Zohouri Development - Major Development It States

[tivoli]

Has anyone heard anything about a new development going in
Seagrove on the north side of 30-A, next to a mini-warhouse, close
to Summer's Edge? We received certified mail today in regard to
a new major development consisting of a 35 single family subdivision
with 13 townhome units, 7 live/work units and 7,875 sq.ft. of retail
space conceptual PUD on 4,743 acres with a future land use
designation of Village Mixed Use. The proposed site is located on the
north side of C.R. 30-A, east of Cypress Grove Lane and west of May Drive.
A planning commission meeting is scheduled. We received the letter in
regard to having property close by to this new development. The letter
states we're within 300 ft. of the above referenced parcel. Familiar any-
one with the above??
The name states LLC (Johnny Earles, Applicant and Connelly & Wicker, Inc.
(Ryan Christensen), Agent.

[AUTIGER]

We own a lot in Heritage Dunes and have not heard anything about this development. Where is the development to be located in relation to Summer's Edge?

[kurt]

I guess Johnny Earles and Company are the sales agents.

They are working on another development with Zohouri:
http://www.sowal.com/bb/showthread.php?t=2552

Zohouri is also doing another development next to Alys Beach and Camp Creek Golf Course:
http://www.sowal.com/bb/showthread.php?t=3430

Connely and Wicker are engineers who have done lots of work in the area. http://www.cwieng.com/projects.asp.

You posted 4,743 acres - did you mean 47.34?

[tivoli]

I guess Johnny Earles and Company are the sales agents.

They are working on another development with Zohouri:
http://www.sowal.com/bb/showthread.php?t=2552

Zohouri is also doing another development next to Alys Beach and Camp Creek Golf Course:
http://www.sowal.com/bb/showthread.php?t=3430

Connely and Wicker are engineers who have done lots of work in the area. http://www.cwieng.com/projects.asp.

You posted 4,743 acres - did you mean 47.34?

Kurt,
I checked the letter out (3) three times and it states:
7,875 sq.ft. of retail space conceptual PUD on 4,743 acres with a future
land use designation of Village Mixed Use. I think it's a typo on their
part, because the figure doesn't seem right!! I'm sure they meant 47.34 too!!
This is a form letter sent out to all property owner's who live near by;
although, a real signature on the 2nd page and a overall site plan. The
name stated.....Courtyard at Seagrove.....Prepared for Zohouri Developments

[Sandcastle]

When I was at the beach a couple of weeks ago, I noticed a lot of construction activity on the Zohouri property next to Alys Beach. Does anyone know what's planned for that location?

I own a lot in Seacrest Beach and I'm just curious.

[sunshine]

I would wager that it is 4.734 acres; that gets you just under 8 residential units per acre.

[Camp Creek Kid]

I believe this is the property where Collaborations and storage units are.

[STL Don]

I believe this is the property where Collaborations and storage units are.
That has to be right, since the letter was sent to owners in Summer's Edge which is just about across the street from there.

[kurt]

That has to be right, since the letter was sent to owners in Summer's Edge which is just about across the street from there.

I was thinking that too, but I'd bet they are sending it out wider to get input and generate buzz.

[Camp Creek Kid]

I was thinking that too, but I'd bet they are sending it out wider to get input and generate buzz.

Except that most developers don't want to generate buzz until AFTER the project has been approved. If the buzz is negative and a lot of bees show up for the Planning Commission meeting, the developers will get stung.

The property is indeed the Collaborations property and the acreage is the 4.7 number. You can find the info. on the property appraisers website.

[kurt]

Except that most developers don't want to generate buzz until AFTER the project has been approved. If the buzz is negative and a lot of bees show up for the Planning Commission meeting, the developers will get stung.

The property is indeed the Collaborations property and the acreage is the 4.7 number. You can find the info. on the property appraisers website.

Not the smart ones with nothing to hide, that welcome input from the community, and the brisk sales that follow.

[criolla man]

Hey Folks,

I have recently enjoyed spending more time viewing the SoWal site. It's a great way to connect with the community. Good job Kurt.

