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Guiding Community Development Under Tight Deadlines

April 20, 2021

Premier manages a District consisting of a hotel, a 174-slip marina, 165 single family lots, 644 multifamily units, undeveloped properties, and its own water and wastewater utilities.

This District had long been trying to sell a parcel of land that has a history of developers abandoning the property un-improved, leaving the District without the tax income on that property.  Additionally, the parcel’s sale was hindered by a long-abandoned and decrepit hotel on one side of the property, with a wastewater plant and an active gun club on the other. Premier facilitated the county’s takeover and demolition of the degraded hotel property.  Once demolished and remediated, the offers for the District’s 48-acre parcel flooded in.  Premier brokered a 2-million-dollar sale, which was a sizeable ROI, including an additional commitment of the developer to upgrade the road to the property from Route 41. 

Just weeks later, a commercially-zoned lot at the entrance to a developed residential area became a hot item, with a potential sale brought before the Board on the final day to make the down payment.  Premier suggested a deal to keep the sale with the developer who had brought the offer to the Board and to broker a separate arrangement to transfer the purchase agreement to the CID after their down payment.  This was to avoid the developer’s purchase falling-through and the likely bidding war with the two other developers waiting in line to make an offer.  Though the deal ultimately did not go this way, this sort of agile movement to protect the interests and property values of its communities is what Premier District Management strives to achieve.