Just back a theater trip in NYC and sloshing around in the big snowstorm.
Saratoga Springs Polo project is coming along just fine. Our key partner, Duane Gerenser, who lives about an hour from the site, is project director.
I was there two weeks ago and will be there the week after next. All five partners in our development team are dedicated and talented folk. Mike Connor, CEO of Connor Homes of Middlebury, Vermont, is designing our prototype homes, duplexes and condos. Mike Bucci and Jim Rossi, who own the property, have run the polo season on the historical polo field for a decade. Duane Gerenser is project director and partner; and I am handling the development, marketing and selling part of the project. All the minutia involved in MOUs, LLCs and the operating agreement have taken time but are integral to the project.
We'll end up with about 100 units for sale. Our goal is to do 15 to 20 as fractional, which involves a separate filing with New York State.
Two weeks ago I made a quick trip to Aspen to see the World Championships of Snow Polo. Very interesting and highly entertaining—both the polo and the fans from around the world. St. Regis was the main sponsor.
The Saratoga Polo Association is comprised of 42 acres that surround the polo field, established in 1898 by the Vanderbilt and Whitney families. Our group has not only bought the 42 acres for development abutting Skidmore College, but also an operating company the produces the annual (since 1898) polo matches on the summer east coast circuit that begins in Florida and comes up to Saratoga, with stops in the Carolinas, Virginia and Westchester, NY, before landing in Saratoga Springs, which is a quite amazing city with year-around arts programming, the historic race track and over 130 restaurants.
Other stuff? Chasing San Francisco fractions, a deck of Canadian projects funded by a Calgary bank, and the uber high-end Caribbean fractional deal that seems to have a difficult time in coming together.
The two Florida Keys projects that we chased for many years have not come to us, I am sorry to say. More next month.
