The art of the deal: My team has been living
with that ‘art’ for the past 60 days on our Saratoga Springs Polo project.
We’ve had to say goodbye to two of our five partners and replace them with two
more. That negotiation has been the ‘art’ of the deal. Duane Gerenser has
led the process and done a great job.
These approximately 100 units comprised of
single-family detached Connor Homes, condominiums in 4- and 5-plex
buildings and a single townhouse building of some 30 units that we plan to
offer on a fractional basis make up the inventory.
The units will be mixed-use for sure. And,
contrary to our history, we believe the majority will be residential, either
first homes or homeowners moving up or down in square footage.
The Whitney Polo field will be kept.
In fact, the season is on-going right now. The polo ponies are churning up the
sod and the polo ball is being smashed left and right.
Lots of deals perking; limited money as in the past few
years. So, if one or two come our way, we’re in business in addition to
Saratoga Springs and St. Simons Island:
•Big Bear Lake, Harbor Pointe, CA: This neat project 19
years in the making to gain approvals should be a home run. We are needing
financing for the take-out, and Dick Ragatz has his hand in this one.
•Ocean Lodge, St. Simons Isle, GA: A timeshare project that
needs a lender take out. Good team in place, and a terrific developer, Joe
McDonald.
Marvin Rappaport, our colleague in Coral
Gables, FL, is assisting us on the two projects above. As a matter of fact,
years ago he was a camp counselor at Big Bear!
•Markleeville, CA: It’s been 20 years in the making to gain
approvals for the Mahalee Lodge, half an hour from South Lake Tahoe
and Kirkwood ski area. Dick Ragatz is again involved. The project
involves a wonderful condo lodge and lots of housing on some 700 acres; lots of
fractional interests, too. The main market is Silicon Valley.
•Windham Ski Resort, NY, has about 300 acres for purchase
next to a very successful ski hill operation, major lodge and associated homes
and condos. We are working with the owner on a venture.
•Frigate Bay, Caribbean: Upscale island location featuring $1
million fractions. Whew!
•SnowValley Resort, Tunisia: Can’t forget this one—the world
ski and summer resort will get going once financing is in place.
