The Virgin Islands Housing Finance Authority has proposed a 5,000-seat multi-purpose indoor sport complex in Frederiksted, St. Croix.

The complex, in Estate Mars Hill, will be designed to host professional and Olympic teams, potentially for Olympic-regulated basketball games, other sports and concerts.

A wellness centre that would include exercise and fitness rooms has also been suggested, along with technology to allow film sessions in locker rooms.

US$2m (€1.4m, £1.2m) has already been spent on the 44.5 acre (18 hectare) site for pre-development work, including archaeological and environmental testing.

Adrienne Williams, the Housing Finance Authority executive director, told The Daily News that despite the Legislature approval of bonds worth $34m (€24.6m, £20.6m) in 2012 – to be shared between this project and the similar redevelopment of Paul E. Joseph Stadium – those bonds have not yet been issued.

"It has larger implications for hosting the type of events that can provide stimulus for the economy, not only for Frederiksted, but for St. Croix and the territory as a whole," she said.

The Housing Finance Authority is involved because the land for the project was bought with Community Development Block Grant funds, which the Housing Finance Authority now administers.

Despite not having a time-frame for the project’s completion, the Authority is holding a meeting to get input from the community and other stakeholders before they move forward with issuing a request for proposals.

Later phases of the development will incorporate dormitory facilities, supporting businesses and other family friendly activities.

Suggestions for family activities consist of restaurants, archery and zip-lines.