Into the heart of summer we go! I am returning from our Texas Gulf Coast project, Seahorse Beach Club. Our sales team continues to do well, as does project management. However, our building permit for the oceanfront homes has been delayed by the State of Texas, which now wants previously unspecified survey results of mean low and high tides. So, we expect to finally get the data to them and begin construction in two weeks. To think we had counted on beginning construction last June!
So, the Texas that was easy to do business in is not so now! The trials of being in the development business are many, but heck, they are worth it. At least better than sitting on the sidelines and doing nothing!
We have engaged Kaplan Public Relations to launch our Houston-area PR blitz. We are firm believers that the best leads come from PR versus the old, print model. We'll soon see if this holds up.
That mid-state New York deal, Greek Peak, has been purchased by local investors, and we are not sure if they want to continue the fractional sales or not, or if they'll consider using Star. Time will tell.
To the contrary, the Florida Keys projects continue to move smartly along, especially the Florida Keys Club on Marathon. Key developer Marvin Rappaport has assembled a first class team—Star included—to redevelop the property, including building new fractional cottages and hotel units. The team includes hospitality management and architecture.
Our New Orleans project—the square block in the French Quarter, plus nearby parking and two other choice sites in the Quarter—is on the fast track with our developers, architects and investors. Previous thinking that this deal was 'too big to go' has now changed to 'it will go'. Here's hoping.
I read an interesting Wall Street Journal article (available here) about a golf course owner in Michigan who has an 18-hole course, as well as 5, 7, and 12-hole options. We know that most all younger folk don't have the time for 18 holes anymore. So, this is an interesting, cutting-edge approach. Thanks to Chris Kelsey for bringing this shorter option to my attention.
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