We begin sales at our St. Simons Island, GA Ocean Lodge project
shortly. Our marketing mastermind, Chris Cannon, has qualified leads
ready to go and our Sandy Staudenmayer is on site and ready, too. So,
we expect some quick success.
Even though Georgia is a full disclosure vs. registration
state, we are doing the last-minute updates on our document package to ensure
that buyers from Florida and the Carolinas are fully protected vis-à-vis their
shared ownership registration. Our Scott Tracy is handling that for
us.
Saratoga Springs, Polo: We filed suit last week and expect
either a settlement or the property. We are very sorry about this, but it’s
indicative of deals that were around pre-recession that have stayed in the
original developer’s hands. Our Duane Gerenser is heading this up for
Star.
Pickle Bay Condos, Granada: I was in Tampa two weeks ago and
Skyped for an hour-plus with the owner of the project, who lives in London. I
was with both a real estate ‘trader’ and a media trader. I think this will go
once all parties agree on the dimensions of the project. Our former
London-based World’s Finest partner, Russell Bragg of Premier Resorts, knows
Pickle Bay and the condos. Small world.
Windham East Ski Mountain, Poconos, New York: Not a Western
ski hill for sure, but the best just a few hours outside of NYC. The 300+ acres
adjacent to the ski hill are owned by a Greek shipping family. We are engaging
in a venture with them to develop and market single-family homes and condos.
It’s ready to go; we’ll bring financing and JV to the property, while Mike
Connor is to supply the homes. As with Polo, Duane Gerenser is
heading this up for Star
Seagate Condos, next to Ocean Lodge, on St. Simons: The
24 condo units are currently waiting for the financing commitment in writing,
acquisition and buyer, from BB&T. They have verbally committed. The
BB&T financing is at 75%, so we need to raise the equity, and are in the
process of doing so. Our Marvin Rappaport along with Peter
Temling are spearheading this project.
