Executive Perspective Continued...
B onus A nnouncement
- Vacation Villas II sustained considerable damage to one of its three buildings. At this point, we don?t yet know how long this building will be offline or the extent of any renovation plan. We will update you on the progress in the next newsletter. - West Point Park and Festiva Orlando Resort sustained major water intrusion but thankfully, limited physical damage. We anticipate all remediation to completed by November 1st. During the next year, replacing all windows and doors will be a priority which should prevent this type of damage in the future. In addition, ownership of buildings B, G, and H were transferred to Brewtown Living. Renovations will begin on them in November with completion expected in April. When completed, the property will have 168 apartments and twenty-four timeshare units. - Coconut Malorie owners have approved a public area improvement plan that includes exterior repairs and painting, pool improvements, along with improvements to hallways, the lobby, and other public areas. This is the first major renovation of this property since we acquired it, and the outcome will have a major impact on the appearance of the resort. As I mentioned previously, Festiva Real Estate Holdings, LLC has development plans for 63 three-bedroom condominiums in Atlantic Beach, NC. Although the town provided preliminary approval in February, we are still working to obtain the final approval for the storm water runoff plans. We expect approval soon and will then proceed with finalizing the building plans, obtaining the projected cost, and ensuring the market can still absorb these new condominiums at an attractive price.
Hopefully, we will be in position to begin construction by late spring of 2023. Before the next SOAR edition is released, we will have seen the termination of both timeshare associations at Hot Springs Village I (40 units) and Southcape Resort Phase I (31 units). Both timeshare regimes have automatic termination dates as part of their governing documents, but owners can vote to extend the dates. However, based on the interaction with the owners at both properties, we anticipate these associations to allow the regime to terminate. We have appraisals for both properties and intend to make purchase offers for the units. If successful, these will become part of Brewtown?s multi-family portfolio. Thank you again for your contributions every day to Zealandia?s success and I wish you a wonderful holiday season filled with thanks and joy!
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