The Collaborations and Storage unit sites are being planned for a new development. We asked architect, Jeff Dungan of Dungan-Nequette in Birmingham to design it. The land is zoned Village Mixed Use (12 units per acre plus commercial). We have 48 lots and the commercial is designed as 7 live/work units that create somewhat of a micro village center.

We are also donating a 25 foot swath of land to the State Forest so they can finally connect their trail system to this part of 30-A. We will have an entrance to the Greenway trail system on the southwest corner.

If y'all would like to see more, please join me at my Gulf Place office this Tuesday at 5PM. It's right next to Smiling Fish Cafe. If you can't make it, just e-mail me at johnny@jerealestate.com.

Best to all,

Johnny Earles

[kurt]

:welcome: Johnny.


Don't be a stranger.

[Miss Kitty]

:welcome: Johnny! We could use your input around here! Keep posting!

[Paula]

:welcome: Johnny. Yup, keep telling us what's new.

[criolla man]

Thanks everyone for the warm welcome.

I hope you can help me pass the invitation around for tomorrow afternoon at my office (@ five o'clock) and anyone is invited. And if you can't make it but are interested in looking at what Jeff has designed, please e-mail me and I will forward the images. I really like it and hope y'all do too.

Best,

Johnny

[John R]

Welcome Johnny, thanks for taking a first hand approach to getting the questions answered. It would be great if more developers/reps would step up. How long after 5pm will the office be open? Not sure I can make it right then. Could you post the renderings here also?

thanks

jr

[ecopal]

Dear Johnny,
Why would you start a big development like this when there already is a glut of property inventory on 30A? Prices are dropping and sales are almost stagnant. In fact at the current low sales rate it would take years just to sell the current properties for sale.

[katie blue]

When I was at the beach a couple of weeks ago, I noticed a lot of construction activity on the Zohouri property next to Alys Beach. Does anyone know what's planned for that location?

I own a lot in Seacrest Beach and I'm just curious.

I'm interested in what's going there too. I assume you mean the area they clear-cut, between Alys and Camp Creek GOlf course road? Anyone know?

[Amp22]

Dear Johnny,
Why would you start a big development like this when there already is a glut of property inventory on 30A? Prices are dropping and sales are almost stagnant. In fact at the current low sales rate it would take years just to sell the current properties for sale.

Johnny's job is to sell it. You can ask developers why they develop and every single one will tell you that they are in it to make a profit. While they would be thrilled to sell out in one hour, they are not countuing on it. People thought Robert Davis was a fool for starting Seaside.

[Amp22]

I'm interested in what's going there too. I assume you mean the area they clear-cut, between Alys and Camp Creek GOlf course road? Anyone know?

There is a thread on it. Search for zohouri.

[Camp Creek Kid]

Dear Johnny,
Why would you start a big development like this when there already is a glut of property inventory on 30A? Prices are dropping and sales are almost stagnant. In fact at the current low sales rate it would take years just to sell the current properties for sale.


Many developers have been "stuck" with property that they bought and were in the process of developing before the slow down last year. Keep in mind that in Walton County it can take as long as 2 years to get development approval. After investing tens of thousands of dollars in engineering work, loan interest, and other development costs, most developers have no choice but to see a project through. The choice is either to go ahead with the project and hope sales pick up so it will sell, or sit on the property and lose more money. Also, development orders expire and if a developer lets this happen, its back to square one.

There are a few parcels of property for sale now that have a development order and some site work completed. These are obviously projects started by novice developers who couldn't hack the slow down and are out of money.

[SHELLY]

Many developers have been "stuck" with property that they bought and were in the process of developing before the slow down last year. Keep in mind that in Walton County it can take as long as 2 years to get development approval. After investing tens of thousands of dollars in engineering work, loan interest, and other development costs, most developers have no choice but to see a project through. The choice is either to go ahead with the project and hope sales pick up so it will sell, or sit on the property and lose more money. Also, development orders expire and if a developer lets this happen, its back to square one.

