FANTASTIC INVESTMENT OPPORTUNITY!! Bank owned development $35+MM invested, offered at $7.9MM with financing

Bank owned Western state marina and approved townhouse/condo development. Over $35 million has been invested in this project and is offered at $7.9 million. The bank will finance 50% of a qualified offer with 50% down.

 

Ground was broken in 2006 on the project currently including an 8+ acre marina with 5400 s.f. clubhouse with fitness center, banquet room that has accommodated 350 guests and a full kitchen, pool and spa. There are 3 boat launching lanes, 52 mooring docks with a capacity for 158 boat/PWC slips. It includes a lighted boardwalk, covered gazebos and sand beach. The 7300 s.f. marina building includes a full service restaurant, bar, retail store and manager's apartment. A 5 story, 20,000 s.f. boat storage facilities for 135 boats is climate controlled with marina service shop and office.


The adjoining 21 acre parcel has been approved for 521 town homes and condos in a gated community; however the H-1 zoning includes the opportunity for a 2000 room hotel or casino instead. The bank has a list of 1600 qualified leads of people interested in purchasing these town home/condos which should provide significant pre-construction sales.

 

To date over $35 million has been invested and the project appraised for $60 million in 2006. We are direct with the bank reps and this property is not listed. Principals only inquire and an NCND will be provided for your execution and return. A 2% purchaser paid fee will be required at closing.

 

Steve VanDette - Pres/CEO

CAS Management Corp.

216-744-9005

casrealcon@isp.com

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