The WPJ

Jamaica's Rose Hall Developments Establishes New, Luxury Residential Community

» Featured Columnists | By Scott Kauffman | November 11, 2011 10:00 AM ET



(MONTEGO BAY, JAMAICA) -- Rose Hall Developments -- owner of 7,000-acre Rose Hall Plantation and Cinnamon Hill Golf Course adjacent to Hilton Rose Hall Resort & Spa - recently announced a new residential community called Founders Village.

The new, luxury village is comprised of home sites that range from three to four acres and feature unobstructed golf course, ocean and mountain views. Located 500 feet above sea level and only 15 minutes from Sangster International Airport in Montego Bay, the lots average $500,000 per acre.

"Our newest addition to Rose Hall's real estate offerings is sure to please luxury connoisseurs," says Michael Rollins, vice president of Rose Hall Developments. "Panoramic Caribbean vistas and easy access to beaches, golf, shopping and Jamaica's culture enrich vacation homeowners and retirees."

The master-planned, gated community will be equipped with all modern-day accoutrements. Residents will also enjoy preferred tee times at Cinnamon Hill and other area golf courses, as well as access to a new beach club.

The Greens, a neighboring residential community, has only seven lots remaining. Featuring golf course frontage, each is about one acre and $350,000. Nearby retail and office space, as well as beachfront property for resort development, is also available.

Historic Rose Hall Plantation was purchased more than 40 years ago by the late American entrepreneur John W. Rollins. It has since been transformed from 18th century sugar-cane farms into a popular sanctuary for recreation and relaxation.

Rose Hall Developments is the exclusive owner of prime residential and commercial real estate in Montego Bay. Overlooking the Caribbean, Rose Hall's hillside, golf-course and seaside home sites - ranging from $350,000 to $2 million -- are tucked within the gated community and perfect for dream home construction. Second-home owners and retirees revel in Rose Hall's sprawling, natural beauty and abundant culture, including the 18th century Great House once owned by the legendary Johnny Cash. Retail and office parcels are also available, as well as 175 acres of beachfront property zoned for resort development.



Lennar Purchases Treviso Bay Golf Course Community

(NAPLES, FL) -- The troubled Treviso Bay golf course residential development that was planned to be a prestigious PGA Tour Tournament Players Club, or TPC Network property, sold quietly at a foreclosure auction on Wednesday.

The new owner is reported to be Miami-based Lennar Corp., a developer and builder of many Florida golf course communities. According to a local Naples News report, Lennar was the only bidder for Treviso Bay after one of its affiliates was assigned the mortgage notes in May.

The bid was $100 from Lennar's representatives, but the price the builder paid for the mortgage isn't made public.

Lennar also had to work out a separate agreement to repay the community development bonds, which helped finance roads and other upfront costs in the development. The bondholders were owed more than $64 million.

The assignment of the mortgage came after the lead lender foreclosed on the development and it was taken over by a court-appointed receiver. Lennar hasn't commented publicly about the transaction, but it has already started to make its presence known at Treviso Bay.

The luxury golf course development was originally developed by V.K. Development Corp., a family owned company out of Wisconsin. The future of the unfinished 74,000 square-foot clubhouse is unknown.

With Lennar as the new developer, local realtors expect homes to be smaller and less expensive, ranging from $500,000 to $1 million.




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