There are a few parcels of property for sale now that have a development order sand some site work completed. These are obviously projects started by novice developers who couldn't hack the slow down and are out of money.

Some developers just want to make their fixed costs back and break even. Back in the day at places along the panhandle...I remember seeing "named" subdivision entrance ways and pipes sticking out of the ground along deserted streets (maybe even a tumbleweed blowing through just for effect). Some developers have been auctioning off blocks of lots...I see a bit of a "correction" coming on.

[Sandcastle]

I'm interested in what's going there too. I assume you mean the area they clear-cut, between Alys and Camp Creek GOlf course road? Anyone know?

I still haven't been able to find out anything about the Zohouri development we're talking about. :idontno: I'll be at the beach later in the week. Maybe someone in the coffee shop at Alys will have some info.

[Gypsea]

:welcome: Johnny!!! Thanks for keeping us informed.

[Smiling JOe]

This property is going to Foreclosure Auction on June 18. Details attached. Bring your cash with you to the sale, and pick up a nice piece of dirt for cheap.

[Busta Hustle]

if the bank has 12 million or so into it what would probably be their bottom line to sell?

[SHELLY]

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<Insert Queen's "Another One Bites the Dust" soundtrack here>
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Cue the tumbleweed.

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http://www.defensetech.org/archives/images/tumbleweed.jpg





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[Smiling JOe]

if the bank has 12 million or so into it what would probably be their bottom line to sell? Good question. I'd like to know that answer as well. Even if they sell it below that $12 million, I understand they could still go after the Zohouri for the balance, but from what I hear, they probably wouldn't be able to get anything. I believe that original sale price during the peak of the market was around $15million, so I'm not sure that people will jump on this property at $12million, especially if they have to pay cash by 2pm on the day of the auction.

[egrp]

its a 4.3 acre parcel on the north side of 30A with a pretty long stroll to the beach.

if this thing goes for half of $12 million i would consider that great for the bank. lets crunch some numbers...

$12M is $2.8M/acre of which you can get 8 SFH per acre which equates to $350K per lot in acquisition costs and this does not include infastructure, design, costs etc. Would need to get over $500K per acre retail to make this work...that doesn't work.

$6M results in acquisition costs of $175k per lot which is more manageable and maybe you try to sell retail for like $350k per lot...not sure that works in this market. Remember JOE is selling WaterSound West Beach lots (south of 30A with very nice amenities) for under $300k per lot.

I bet you it doesn't even get $6M...what do yall think?

[scooterbug44]

its a 4.3 acre parcel on the north side of 30A with a pretty long stroll to the beach.

if this thing goes for half of $12 million i would consider that great for the bank. lets crunch some numbers...

$12M is $2.8M/acre of which you can get 8 SFH per acre which equates to $350K per lot in acquisition costs and this does not include infastructure, design, costs etc. Would need to get over $500K per acre retail to make this work...that doesn't work.

$6M results in acquisition costs of $175k per acre which is more manageable and maybe you try to sell retail for like $350k per acre...not sure that works in this market. Remember JOE is selling WaterSound West Beach lots (south of 30A with very nice amenities) for under $300k per acre.

I bet you it doesn't even get $6M...what do yall think?

How did they think they were going to make those numbers work at the $12M level?

[Smiling JOe]

I bet you it doesn't even get $6M...what do yall think?

I bet you are right. Most developers don't like to pay cash, either, so that will also play a part. I didn't see it in the docs, but does anyone know if it will be an absolute auction? :idontno:

[PalmBeach]

its a 4.3 acre parcel on the north side of 30A with a pretty long stroll to the beach.

if this thing goes for half of $12 million i would consider that great for the bank. lets crunch some numbers...

$12M is $2.8M/acre of which you can get 8 SFH per acre which equates to $350K per lot in acquisition costs and this does not include infastructure, design, costs etc. Would need to get over $500K per acre retail to make this work...that doesn't work.

$6M results in acquisition costs of $175k per acre which is more manageable and maybe you try to sell retail for like $350k per acre...not sure that works in this market. Remember JOE is selling WaterSound West Beach lots (south of 30A with very nice amenities) for under $300k per acre.

