The good news is that deals are flowing again. The difficult
news is that any project that hung on over the past decade is out of money. As
usual, money is tough to raise these days, or any day. The most difficult money
to raise is the front money to get a marketing/lead generation and sales
program going. It really needs to be secured by ‘something’ more than the
reputation of the marketing and selling group—in this case, Star Resort Group
LLC.
We have a handful of ‘deals’ working:
Saratoga Polo, NY, is still entangled with legal issues, though Duane Gerenser and Mike Connor [Connor Homes] have both done a terrific job in keeping our interests alive.
Windham Mountain
Resort. Windham is an established New England ski hill. The owner of
the ski hill [plus major base lodge and condo buildings] just died. We have
targeted 300+ acres adjacent, and ski-in/ski-out on the Windham ski runs for a
venture with its owner, a Greek shipping magnate. Not sure where this will end
up—with the whole thing or the 300+ acres we’ve gone after.
Ocean Lodge, Saint Simons Island, GA. This 15-unit boutique hotel, top flight, was set for timeshare. Our team, augmented by Marvin Rappaport, as recommended a change to 1/12 fraction, flex use, and we are working through the details of a marketing contract.
Marina Point, Big Bear Lake, CA, is a major project at Big Bear Lake, which has traditionally played second fiddle to Arrowhead Lake, but recently gained critical mass to surpass Arrowhead. With Marvin Rappaport as well as Peter Teming we are in the process of determining whether to go for a condo hotel, mixed-use [fractions and whole] or some other configuration. The key will be who pays for amenities such as the marina, clubhouse, etc.
Mahalee, Markleeville, CA. Located in Alpine County, 30 minutes to both Kirkwood Mountain Resort and to South Lake Tahoe, this project, inn, condos and fractions is now—after more than 20 years—fully approved and needing cash to proceed. Tom Abdoo, the developer, has to be congratulated for his tenacity in sticking to the vision. We are assessing the viability of the structure and may or may not take a position in the project.
Fairmont Heritage Place at Ghirardelli Square, San Francisco. We spoke to the first in line to buy the remaining inventory. Money again. We have offered our services to ‘clean up’ the fractions assuming he closes. Art Spaulding, crack real estate lawyer at Cox Castle and Nicholson, is involved for the financing and CA DRE approvals, not to mention what the City and County of San Francisco may say.
Any two or three of these will do just fine.
