Mayer Brown advised Virgin Islands Port Authority on selection of private partner for transformative P3 partnership
Mayer Brown advised the Virgin Islands Port Authority (VIPA) on the selection of VIports Partners—a consortium including Aecon, Tikehau Star Infra, and Avports—as its preferred proposer for the proposed public-private partnership for the long-term lease and operation of the Cyril E. King Airport on St. Thomas and the Henry E. Rohlsen Airport on St. Croix, which are the two major airports serving the US Virgin Islands.
The intent of the project is to redevelop these two important transportation assets with state-of-the-art amenities, private investment, efficient operations, and long-term maintenance plans. The airports are critical to the Virgin Islands and its economy, as nearly everything used or consumed by residents and visitors enters by boat or plane and tourism accounts for approximately 80 percent of the territory’s gross domestic product and employment.
Mayer Brown is advising VIPA on all aspects of the transaction, including the development of procurement documents, the evaluation of proposals, and the drafting of project agreements for the ultimate transaction.
On Friday, April 5, 2024, VIPA and VIports Partners executed the transition agreement at a joint press conference with US Virgin Islands Governor Albert Bryan Jr. Governor Bryan described the step as a “monumental day” for the territory, and VIPA Executive Director Carlton Dowe stated that this partnership “holds the promise of delivering infrastructure solutions that will propel the USVI forward into the 21st century.”
The transition agreement outlines the actions that will take place between VIPA and VIports Partners for approximately the next nine months as the parties finalize design for the redevelopment projects and finalize the terms of the long-term P3 Agreement, which is anticipated to be executed at the end of the transition process.
The Chicago-based Government Transactions team included partners Nick Vallorano and David Narefsky and associate Casey Williams.
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