I bet you it doesn't even get $6M...what do yall think?
Zoning is VMU - 12 units/acre (51 units) plus commercial. The highest and best use is 4 stories with commercial on the first floor. The problem is that no one in their right mind would start a project like that now. The incentive to buy and hold until the market turns would be a VERY LOW price. Basically, the bank is not in a good position, to put it politely.

[beclareesq]

I agree with Palm Beach, this is a tough spot for the bank. As to whether this is an absolute auction I would think so. This is a foreclosure sale, not a marketing strategy. The bank has a judgment against the LLC and the individual. It's a bad deal for the bank but worse for Zohouri. It will be very interesting to see what the market value is for this piece. Push is coming to shove.

[flyforfun]

Good question. I'd like to know that answer as well. Even if they sell it below that $12 million, I understand they could still go after the Zohouri for the balance, but from what I hear, they probably wouldn't be able to get anything. I believe that original sale price during the peak of the market was around $15million, so I'm not sure that people will jump on this property at $12million, especially if they have to pay cash by 2pm on the day of the auction.


Bobby J needs to break open his surfer bank and buy this piece of property and build Collaborations II!:clap:

[SHELLY]

I'll bet there will be a foreclosure auction and Vision Bank will end up making the highest bid and taking this property back because they won't be able to secure a high enough bid from the public at large. Once heads at the bank roll, they'll regroup and figure out what to do with the land and how much they can wring out of Zohouri and his cabal of theives...apparently they'll have to get at the end of a loooonnnnggg line according to this article:http://www.bizjournals.com/atlanta/stories/2007/05/07/story4.html?page=1


.

[Busta Hustle]

at 6 million it won't be sold...foreclosures on county steps are not absolute when owned by a bank nor do they guarantee clean title...maybe someone from Vision Bank can chime in...

[egrp]

then they shouldn't bother...it won't come remotely close to $12 million...i mean no where near!!

[scooterbug44]

As of last night, they don't even have a sign posted on site saying it is for sale, just a semi trailer sitting on the leveled property.

[Beach Runner]

If you are against high-density developments in SoWal (and the traffic, crowded beaches, etc. that they generate), please attend the meeting to oppose the project called Toscana on Eastern Lake Road tonight at 5 in the courthouse annex on 331 (actually this is #8 on the agenda, so you don't have to be there at 5 or the dot). If you can't attend, please call/write/email/fax the commissioners (see thread entitled "High-Density Development Proposed in Eastern Lake Road Area").

[6thGen]

Given the amount, there have to be bank participants with Vision, so real estate owned isn't really an option.

[Chickpea]

then they shouldn't bother...it won't come remotely close to $12 million...i mean no where near!!

Completely agree - this is going to be interesting to watch......although as many have predicted, auction will probably yield absolutely nothing.

[Smiling JOe]

I'd give them a million for it, but I would need to borrow a million in cash. :biggrin:

[SHELLY]

I'd give them a million for it, but I would need to borrow a million in cash. :biggrin:


Ask the friendly folks at Vision Bank. (Apprently their vision is 20/400.)


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[Chickpea]

Ask the friendly folks at Vision Bank. (Apprently their vision is 20/400.)


.
:lolabove: :floor: how do you come up with all these??????

Shelly: can you at least share what your profession is?????

[Smiling JOe]

Since no one has agreed to let me borrow that million in cash, I don't think I will be placing my bid on Monday.

[FLSunChaser]

Since no one has agreed to let me borrow that million in cash, I don't think I will be placing my bid on Monday.


Can you attend and report back to all of us??????????

[Smiling JOe]

Can you attend and report back to all of us?????????? Wish I could, but I have other obligations on Monday. Anyone else able to get up to Defuniak?:idontno:

[SHELLY]

:lolabove: :floor: how do you come up with all these??????

Shelly: can you at least share what your profession is?????


Retired Mangle Salesman


.

