JPK Developments, established in 2002, has positioned itself to fill this gap by acquiring desirable land and developing hurricane-proof spec homes. The company’s approach targets international buyers who come from around the world to own Caribbean property. The firm has built over 100 residential homes, villas, and commercial properties across two decades, including substantial hurricane reconstruction work. Unlike many competitors, JPK maintains 38 full-time employees, including 28 skilled masons specializing in the concrete construction essential for surviving the territory’s extreme weather conditions and seismic activity from the nearby Puerto Rican trench. ISLAND BUREAUCRACY The path from land acquisition to completed home in the Virgin Islands tests even seasoned developers’ patience.“The average time to design a home with an architect could take anywhere between four to eight months,” Fetterhoff explains. But that marks just the beginning. The coastal zone management process, which protects the islands’ fragile coastlines from erosion and environmental damage, adds another significant delay.“That process in and of itself takes around 12 to 15 months, and then you’ve got to go through the Department of Planning and Natural Resources for a building permit, which could take four to six months.” Property closings themselves move at island pace, typically requiring 120 days. By the time a buyer closes on land and goes through the full permitting process, they face a sobering timeline. “You don’t even break ground for the first two years,” Fetterhoff states.“That is really a hard selling point for people in my industry to say, ‘Hey, yeah, we want to build your house, but it’s going to take two years to even break ground.’” The territory’s Building Codes, which include the 2018 International Building Code and multiple specialized codes for everything from energy conservation to fire safety, add complexity. A government audit revealed additional challenges, with some developers proceeding without proper permits and the Division of Permits struggling to track compliance effectively. JPK’s solution involves acquiring land years in advance, completing the permitting process, and then marketing properties as construction begins. The company finds buyers who can customize their homes during the build process, turning regulatory delays into opportunities for personalization. BUILDING FOR NATURE’S EXTREMES The Virgin Islands’ stunning geography conceals 17 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 07 JPK DEVELOPMENTS
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