|SAN FRANCISCO, CA — April 22, 2004 — Today Contact
Development Corporation (CDC), headquartered in San Francisco, California,
with offices in Mexico City, and Private Residence Resorts, LLC (PRR),
headquartered in Sun Valley, Idaho with offices in Seattle, Washington,
announced that their first development project under their recently formed
"strategic alliance" will be the development of a luxury mixed-use resort/residential
development project located on a very unique, “infill” site on the beach
in downtown Puerto Vallarta, Mexico named TAUMARA- Sanctuary By The Sea.
TAUMARA will include approximately 100 ocean view condominiums of which 70% will be sold as whole ownership condominiums and 30% as fractional interest condominiums in 1/6 fractions entitling each owner to sixty (60) days of use per year as well as additional “space available” use. Approximately 50,000 sq. ft. of commercial space, including a 15,000 sq. ft. Spa and fitness center, signature restaurants and additional support retail will complement this marquis project which will be developed on a beachfront site in Puerto Vallarta’s historic “Zona Romanica” neighborhood. The 4.25 acre site is downtown Puerto Vallarta’s largest and only contiguous beachfront development parcel and the project will provide modern floor plans and amenities in a market where no new additions to supply have been developed in almost 10 years due to the lack of available building sites. This unique opportunity has come about because the owners of the site, on which an existing 60-room hotel is located, have determined with the assistance of CDC/PRR and the market feasibility study performed by Economics Research Associates, that the site is underutilized as developed.
TAUMARA will offer a vastly superior residential product, as compared to what is currently available in downtown Puerto Vallarta, delivered in a mix of two, three and four bedroom luxury condominiums with important features such as top-of-the-line appliances and finishes, large master bathrooms, a large, open kitchen, spacious terraces and a separate den or study area. TAUMARA will also include amenities not available at competitive projects, such as lush gardens and a beachfront pool, a spa & fitness center, restaurants, and appropriate support retail, all on a site that is not only beachfront, but within walking distance of all that downtown Puerto Vallarta has to offer in terms of excellent restaurants, art galleries, shopping, live music, etc. TAUMARA's affiliation with The World's Finest Resorts will allow owners trade benefits to other luxury resort properties through The World's Finest Resorts collection of distinctive resorts, hotels and luxury residential properties in select destination resort locations.
CDC and PRR, together with the landowner, have assembled a world-class team of experts to execute this project. As stated, the market feasibility and development recommendations report was prepared by Economics Research Associates (ERA) and the site plan, architectural design and landscape planning is being conducted by KMD Architects (KMD) at this time. Other team members currently involved or that will be involved shortly include: Stewart Title Guaranty (Title Insurance), InterCommunications, Inc. (Marketing Communications), Health Fitness Dynamics (Spa & Fitness Center Consultant), Sue Firestone & Associates (Interior Design), Baker & McKenzie (International Legal) and The World's Finest Resorts (Luxury Resort Exchange Affiliation). CDC and PRR will manage the international, cross-border marketing and sales effort and PRR will manage the ongoing operation of the condominium project to provide hotel type concierge services to its owners of the whole and fractional interest condominiums and their guests.
The strategic alliance formed by CDC and PRR offers turn-key services to developers and land owners for the development of mixed-use fractional & whole ownership projects including: site selection via acquisition or contribution, project design, development financing, project development, sales & marketing, management and ongoing operation of such projects. For master developers and landowners willing to contribute a development parcel, a joint venture structure would be implemented; however, direct land acquisition by CDC and PRR would be a possible option as well.
CDC brings over 30 years of development, financing, legal and marketing and sales expertise of whole ownership resort/residential projects at a domestic and international level to this strategic alliance while PRR brings over 30 years of development, marketing and sales and operational experience of high-end fractional and time share projects. While this is not an exclusive strategic alliance, in that each company may continue to pursue its own projects, when there exists the opportunity for a mixed-use component of both whole and fractional interest ownership, this newly formed strategic alliance will jointly pursue each opportunity.
About Contact Development Corporation
Contact Development Corporation (CDC) is a multi-faceted real estate development, investment banking and marketing and sales firm headquartered in San Francisco, California, with offices in Mexico City, and is a driving force in the successful planning, financing, development and marketing of domestic and international resort and residential real estate projects. CDC has provided developers, investors and operators a specialized understanding of the resort development industry, offering development services as well as services in real estate financing, investment banking, cross-border marketing and sales of residential real estate.
David G. Ellsworth, the Chairman & CEO of Contact Development Corporation, has been intimately involved in the development of numerous resort and private residential master-planned communities worldwide. The various capacities he has fulfilled range from overseeing the development itself to facilitating the necessary equity and debt capital for the development and/or acquisition of the project; from creating and directing the legal structuring of a project to partnering with project developers to ensure the successful development of resort master-planned communities.
For more information about CDC: http://www.cdcglobal.com
About Private Residence Resorts, LLC
PRR is one of the leading developers of fractional interest ownership projects and is the development and management company behind the successful and award winning Les Saisons, a luxury fractional interest property located in Sun Valley, Idaho, as well as Hearthstone at Spring Mountain Ranch in McCall, Idaho. PRR’s founder, owner and President, Michael Burns, is a pioneer in the fractional interest sector, with over twenty years of exceptional experience in the development, sales, marketing and operation of fractional interest and time share projects. Prior to founding PRR, Michael Burns had accumulated over twenty (20) years in the time share industry, most recently as President and COO of Vacation Internationale, where, in addition to successfully developing, operating and selling hundreds of millions of dollars of time share condominiums, he successfully packaged and sold the company in 1997. Other important positions included eight (8) years as Vice President and General Manager of the Walt Disney Company’s Time Share/Vacation Club subsidiary where Michael was instrumental in developing Disney’s time share business from the ground up, and six (6) years as Director of Marketing and Sales for Marriott Ownership Resorts.
For more information about PRR: http://www.prr.net
Kevin A. Roberts
Contact Development Corporation
Direct: (415) 921-6318
Fax: (415) 921-6310
|Also see||Contact Development Corporation and Private Residence Resorts, LLC Form a “Strategic Alliance”; Will Develop Whole Ownership & Fractional Ownership Mixed-Use Resort / Residential Projects / April 2004|