About 40 Savannah Lakes Village residents gathered in the SLV Real Estate and Development Center last Thursday evening to learn about and possibly reserve condominiums to be built on the resort peninsula.
As reported previously, Windfall will be demolishing the existing lodge and restaurant and build four four-story condominium buildings on the banks of the peninsula, and the company is moving promptly. It expects the project to have at least two of the four proposed 20-unit buildings ready for occupancy by the fourth quarter of next year.
Ten reservations for units had already been received by last Thursday. “We feel fairly confident that these units will sell out swiftly,” said Windfall Chief Executive Officers Robert Bradley and Jim Walsh.
“People can reserve a unit today, bail out at a later date and get their deposit returned. We’re taking reservations with zero commitment,” they said.
Windfall has already invested in civil engineering, architects, artist’s renderings, site plans and more. Informational sales packets distributed included an overhead plan for the entire condo development to include reserved parking, pool and fitness building, storage for kayaks and bicycles, an outdoor kitchen, beachfront and marina access.
The four buildings and parking will be private and gated, and the buildings will include elevators and state-of-the-art security. Bradley and Walsh anticipate that 25 of the units will be rental units for SLV buying prospects. Every unit will have a balcony overlooking the lakefront.
Demolition of the lodge and restaurant is expected to take no more than four weeks, and Bradley and Walsh said they have three bids from three builders for the project. They added that banks are “very interested” in furnishing mortgage services.
All the plans have been approved by the Village’s architectural control committee, the U.S. Army Corps of Engineers, the fire department and others. Current prices range from a low of $260,000 for a one bedroom, one bath unit of 833 square feet to a high of $429,000 for a two-bedroom, two-bath unit of 1,420 square feet.
A condominium maintenance fee is estimated to be $250 a month, which does not include the Village’s monthly amenity dues of slightly more than $100 a month.
“We’re going to spend some serious money to market these condos,” Bradley and Walsh said. “We’re going after affluent people living within an hour or hour and a half’s drive of here who make $200,000 and more per year.”
The pair said that prices will change as inventory decreases, and that buyers making a reservation and deposit will be updated about sales, construction progress and pricing.
This story first appeared in the McCormick Messenger.