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PRESS RELEASE: — NJR Clean Energy Ventures Announces 3.6 Megawatt Solar Project at the Village at Manalapan
NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources (NYSE: NJR), today announced an agreement with the Village at Manalapan Solar LLC to lease 13 acres of land in Manalapan, New Jersey, for a state-of-the-art, ground-mounted solar system. The 3.6 megawatt, $18 million, project will be capable of generating enough electricity to power 450 homes annually. Once installed, the power generated by the system will be used to serve the wholesale electric market.
"The investment of a solar system at the Village at Manalapan site is an investment in New Jersey's economic development, environment and energy future," said Laurence M. Downes, chairman and CEO of New Jersey Resources. "As the latest commercial project in our solar pipeline to come to fruition, this installation represents our first ground-mounted system and reflects our role as a leader in the energy marketplace. We will continue to look for new opportunities in the solar market that are consistent with our core energy strategy and benefit our customers, company and state."
NJRCEV will lease the site for a period of 21 years from Village At Manalapan Solar LLC, an affiliate of Spano Partners Holdings (SPH) (www.spanopartners.com). James Spano, managing partner of SPH, stated "Spano Partners is proud to have been able to use its broad expertise in navigating both the electrical industry's regulatory path as well the local, county, and state land use approval processes to partner with NJRCEV in taking this underutilized land and making it an economically and environmentally productive site. We are delighted to join NJRCEV in stimulating New Jersey's economic growth to produce jobs while enhancing its citizens' quality of life with clean, renewable energy here at Village at Manalapan and our other sites under development in the state."
NJR expects that investments made by NJRCEV will qualify for a 30 percent federal investment tax credit. In addition, the energy produced will be eligible for Solar Renewable Energy Certificates (SRECs), which can be sold to Load Serving Entities in New Jersey to meet their renewable energy requirements. Additional return on investment will be provided by the sale of electricity to the wholesale market.
According to a study by Rutgers University Bloustein School of Planning and Public Policy on the "Economic Impacts of Energy Infrastructure Investments," it is estimated that up to 74 jobs will be created as a result of this project. The system is expected to be completed and in service by Fall 2011.
The solar installation at Manalapan Village is the first ground-mounted project announced by NJRCEV.
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A conversation with Jim Spano on Loreto Baja, JW Marriott and the Loreto Visitors Bureau
by Clinton Stark www.starksilvercreek.com
Wednesday, January 7, 2009
I was fortunate to spend some time this week with Jim Spano, the managing partner of Spano Partners Holdings and the Chairman of the recently formed Loreto Visitors Bureau. One of his company’s real estate projects is the JW Marriott Residences Loreto.
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Like a lot of us involved in the region, Jim is optimistic about the prospects about Loreto in the long-term, with a healthy dash of caution in light of the current economy. Over the course of our discussion we covered the newly formed Loreto Visitors Bureau and its mandate, the JW Marriott development, the partnership with Alaska Airlines, and his take on the prospects for Loreto.
The Loreto Visitors Bureau
Late last year Jim and others took a leadership position in their efforts to pull together as many political, financial and industry resources through a consortium, including competitors, to help “level the playing field” in getting Loreto increased visibility. To accomplish this goal, the Loreto Visitors Bureau was created. Jim is the Chairman and the organization meets every few days.
A recent promotion organized by the group involved Alaska Airlines. The second promotion “Twice as Nice at Half the Price” was announced this week (see press release “Loreto, Baja Sur, Mexico: Twice as Nice at Half the Price) with aggressive price incentives that helps would-be visitors extend their vacation dollar. Information on participating restaurants is forthcoming and will be announced by a major media outlet. |
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So far so good.
The initial efforts of the organization have resulted in more effective communication among key stakeholders. Jim told me the president of the hotel association also sits in on the group, and represents in the neighborhood of 60% of business in the Loreto region. When Jim and I discussed the mandate, he succinctly boiled it down to 3 key priorities:
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Airlines. Ensure adequate airlift is available, and that seats are filled. More on this below. |
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Exposure. Investments in the image and visibility of Loreto Baja needs to continue, even more so in a challenging economic environment. Jim was pleased that “4 mega resorts could work well together”. It’s a make or break period, and it’s to the benefit of all the players involved: JW Marriott, Loreto Bay, The Villa Group, La Mision and all the ancilliary businesses that go along with it.
