Around the mountains: Ginn says Minturn project unaffected by bankruptcies
special to the daily
MINTURN ” Things have gone down the toilet for the Ginn Co. at several of its real estate projects in the Southeast.
Does that mean its plans for a high-end, 1,700-unit project on former mining properties in the Vail-Minturn-Red Cliff area are headed for the same place?
No, says Ryan Julison, the company spokesman. “Every project is its own legal entity,” he tells the Vail Daily.
The newspaper also talked with a Florida real estate observer, Don “Toby” Tobin, who seems to think that the “Ginn brand has been tarnished.”
Again, Ginn Co. spokesman Julison disagrees.
“If this (financial trouble) was just us, it would be a big deal,” he said. “But we’re in the midst of an economic slowdown that’s unprecedented.”
Ginn’s project for about 5,000 acres last year was annexed by Minturn, but development planning has been put on hold. Minturn officials have received $600,000 in cash from the developer as per the annexation agreement, but another $11.6 million is in an escrow account for a recreation center and other improvements.
The money, however, can’t be touched until the company gets its final development approvals.
The Vail Daily says that the Ginn Co. in early January filed for Chapter 7 bankruptcy for two of its resorts in Florida and announced a sale and restructuring of two others, which are located in North Carolina and the Grand Bahaman. The sales were necessary to repay $675 million in loans issued by Credit Suisse.
OURAY ” Very little mining remains in Ouray County. But scattered about in the high country, amid the public lands, are 1,292 parcels of private land patented originally as mining claims.
That these parcels could eventually become homesites is something that county commissioners were aware of. Across Colorado, such remote locations have become home for many cabins, but with occasional repercussions, such as the need for extension of fire-protection services.
Eagle, Pitkin and Summit counties all have adopted regulations during the last 20 years that sharply limit what can be done on such parcels.
Wanting similarly to curtail repercussions, the Ouray County commissioners have adopted a moratorium on such land parcels while they draw up regulations governing such development.
The Telluride Watch, which is based in adjacent San Miguel County, reports that stabilization work in that county will be allowed to continue on the historical structures that already exist.
TRUCKEE, Calif. ” The recession has slowed home construction in Truckee to a snail’s pace. Just two homes pulled building permits last year.
But, says the Sierra Sun, there will come a time when Truckee will be built-out. As such, the lack of home-building today foretells the future.
In that future time, there will be more remodels, tear-downs and additions to take up some of the slack, said Pat Davison, president of the Contractors Association of Truckee Tahoe.
John McLaughlin, the town’s community development director, ventured that the workforce will be smaller, but more locally based.
Real-estate agents will have about as much work.
“New home sales are not to be sneezed at, but even at build-out we still expect real estate business to be as, or nearly as, busy,” said John Falk, lobbyist for the Tahoe Sierra Board of Realtors.
Tony Lashbrook, the city manager, said the end of growth as an economic driver means that tourism needs to be pushed. Maintaining the quality of life will attract businesses as well. But assuming the recession ends, there’s a lot of real-estate development yet to be done in Truckee. The city’s population, now at 16,000, is expected to be 28,500 residents at build-out.
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