[Smiling JOe]

Retired Mangle Salesman


.
Did you sell a lot of mangles? :idontno:

[SHELLY]

Did you sell a lot of mangles? :idontno:

Enough to squeeze by.

.

[Smiling JOe]

Enough to squeeze by.

.:funn:Are you sure that you didn't sell money presses, rather than clothes presses?

[Bobby J]

Bobby J needs to break open his surfer bank and buy this piece of property and build Collaborations II!:clap:


One day....:biggrin:

[goodwitch58]

Yes! I really miss Collaborations.

[Mango]

:funn:Are you sure that you didn't sell money presses, rather than clothes presses?

Shelly sold clothes presses? :idontno::wub:
I knew I liked Shelly. :lol:

[rapunzel]

I've always wanted a mangler.

[Busta Hustle]

results from auction as expected...bank kept it.

[SHELLY]

results from auction as expected...bank kept it.


No doubt.

....what was the highest bid?


.

[horace albumin]

I heard Zohouri is letting all the banks have the Florida properties since the values tanked statewide and moved to Galveston to semi-retire

I agree with Palm Beach, this is a tough spot for the bank. As to whether this is an absolute auction I would think so. This is a foreclosure sale, not a marketing strategy. The bank has a judgment against the LLC and the individual. It's a bad deal for the bank but worse for Zohouri. It will be very interesting to see what the market value is for this piece. Push is coming to shove.

[FraudVicTim]

Trust me from experience, don't lay a finger on anything that Zohouri or any of his companies have ever touched. His entire umbrella of companies (Integrus, Zohouri, TREC, ReMax Atlanta) are being investigated for mortgage fraud and RICO. His developments were so overvalued, there's no way any lenders are going to recoup their money.

[Busta Hustle]

well it's back on the market for a just under 12 mil if there are any wannabee's ready to pick up the pieces...

[SHELLY]

well it's back on the market for a just under 12 mil if there are any wannabee's ready to pick up the pieces...

:funn:

Love these "Golden Oldies" flashback threads.


.

[horace albumin]

well it's back on the market for a just under 12 mil if there are any wannabee's ready to pick up the pieces...


Land is worth the debt so the lender will get all their money back

[SHELLY]

Land is worth the debt so the lender will get all their money back

It sold?


.

[sowalgayboi]

Nope, probably wishful thinking.

[LightWorker]

I had a shop there for about 10 years...I miss all my friends and customers. I loved the community feel of the other shops. It was a old building but a lot of good happened in that old place. Oh well...things do change.

[Bobby J]

I had a shop there for about 10 years...I miss all my friends and customers. I loved the community feel of the other shops. It was a old building but a lot of good happened in that old place. Oh well...things do change.

Dem were da days....;-)

[Smiling JOe]

I thought we were talking about the AquaTerra development. Are you referring to the Collaborations strip, Lightworker?

[Bobby J]

I thought we were talking about the AquaTerra development. Are you referring to the Collaborations strip, Lightworker?

Yeah. They want allot more for Aqua Terra...

I think the winner on the Collab strip was Fred Lee :biggrin: (Seller to Zohouri Development ). He paid like $150,000 for it!

[Smiling JOe]

Thanks for straightening that out for me.

[Pirate]

Thats a nice piece of land and I loved the original shops there, but that price needs a zero lopped off of it.

[sowalgayboi]

I had a shop there for about 10 years...I miss all my friends and customers. I loved the community feel of the other shops. It was a old building but a lot of good happened in that old place. Oh well...things do change.

We did have some good time there!

[Bobby J]

We did have some good time there!


I think I figured out who this is?:cool:

[Romeosmydog]

I got married there once!!!;-);-)

[Smiling JOe]

I got married there once!!!;-);-)I noticed that particular store had only one level. :floor: (reference to the Husband Store thread).

[LightWorker]

We did have some good time there!


Yes we did ...:cool:

I got married there once!!!;-);-)




:shock: You said the M word...:shock:

[sowalgayboi]

I think I figured out who this is?:cool:

We've met, but I'm still pretty sure you are thinking of someone else. :biggrin: :ninja: