GRIFFIN COMPANIES
GRIFFIN COMPANIES | COLDWELL BANKER COMMERCIAL GRIFFIN COMPANIES PRESENTS JEKYLL ISLAND OPPORTUNITIES | ||
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Mar 26, 2009 COLDWELL BANKER COMMERCIAL GRIFFIN COMPANIES PRESENTS JEKYLL ISLAND OPPORTUNITIES
(Minneapolis, MN, 3/26/2009) – Although real estate development has stagnated in most parts of the country, it is moving ahead rapidly on Jekyll Island, Georgia.
The 5,700-acre Jekyll Island, the smallest of Georgia’s barrier isles, is about 90 miles south of Savannah.
Starting in the late 1800s it was home to a private club for snowbird aristocrats, and in 1947 the island was taken over by the state. Now Jekyll, which is connected to the mainland by a causeway, is in the midst of a development spurt that includes projects like this 10-acre oceanfront condo-hotel.
In October 2008, the board of directors for the Jekyll Island Authority approved revitalization plans for the island paradise a major portion of which was the renovation and rebuilding of the Jekyll Oceanfront Resort. Currently a Clarion-branded property, it is being renovated and converted into residences that are part of a mandatory, revenue-sharing rental program. The first renovated units were ready in mid-November. Jekyll Oceanfront Resort is the first redeveloped condominium hotel to open its doors to owners and guests on this state-owned barrier island.
"During the real estate boom in the early part of this decade, developers seemed to have overlooked Jekyll Island," said Tripp Snyder, Managing Partner, Jekyll Oceanfront Development Investors 1, LLC (JODI 1), "so prices have remained extremely attractive for development. The hotel condominiums are absolutely some of the best investments on the East Coast because of the incredible affordability of Jekyll Island."
"We're experiencing exceptionally strong investment interest," said Snyder. "Because beach-front real estate is a rare and limited commodity, this property is probably one of the safest purchases in the country today. At a time when many other investments have lost their luster, investment ocean-front real estate is highly attractive. For example, one potential buyer is purchasing three units. Many have told us that the value of property on Jekyll Island will only continue to appreciate."
State law mandates that 65 percent of Jekyll Island remain in its undeveloped natural state, and the revitalization plan places high priority on environmental preservation. "This is just the kind of project that Jekyll needs to revitalize the island," said former State Senator Ed Boshears.
These beach-access and ocean-front villas that range from 926 to 1,621 square feet are being offered for prices ranging from $100,000 to $495,000. There are 14 two-story buildings, with new wiring, plumbing, furnishings, appliances, and new terra-cotta tile roofs, that hold 102 one- to three-bedroom units. Most of the residences are two-level town houses, but one of the buildings is filled with smaller hotel-style suites. The units are sold furnished, and they have balconies or patios and flat-screen TVs.
Comparable condominiums with beach access on neighboring islands cost in excess of a million dollars. The resort has four golf courses, a water park, bike trails and the Georgia Sea Turtle Center. Atlanta is five hours away by car. The closest airport, the Brunswick Golden Isles Airport, is about a half hour north, with Jacksonville International airport exactly an hour away.
"The new Jekyll Oceanfront Resort is an absolutely beautiful and affordable resort within steps of our pristine, highly desirable beaches," said C. Jones Hooks, Executive Director, Jekyll Island Authority. "The dream of revitalization is quickly becoming a reality here on Jekyll Island, and it's really exciting to see the transformation take place." For more information contact Coldwell Banker Commercial Griffin Companies or visit the website www.investinjekyll.com
About Coldwell Banker Commercial Griffin Companies
Coldwell Banker Commercial Griffin Companies is committed to quality results through conscientious attention to detail and service. We offer brokerage, leasing, property management, construction advisory services, and consulting services for owners, investors and tenants of office, industrial, retail and multi-family residential properties. Visit our website at www.cbcgriffin.com, or contact us at (612) 338-2828.
About Coldwell Banker Commercial Affiliates, Inc.
Coldwell Banker Commercial Affiliates is one of the leading franchisors of commercial real estate services through the Coldwell Banker Commercial® brand. Coldwell Banker Commercial is a registered trademark licensed to Coldwell Banker Real Estate LLC. Through its independently owned and operated offices, the Coldwell Banker Commercial network is a premier provider of real estate services and is a leader in the commercial real estate industry. The Coldwell Banker Commercial network of brokers serves the needs of owners and occupiers in the leasing, acquisition, disposition, structured finance and management of all property types. The Coldwell Banker® network of commercial brokers can be found in 41 countries in North America, South America, Europe, Africa, Asia and Australia. Coldwell Banker Real Estate Corporation is a subsidiary of Realogy Corporation, the world’s largest real estate franchisor. For additional information on Coldwell Banker Commercial, visit the company’s Web site at www.coldwellbankercommercial.com, or contact us at (800) 222-2162.
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