All Forum Posts by: Richard Beal

Thanks Bill,
Because or LDR's here on my island, I had to go through the planning department which decided the best redevelopment and just what I wouold be allowed to do. Because of a rate of growth ordinance being in effect, I had to borrow forward all of the allocations for the next 15 years. Thus the workforce housing.......... When i could have sold each home for 250k plus it all seems easy, now it's truly messed up. Also, can't use it for motel, no allocations for that. Mostly it comes down to the prospective buyers are simply not interested in signing for 30 year loans right now. Most are unsure of their jobs.

Forgot to say: What i don't want to do is split the two ajoing parcels which are both commerical now. After I start the housing project, that parcel would change to residential. I simply won't sacrifice 1/2 to a low income workforce housing project when down the road there may be a better use for the 2.6 acres of US1 frontage. Not sure you viewed the project or not. Heres the website www.cayaplace.com

Thanks Jon,
Sorry for the slow reply.
The housing depelopment is deed restricted and the buyers must make 70% of their income from Monroe county. I started it thinking it would fund the school but that was back in 2005. I have no thoughts of renting, just selling. Its a different ballgame now for sure. Yes, it would be better to do the school first now but moneys are tight for it also. I look to when it may become a realality but simply can't see it. (timing is what i'm speaking of) Thus I'm thinking of simply dumping the intire acerage at a low price if it would sell at all.

Need Advice:
I received my development order a few months ago and now have it extended for two more years from Fl. Senate bill 360. My overall plan is to redevelop my 30 year old boat sales and service business into a marine vocational school and workforce housing facility. My 2.6 acres is US1 frontage on Big Pine Keys, 30 miles from Key West. I simply don’t have the money to move forward myself. I’ve contacted hard money lenders and would be willing to start the project except a clear exit strategy impossible to visualize because of the inability to have buyers for the 16 workforce houses. My plans for the vocational school (possibly non-profit), is a no brainer but will take several years to make it a working plan. I am unwilling to divide my road front property for only a workforce housing project which also may take years to achieve black ink. My desire is to take on a financing partner but most would like a shorter term to finish which seems simply impossible.
The other option is: Sell the whole thing for less. What would you do?
NEED ADVICE PLEASE
The entire project may be viewed at its website but you will need to contact me for it.
Thanks to all that may reply,
Richard