A 4,600-acre luxury golf and resort community in Mill Spring, N.C., is headed for the auction block.
Toronto-based commercial real estate firm Avison Young on Tuesday announced the listing of Bright’s Creek at 2222 Palmer Road. The gated community features a Tom Fazio-designed golf course and clubhouse, a member’s lodge with 11 rentable suites, a boutique equestrian center, 120 custom homes, six condominiums, and 3,000 acres for future development, Avison Young said.
Avison Young is selling the community on behalf of the debtor in possession, Miami-based Alianza Trinity Partners. Alianza voluntarily filed for Chapter 11 protection with the U.S. Bankruptcy Court for the Southern District of Florida in October 2016, according to court documents.
All bids for Bright’s Creek are due to the bankruptcy court’s Miami division by Aug. 31, Avison Young said.
The firm said the previous owner invested more than $100 million in improvements, including amenities and infrastructure, such as roads, water, sewer, power, natural gas, and fiber optic cable.
The community has a state-of-the-art phased water treatment facility on site that could provide for the future expansion of Bright’s Creek’s water treatment and golf course irrigation needs, creating “a more sustainable and environmentally sensitive land plan.”
“Much of the revenue potential in luxury second home communities is generated in the second half of development life after much of the heavy lifting on amenities and horizontal infrastructure is completed,” said Michael Fay, principal and managing director of Avison Young’s Miami office. “This situation offers the next development team at Bright’s Creek a substantial advantage to purchase the land for nearly the original raw land cost, and to complete the remainder of the project with over $100 million already in the ground.”
Bright’s Creek’s master plan allows for up to 1,370 residential units, a resort hotel, outdoor shooting club, and several miles of hiking and biking trail.
Avison Young said future revenues can be generated from the ancillary sales of club memberships, resort activities, and a conservation easement over a portion of the Hidden Springs acquisition.
“The potential for future real estate revenues is unmatched for this type of asset considering the stunning views from the property,” said Ben Jenkins, founding principal of Land Advisors Resort Solutions, which has co-listed the community, in a statement. “Having a national hotel flag already interested in branding and marketing support of the resort and management and operations of the sports and amenities speaks volumes to the level of revenue potential seen by Fortune 500 companies.”
Bright’s Creek is about 14 miles northwest of the Tryon International Equestrian Center, which will host the 2018 FEI World Equestrian Games Sept. 10-23 of next year.
For more information, visit: www.avisonyoung.com.