The Scrub Island project has been going on forever - I think I first heard of the development in the 1990s. It is finally finished and slated to be open for guest starting February 11, 2009 (even though one of their web pages says April!), you can check their opening specials on this page. Travel Weekly has some details here.
Caribbean-On-Line » Caribbean Travel News » British Virgin Islands » Scrub Island Resort BVI Opening Soon Scrub Island Resort BVI Opening Soon