You know the saying, 'When one door closes another one
opens?'
Well, it seems that it's true once again. As I write this,
the future financing and participation of the Florida Keys Resort, on
Marathon Key, is in real doubt. It amazes me, and others, the number of really
financially qualified individuals and companies, who spend significant monies
in due diligence and then disappear into the mists. This is for a deal that has
all approvals, in one of the hottest markets in the country and is, as that
other expression says, ‘shovel ready.’ Really.
Then, from up in Wells, Maine, comes a fully
approved golf community that I visited with Sherman Potvin some years
back. As that same expression goes, it is 'shovel ready' and no debt to boot!
Both projects have a fractional component, a hospitality
component and golf courses with other attendant amenities.
In the past I've written about New Orleans. That's on
hold now until we determine what really can be done with the site.
At Seahorse Beach Club on the Texas Gulf Coast, we
have gained a listing with Sotheby's in Houston, a real coup for us as it is
the market leader in Houston, which is our primary market. We have listed homes
on a whole unit basis and as a lot and home package. We have also listed lots
with another broker to gain more exposure. Fractions will come, but we need to
make it to the summer.
Star is currently chasing deals: A San Antonio hotel
to add a fractional component, a bulk sale of fractional interests in Telluride, finding
a development partner for a Tahoe-area ski resort, and then there's that St.
Croix project, the Minnesota Lakes deal and finally
a potential Vail, Colorado, fractional deal.
I have not mentioned the 'other' Marathon Key project,
Crystal Resort: It is debt free and ready to go with either Marriott Residence
Inn plus Gulf front fractional cottages or a full-on condo resort mixed use
with whole and fractional units. All we need to do is to arrange construction
financing. Keys pro Marvin Rappaport is the honcho for this.
Lots going on, and it's about time!
