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$4,600,000

MLS 1858700
TBB M 72 Williamsburg, MI 49690  
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Looking for a development? Want to take advantage of the short-term rental market around Traverse City? Meet KOTI. KOTI is a proposed Site Condominium and Vacation Rental Resort. Acme Township has approved this 18-acre PUD development for residential and commercial use. Contractor bids have been collected and engineering, construction drawings and permitting are well underway with groundbreaking scheduled for later in 2019. The owner planned to develop a resort of 76-95 free-standing site condos to be rented on a short-term basis. One would have the option to own and operate the entire resort or sell the site condos to individual owners to be used as income-producing properties. As a one-owner resort, financial projections indicate a 33% return at 50% occupancy. If the buyer decides to build the condos and sell them to individual owners/investors, the property management company alone has annual projected net income between $300-500K (assuming 40%-50% occupancy). Located on a beautiful park like property with meandering Acme Creek cascading along the south lot lines, the development includes two proposed mixed-use commercial neighborhoods that will feature small shops and restaurants that support not only the resort, but also the local community. Situated just 1/4 mile from the east arm of Grand Traverse Bay, guests will enjoy these fully furnished, turn key, luxury homes. They will love a relaxing day at the pool and sauna, or make use of the direct access to the Tart Trail, Casino, top quality golf courses, restaurants, and shopping. Just minutes from the popular Horses By The Bay Equestrian Center. Notes: The photos are architectural renderings. Detailed plans and projections are available upon request.
Price $4,600,000 County: Grand Traverse Zoning:  Residential,Retail,Commercial
Area: Grand Traverse Waterfront Feet: 0 Sewer: Municipal
Lake/River:  Lot Size: irregular Heat: Central Air
Township: Acme Water: Municipal Water Acres: 18.00

 

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Listing Provided Courtesy of:
RE/MAX Bayshore

Copyright 2014 Northern Great Lakes Realtor MLS (NGLR)
Listing provided by NGLR Association of Realtors, database last updated Tuesday August 20, 2019
 
Direct Link:  http://www.cmiaridx.com/RETS/idx/cadillacrealty/commercial/index.php?view=1858700