Mike Carnes earned his Bachelor’s degree in Finance and Accounting in 1998, and soon found himself as an entrepreneur, while partnering with a friend to open a ski shop together at the base area of Crested Butte, Colorado. In 2000, Mike made the decision to move away from Crested Butte, to the Front Range and opened a second ski shop which was quickly recognized as one of the top ski and service shops in the nation by one of the National as well as multiple local publications. In 2003, Mike Carnes had become close with one of his clients who was a leading horizontal land developer. This individual took Mike under his wing and by the end of the 2003 ski season, Mike sold the ski shop to pursue a full time career in Real Estate Development.
Over the years, Mike has developed and consulted on multiple resort and retail projects. While recognizing a need in the brokerage community where most brokers lacked knowledge of a developer’s world Mike naturally fell into the role of helping other developers with the successful development and turnaround of their projects. In 2006 Mike was recruited by a developer to assist in the development of Single Tenant Net Lease Retail Properties, covering the Mountain States and South East Territories. In 2011 he moved to Denver and began to carve out a niche in the local market place by combining his knowledge of development with his experience as a broker. Today Mike utilizes his combined skill set as a broker/developer to provide his Clients with an in-depth understanding of the numbers that drive the decision making process in each deal, in turn setting realistic expectations that lead to successful stabilization and disposition of each asset. Mike is also regularly referred assignments by other colleagues in the industry who have viewed a deal and recognized that it requires the more out of the box thought process that Mike possesses.
Currently Mike serves as a Senior Advisor with nationally based Sperry Van Ness where he specializes in the acquisition and disposition of private and institutional mixed use and retail development opportunities throughout Colorado as well as Single Tenant Net Lease Opportunities Nationwide.
Which Best Describes You? (Pick All That Apply)
Large Investor =>100K, Commercial Broker, Developer, Open Networker, Professional
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This is by no means, a complete synopsis of either opportunity but rather, an introduction to their potential.
SAN DIEGO RE-ZONING
An associate has tied up the property and has 30 days to close on the land.
Seeking 10M for the land and about 500K for the re-zoning fees. Re-zoning can be accomplished in about 15 months.
Meanwhile, there have been at least 7 national homebuilders who have issued LOI's (Letters of Interest) to purchase the land after it has been re-zoned for about 33M.
However, due to the fact that there are multiple, competing builders seeking to secure our finished product, this will create an atmosphere that could encourage a bidding war and run up the final sales price higher than the 33M. A recent LOI already came in near 40M.
Your investor will be paid back twice his money or more, depending on the final sales price.
HERITAGE AT AURORA / ELEGANCE SENIOR LIVING
The same developer, who will be re-zoning the parcel, above, was the VP of Carefree Senior Living, who sold its standing inventory at the time in 2006 for 238M, the largest multi-housing deal in the State of Nevada.
However, there were still parcels of land and "in process" developments left behind. As he had overseen the Aurora project, since its inception our developer was asked by The President of Carefree Senior Living if he'd like to take the project and just buy him out.
This project is virtually shovel-ready.
This is a 400 unit Senior Living Complex abutting the Heritage Eagle Bend Golf Club. It has already been worked out that our residents will enjoy golf privileges and that the upscale neighboring communities shall serve to feed us as those households seek to downsize and simplify but don't wish to leave their surroundings.
Equity sought is 12M, price of project is about 58M and full finished value should be in the high 80's.
Construction loan has been secured - they're awaiting the Equity.
A full pro forma and exec summ. are available upon request.
$300K TO RE-ZONE IN LAS VEGAS
All we need is $300K to re-zone and build a Senior Project on a parcel of land owned by our partner. We've already discussed re-zoning with the city and everyone's on board! This could be a quick ROI for whomever brings the 300K. Several different approaches to repay you for your contribution.
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