Tan Kay Hock and his representative, Ian Peacocke, are in St. Thomas and are expected to offer a revised proposal to the West Indian Co. Ltd. on the lease of 7 acres of landfill adjacent to Safe Haven Marina in Long Bay.
WICO has agreed to listen to a revised proposal from the Malaysian developer, according to Calvin Wheatley, WICO spokesman.
"We have had a conversation with them and have agreed to listen to them again," Wheatley said Wednesday.
The agreement has been at a standstill since January when WICO President Edward E. Thomas went public to say that Tan and his representatives had never negotiated anything, but rather had attempted to dictate the terms of the lease.
A new proposal is expected to be presented within the next "couple of weeks," Wheatley said.
Tan was lured to the Virgin Islands by former Gov. Roy L. Schneider and bought the derelict Yacht Haven Hotel and Marina, which had been destroyed by Hurricane Marilyn in September 1995.
Peacocke and Schneider promised a $200 million development, including a hotel, condominiums, a conference center, retail shops and a 700-boat "hurricane-proof" marina. However, the development is dependent on leasing the 7 acres of landfill from WICO.
Tan's proposed development has drawn criticism from some community groups for its scale, though everyone agrees on the need to raze and rebuild the hotel and develop a viable marina there.