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?? About redevelopment of Summerbay

jordanmadis

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Hi I have some questions about the potential redevelopment of our resort.

First question being what exactly are redevelopment rights?

2nd what are some of the potential scenarios?

I understand that nobody knows what is going to happen yet but I’m interested in your guesses :)

Thxs
 

spatenfloot

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He posted that there is a meeting coming up. Perhaps he will know something after that.
 

jordanmadis

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Hi

Is there a better place to ask this? :confused: I would be happy with just a generic answer as to what redevelopement rights are .

Thanks :)
 

spatenfloot

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I believe it means that, if an agreement is reached between Summer Bay owners and Harrah's, the property could be torn down and rebuilt by Harrah's. The owners would still own units in the new property. A few years ago, this idea was approved by the owners but then the management company that was going to do it went into bankruptcy.
 

jordanmadis

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Thxs Splatenfloot!

What happens if they do tear it down and build a new one while constrution is going on? :confused: do we just lose our week?

Thanks again for any thoughts, I'm fairly new to the ts world and am trying to figure this out :)
 

spatenfloot

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I would guess that it would be done in phases and that Harrah's would provide accomodations for owners in the meantime. No way to know for sure unless they announce something with details.
 

ry"c

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Oxnard, California
In 2003 the owners voted in favor of a plan to tear down our buildings and put up a new resort approximately four times larger. The owners had architectural drawings and a detailed explanation of the plan. One part of this election was the owners voting to amend each building's HOA's CC & Rs to read, "Declarant [developer has the] right...to expand the Project any time by undertaking one or more of the following actions: (a) adding addtional property thereto, (b) by redevelopment of the Project and/or (c) expanding the Property and/or the Project." The amended CC & Rs also gave the developer an easement to occupy our timeshare property for construction.

The original developer who presented the detailed plan to our owners went bankrupt. In the court-ordered bankruptcy liquidation of assets of this developer, one item for bid was the redevelopment rights. A bidder bought all three parts of our timeshare that was for sale at the court-supervised auction: the management contract, the unsold inventory and the redevelopment rights. This bidder sold the unsold inventory and management contract to Summer Bay, and only retained the redevelopment rights.

The court made a finding that the redevelopment rights do not include the detailed architectural plan voted on by our owners. The redeveloper is only bound by the recorded CC & R amendments cited above.

Eventually, the winning bidder of the redevelopment rights sold those rights to a company that is controlled by Harrah's.
 
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