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Cottage Country Prime Location Manitoba

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creativelinks | 12 Jul 2013, 01:59 PM Agree 0
I am looking for a JV investment partner to infuse cash into our 80 acre master planned community development.

Cottage Grove is the name of the community located within the town of Ninette next to the largest lake in southern Manitoba - Pelican Lake. 2 hrs from Winnipeg, 30 mins to International Peace Garden and US Border, 40 mins from Brandon and 20 mins from the southwestern Manitoba oil patch activity.

You can learn more about the vision, plan and location at [url=][/url]

The 80 acres has been zoned General Development, which is a catch all zoning. We have engineered plans for 52 lots on the bottom portion of the site. The top portion of the site is 200 feet above with amazing views of the lake, town, treed valley that bisects the top and bottom of the property and the sunset. Conceptually, the top will yield about another 55 lots, larger in size than the bottom. There is a possibility for a 1 acre resort property up top as well as a commercial parcel on the bottom.

Phase I consists of 7 lots, 2 sold so far. We are working on bringing 7 more on line as well as our first common park, which will be deeded to the RM in exchange for them applying for grant money to build the natural playground. The first 7 lots have access to sewer, power and phone. We have built the first internal road for access and provide a 20' gravel driveway with culvert with each lot.

Lots are priced at $33,500 in this phase, but anticipate the second phase will be closer to 40k with lots on top for $60k plus.

Currently, we owe approx. $150k to bank for acquisition and infrastructure, $265k in seller carryback with $50k payable each year for 4 years and 65K the 5th year. Our company has approximately, 200k invested and 4 years of time and expertise to get the development to this stage.

We are looking for a minimum investment of $200k to take out the financing and a principal payment on the seller carryback, any dollars above this minimum will be considered for a larger percentage of ownership. We would also consider selling the entire project or to be bought out and retained as project manager.

This project has loads of potential that can spill over into other opportunities around this lake, but we do not have deep enough pockets to give it the time it needs to build the momentum.

We feel the biggest challenge at this point is getting activity within the subdivision; the park will start Mid August and a housing start - also about Mid-August, but will take us close to end of summer.
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