The following two projects represent our most recent principal investment
activities.
Coconut Grove Residences is a 64-unit luxury condominium tower built on the
beach in Fort Lauderdale, Florida. The property is immediately adjacent,
to the South, of the Marriott Harbor Beach Resort, and provides some of the most
spectacular coastline views in all of South Florida. The land was acquired
from a co-op which was home to twenty local families. Construction began
in June of 2005, at a cost of $85 million, and a projected sellout value of $130
million. The top floor penthouse was sold for $10.5 million and
represented the highest valued condominium sale in Fort Lauderdale's history.
Construction was completed in December of 2007, and sales are nearly complete.
Monterrey Village is a 240-acre mixed-use master-planned community, located at
the intersection of Highway 151 and Loop 410, in San Antonio, Texas. The
property was acquired in December of 2005 and possessed a mixture of zoning
classifications and land uses. A new land plan was developed in 2006 and
entails approximately 1,100 units of multi-family units, nearly 1.0 million
square feet of freeway fronting retail, more than 350,000 square feet of medical
office, and two limited service hotels. With new zoning approvals in
place, specific plat maps were processed during 2007 for various commercial and
residential properties. The vertical development of those properties is
on-going, with a planned build-out value in excess of $300 million, and
scheduled completion in 2017.
