Tbb M 72, Williamsburg

$4,600,000

0 Beds
0 Baths
0 Sqft
18 Acres
0 Garages

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.

Essential Information
MLS® #1858736
Price$4,600,000
Acres18.00
TypeVacant Lot/Land
Sub-TypeVacant Lot/Land
StatusActive
Community Information
AddressTbb M 72
SubdivisionN/A
CityWilliamsburg
CountyGrand Traverse
StateMichigan
Zip Code49690
Amenities
UtilitiesWATER: None SEWER: None
WaterfrontOther
Exterior
Exterior FeaturesDevelopment Property
Lot DescriptionIrregular, Wooded
School Information
District

Traverse City Area Public Schools

Additional Information
Date ListedApril 3rd, 2019
Days on Market168
ZoningResidential, Commercial
Listing Details
OfficeRE/MAX Bayshore
Office Address12930 S West Bay Shore Dr
Property History
Status Changed from Price Change to Active
Status Changed from Active to Price ChangePrice Reduced from $5,200,000 to $4,600,000
Status Changed from New to Active

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The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright © Northern Great Lakes REALTORS® MLS. All Rights Reserved.

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