Disney's Vero Beach property sells for $13.6M

[iluvflorida8]

Todays Vero Beach paper had this article.....

http://www.tcpalm.com/tcp/real_estate/article/0,2821,TCP_1616_5011730,00.html


robert.barba@scripps.com
September 22, 2006
VERO BEACH — A St. Petersburg developer has snagged one of the most prominent pieces of oceanfront property near the Wabasso Beach Park.
Southeast Companies of Tampa Bay Inc., through its subsidiary Ocean Sands-Vero, has purchased 7.8 acres just south of Disney's Vero Beach Resort.


The developer and its broker, Michael Thorpe, could not be reached for comment Thursday.
The firm paid Disney $13.6 million in late August for the parcel, according to public records. The deal was financed with a $14.3 million mortgage from SunTrust Bank.

The property fronts the ocean for about 1,500 feet and is zoned multi-family residential.

Plans call for 60 units in five three-story buildings with covered parking, according to the developer's Web site. Units range from 3,500 to 3,800 square feet. Amenities include cabanas, tennis court, pool and spa.

No prices are listed on the site.

The developer, whose principals include David Jenkins and Jean G. Irwin, has a background in condominium, resort and commercial projects. Among them is the Renaissance Vinoy Resort and Golf Club in St. Petersburg.

 

[JimC]

Here is a link to the developer.

Ocean Sands Vero

Awkward site as a standalone. Very narrow beach frontage.

 

[Dr. DVC]

Do DVC members get a rebate?

Perhaps they can fix the software bug now.

 

[fishermouse]

Do DVC members get a rebate?

Perhaps they can fix the software bug now.

I know your just kidding but I,m pretty sure (read it somewhere) that DVC has a lease on property at all DVc resorts and does not actually own any of the land. The land Disney sold was not dedveloped or part of the resort..

 

[Maistre Gracey]

The land Disney sold was not dedveloped or part of the resort..

Indeed the title of this thread scared the heck out of me!

MG

 

[JimC]

It was part of the original project, but got axed when sales slowed.

 

[PrincessJasmine08]

So is this an expansion of Disney's Vero Beach Resort or an entirely different resort being built by a different company?

 

[JimC]

This is not an expansion. The original VB project was about three times the size (my guess) of what they ended up building. There was that one piece discussed above and a very large tract on the other side of the road (where the tennis courts are) that would have had lake front villas.

This new project is separate and from the site appears to be condominiums.

 

[Maistre Gracey]

Is this land adjacent to the Disney Resort? Perhaps my memory is failing, but I thought the land adjacent to the south was already developed?? I've walked that beach many times and never remember any vacant land... unless it's a very small piece.

Am I confused?

MG

 

[Tink-n-Belle]

Too bad, the VB resort is so nice and relaxing- a great way to end your Disney trip. It would have been nice to have a larger property there so I could always be guaranteed a night or two without buying points there.

 

[JimC]

Is this land adjacent to the Disney Resort? Perhaps my memory is failing, but I thought the land adjacent to the south was already developed?? I've walked that beach many times and never remember any vacant land... unless it's a very small piece.

Am I confused?

MG

MG,

Click on the link I put in post #2. You can access the plot plan from there. It is the adjacent southern piece -- a modified pie shaped piece of land.

 

[canda]

This will result in shutters and sonya's being full more as these owners will just walk over. (they will not turn away locals eating at shutters).
You will see alot of older people coming to eat and complaining about all the kids.

Also the new condos do not have a themed pool and slide which will result in many grandchildren coming over to Disney to swim.

 

[JimC]

Maybe Disney will institute a wrist band program to use the pool. It would be a wise precaution is addition to the locked gates.

 

[Par8hed]

You will see alot of older people coming to eat and complaining about all the kids.

Yeah but that won't last long will it! If they don't like the kids they'll have to find another place.

 

[CRSNDSNY]

Very interesting!

 

[floridafam]

More development, great.

This gets a thumbs down from me.

 

[thegoods]

At least DVD still owns the property on the west side of A1A, unless of course it is under contract to be sold and has yet to hit the Indian River County web site. Then again, not all the property west of A1A could be sold since there are support functions west of A1A for the main resort.

What stumps me is that Walt Disney World Hospitality and Recreation Corporation owns a small piece of property on 93rd St (Wabasso Rd from the main land). This 1.67 acre parcel is purposely platted as an individual parcel and is not owned by DVD. I wonder why? What entity is Walt Disney World Hospitality and Recreation Corporation and how does it relate to DVD/DVC? Tax purposes perhaps?

I guess I am just curious.

 

[Halle]

Wouldn't it be great if they hired lifeguards on the beach at the new resort.

 

[PamOKW]

While they won't turn away people from the restaurants, they are pretty good at shagging people from the pool area. A few years ago, you had to show your ID to get a towel and to order food from the pool snack bar. Lifeguards would also check people and ask them to leave. Because it's so small, they are pretty much able to pick out people "who probably don't belong".

I'm sure this oceanfront development will be quite pricey -- like everything else in that neighborhood. I don't foresee a problem with crowds coming to the resort.

As long as Disney has made the decision not to develop, I'm glad they sold to a residential developer.

 

[dwelty]

Just another indication that Disney will never build off site again. Look for all future DVC properties to be near a Disney Theam park.