In recent years, megayachts, sportsfishing boats and passagemakers increasingly have made landfall at St. Thomas, extending their cruising range and sampling the delights of the Caribbean. Recognizing this trend, Island Capital Group LLC of New York has embarked on an ambitious transformation of a well-known property in St. Thomas Harbor into an upscale lifestyle destination with state-of-the-art marina, restaurants, luxury shopping, offices and 12 exclusive condominiums. And that's just phase one, due to open in stages during 2006. In fact, the first phase of the marina development and one restaurant should be open by the time you read this. Phase two plans include a 70-room hotel, more retail and restaurants, a water theme park and a conference center.