We are working diligently all this month on our deals.
Burnt Mill, Maine, has slowed down due to bankers being
on vacation during August. How old fashioned! But, it is as it is. All in place
for a term sheet and bridge loan to get us going. The Wells Planning Board has
changed some definitions on the approvals, but we’re working through it.
The golf portion has been the most difficult to obtain via our investment banker, Peter Moore. The real estate [lot sales] and hospitality have been easier.
We are certainly ready to go and get into the first phase, residential sales, this winter for the local market of Wells, Maine, and the surrounding area.
Crystal, Marathon Key, Florida, is currently in the process of being acquired from the owner, and then one of two plans will go into effect. Star will assist with either:
Plan A. a full timeshare resort with a brand
selling it.
Plan B. a PRC using the 34 Rogos that came with
the old motel.
Florida Keys Resort, Marathon Key, Florida. I made a
quick trip last week to plan with the owners, Index and Peter Rosasco, for
fractional sales. What a beautiful place it is. I had not been there in a year.
We are still planning on detached cottages, but also looking at six-plex units,
which may be lower cost to build and certainly a lower price to sell.
First things first, though, and that’s a branding process, which has not yet been done to determine who the resort will cater to and that will have a great effect on what is built for fractional sales. Hopefully, we can move the owners ahead on this initiative as it’s key to the overall success of the hotel, golf, fractions, etc.
New Deals?
1. Kauai, a much touted deal, Ragatz study
complete; non-waterfront, cottages to be fractioned on 1/12th with some
substantial areas to be cleared up.
2. New Orleans, Square 97 is back again, as a full condo plan subject to zoning okay.
