Over on the marmot, I called this post "Bullshit."
It's about a report on Gate Petroleum working to get some re-zoning for its premiere resort properties, the Ponte Vedra Inn & Club and the Ponte Vedra Lodge & Club.
The laughable quote in the piece was about them planning for what they'd "like to see out of these properties for the next 100 years."
That's a joke, because 100 years from now that property will probably be under water, or subject to flooding of such frequency that it'll be abandoned.
But Gate Petroleum isn't stupid, so I think there's more going on here, and this is what I think it is:
They're going to spruce the place up, add some additional units, likely built with an eye to becoming condominiums. They'll turn both properties into condos in about ten to fifteen years. Ideally soon enough that there will be plenty of suckers who will buy into them.
Getting that re-zoning done will be a key step.
Of course, the county will go along with it, because they likely stand to make considerable revenue on the purchase of each individual condo unit, and taxing individual homeowners.
In 30 years, it'll be clear that the property is in serious trouble, but it'll be too late for the condo owners, and the Peyton family will be sleeping on mattresses stuffed with cash, congratulating themselves on making bank unloading that white elephant.
You have to admire the vision.Originally posted at Notes From the Underground 13:26 Thursday, 3 August 2023