Resort Master Planned Community
This included a repositioning exercise to diversify the product offering, installing a sales & marketing platform to increase exposure, defining resort product variety (including detached cottages, attached townhomes, and an added build on your lot initiative for the existing luxury lots segment), assigning a land/amenity planner to define necessary and useful amenities (including the initial Swim Center and Fishing Pier), and identifying a select group of coastal builders. Prior to Legacy’s engagement the community was stalled. To date, all of the bay front product has sold out despite the developer’s five price increases on both the lots and vertical product offering. This community is currently producing revenues above the original planned luxury lot values. The developer recently released another $10M in capitalization to build canals making it a 100% waterfront community. All new inventory is tracking ahead of Plan with sales to recapture the entire capitalization and have a 3 to 5 year absorption potential exceeding $30M per annum.
SCOPE: Luxury & Resort Bay Front Master Plan
SIZE: 400 units