1 – REQUEST FOR QUALIFICATIONS

• Team qualifications (Design, Finance, Operations, Leadership) 25%
• Development vision and compatibility with WICO Vision          25%
• Experience in Caribbean or island markets                             10%
• Experience with proposed venue opportunity                         10%
• Timeline to close and break ground                                       10%
• Community & Environmental Impact                                     10%
• References and Past Performance                                          10%

TOTAL                                                                                       100%

WICO reserves the right to conduct interviews or request additional documentation before selecting finalists for the Step 2 RFP.

Possible preliminary criteria that may be used for Step 2 are as follows.  WICO reserves the right to change any and all of these requirements and criteria below.

STEP 2 – REQUEST FOR PROPOSALS (T.B.D)

• Financial strength and deal certainty
• Development vision and compatibility with WICO Vision
• Proposed terms for landowner (upside participation, ground rent, JV equity)
• Commitment to local hiring and USVI community benefit

11. Submission Process & Timeline

SUBMISSION INSTRUCTIONS

• Submit electronically to WICO Point of Contact

Point of Contact Name:                      Joe Boschulte, President and CEO

Contact Email Address:                      jboschulte@wico-ltd.com
Contact Phone Number:                    Main:    (340)774-1780

Fax:        (340)776-4785

• Hard copies (optional):

P.O. Box 7660

St. Thomas, VI 00801

-or-

9020 Havensight Shopping Center

St. Thomas, VI 00802-2673

Late submissions will not be accepted.

SUBMISSION TIMELINE

• Step 1 – Request for Qualifications
  • Step 1 – RFQ Package issue date June 22, 2026
  • Pre-RFQ Conference Call June 26, 2026
  • Questions deadline July 22, 2026
  • Final Amendment Date July 29, 2026
  • Submission deadline for Step 1 August 5, 2026
  • Shortlist of Step 1 submitters August 19, 2026
• Step 2 Preparation of Request for Proposals

• Target LOI / term sheet execution                                                October 31, 2026

12. RIGHTS RESERVED

WICO reserves the right to:

• Issue, amend, supplement, or withdraw this RFQ or any subsequent RFP in whole or in part
• Modify the scope, program, schedule, or terms of the Project or this procurement process
• Require additional information, clarification, or supplemental submissions from any or all respondents
• Waive any informality, irregularity, or technical deficiency in any submission
• Reject any or all proposals, qualifications packages, or expressions of interest, whether or not compliant with the requirements of this RFQ
• Shortlist or decline to shortlist any respondent, with or without explanation
• Negotiate simultaneously or sequentially with one or more respondents
• Suspend, cancel, restart, or terminate this procurement process at any stage
• Select a respondent and subsequently determine not to proceed with a definitive agreement
• Award or decline to award any contract, concession, ground lease, joint venture agreement, or other definitive agreement arising from this process
• Structure any resulting transaction in a manner that differs from the framework described in this RFQ or any subsequent RFP
• Discuss Jones Act considerations for marine operations
• Respondents should identify legal counsel with USVI experience
• Respondents should be a legally permitted entity to do work in the USVI

This RFQ does not constitute an offer, a contract, or a commitment of any kind by WICO. WICO shall not be bound to proceed with any transaction, enter into any agreement, or take any action as a result of this solicitation. The issuance of a subsequent RFP to shortlisted respondents shall similarly not constitute a binding commitment by WICO to award any agreement or complete any transaction.

All costs and expenses incurred by any respondent in connection with the preparation, submission, and presentation of a Qualification Package or Stage 2 Proposal, including without limitation costs of design, legal counsel, financial modeling, travel, and team assembly, shall be borne solely by the respondent. WICO shall have no obligation to reimburse any respondent for any such costs or expenses under any circumstances, including in the event that WICO cancels, suspends, or modifies this procurement process or declines to select any respondent.

14. RESPONDENT ACKNOWLEDGEMENTS

By submitting a Qualification Package in response to this RFQ, each respondent, on behalf of itself and its principals, affiliates, officers, employees, agents, subconsultants, and assigns, acknowledges and agrees that:

• WICO owes no duty of care to any respondent in connection with the conduct of this procurement process
• No respondent shall have any claim against WICO, its Board of Directors, officers, employees, agents, or legal counsel arising out of or relating to this RFQ, any subsequent RFP, the conduct of the procurement process, the evaluation or selection of respondents, or the award or non-award of any agreement, whether such claim sounds in contract, tort, promissory estoppel, unjust enrichment, or any other legal or equitable theory
• Each respondent expressly waives any right to seek judicial review, injunctive relief, mandamus, or any other legal or equitable remedy in connection with WICO’s exercise of any reserved right set forth herein or any decision made by WICO in the conduct of this procurement process
• Participation in this procurement process constitutes each respondent’s unconditional acceptance of all terms, conditions, and reserved rights set forth in this RFQ and any addenda issued thereto

Any person or entity filing a qualification in response to the RFQ hereby certifies that no officer, agent, representative or  employee of WICO has a pecuniary interest in this proposal or has participated in  contract negotiations on behalf of WICO; that the proposal is made in good faith without fraud, collusion, or connection of any kind with any other Bidder for the same request for proposals; the respondent is competing solely on its own behalf without connection with, or obligation to, any undisclosed person or firm.

Respondents acknowledge and agree that WICO operates pursuant to its enabling Act and is governed by its Board of Directors, which retains sole and final authority over all decisions arising from this Request for Qualifications, including without limitation the evaluation and selection of respondents, the award of any exclusive negotiating designation, and the approval of any resulting concession or development agreement. Evaluation deliberations of the Board, including any discussions, analyses, recommendations, or communications involving legal counsel to the Board, may be conducted in executive session. Such deliberations, and any legal advice rendered in connection therewith, constitute confidential attorney-client communications. No respondent shall have any right to access, compel disclosure of, or otherwise obtain any information regarding the Board’s deliberative process or the substance of any legal advice provided to WICO in connection with this procurement. Submission of a proposal in response to this RFQ constitutes each respondent’s acknowledgment of and agreement to the foregoing.