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Organization. The well documented previous efforts to turn Loreto into a tourist documentation were agonizingly slow and unsuccessful, even with some FONATUR backing. However, acccording to Jim this new approach will hopefully catalyze a team approach, with shared goals. |
The JW Marriott Residences Loreto Development
As most of our readers know, JW Marriott has opened a “stunning” sales center, with something approaching $1M already invested. We’re very pleased to see a prestigious, 5-star marque enter the Loreto market. That’s not to say it will be easy. It’s too early to tell how well the 200 units will sell, but the buzz is building. |
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I asked Jim about the challenge of selling luxury vacation real estate in this downturn.
"..90 days ago if you asked me, I’d say that it’s all about location, location, location. Today, it’s all about value proposition, value proposition, value proposition" – Jim Spano, Spano Partners
He contrasted the Cabo market with Loreto, and suggested well healed buyers were also cutting back, but could maintain an equivalent vacation lifestyle since the JWM product was priced 40-50% less than something in Cabo. “People who have the means still need to cut back a little. They want to spend less while maintaining a luxury standard of living.” Further, he added, buyers get the Ritz standard of excellence, noting the Griffin logo is used on their promotions.
I think he put it best when he said, “90 days ago if you asked me, I’d say that it’s all about location, location, location. Today, it’s all about value proposition, value proposition, value proposition.” When the JWM Loreto web site was launched “it was clobbered” earlier this year. The first official sales event takes place next month.
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PRESS RELEASE — JW Marriott First Residential Development Comes to Baja, Mexico
Last update: 8:06 a.m. EST Nov. 13, 2008
LORETO, Baja California Sur, Mexico, Nov 13, 2008 /PRNewswire via COMTEX/ -- Drawing on its partners' long history of successful real estate experience in the U.S. and abroad, Scottsdale-based NG Properties Mexico, LLC has signed an agreement with Marriott International to create the first JW Marriott Residences property in Mexico. Located along the Sea of Cortez, in the 300-year-old town of Loreto, the JW Marriott Residences Loreto (http://www.liveloreto.com) will encompass more than 800 feet of private beachfront shoreline and offer 201 whole-ownership condominiums. This future LEED Green Building-certified development is slated for first phase completion in 2010 and will be staffed and operated by JW Marriott. |
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Prospective homeowners of the JW Marriott Residences Loreto will be able to choose from a number of options, including two, three and four-bedroom condominium residences and rooftop penthouses. Prices will range from the mid $700,000s to more than $3 million.
The JW Marriott Residences brand appeals to those who appreciate and value authenticity, unobtrusive personal service and luxurious but unpretentious surroundings. In a 2007 North American hotel guest satisfaction survey conducted by a leading consumer research company, the JW Marriott brand was the second-highest rated in the "Luxury Hotel" category, right behind The Ritz-Carlton, which is also owned by Marriott International. The JW Marriott Residences Loreto property will represent the Mexico launch of the residential offering developed under the JW Marriott luxury brand. This achievement represents the culmination of Marriott International's residential and hospitality expertise, combined to serve the luxury whole-ownership market.
"We are thrilled to be working with the JW Marriott Residences team on our Loreto project," said Neil Ginsberg, developer and co-managing partner of the JW Marriott Residences Loreto. "We knew we wanted to design a private residence community in a spectacular beach location and also offer resort-style amenities with a highly personalized level of service for homeowners. With their extensive experience managing Ritz-Carlton Residences worldwide, this relationship was the natural choice for our Loreto project. We know we have the best for our residents with the JW Marriott Residences brand at the helm."
The JW Marriott Residences Loreto will feature a dramatic two-story lobby with mezzanine lounge, business office, concierge service and a plush 35-seat movie theater with reclining leather chairs. Beach Club amenities will include expansive freeform resort pools with wet and turf sunning terraces, a beachside spa grotto, spectacular swimming beaches and a secluded infinity-edge pool for adults with swim-up bar. Families and children will enjoy a central game pool, dedicated kids pool with waterslides, lazy river float and beach entry, an aquatic center offering small watercraft and snorkeling gear, indoor game room with billiards and video arcade, and an Adventure Center with multi-purpose sports court, climbing boulders and sand playground. Completing the amenity offering is a full-service spa and state-of-the-art fitness center, beachside restaurant, an 18-hole putting course, ample covered parking with the option of private garages, and more. There is also easy access to five neighboring islands whose white sand beaches frame the Bay of Loreto National Marine Park.
"This is an exciting new opportunity to extend the JW Marriott Residences brand," said Stephen Mudge, Executive Vice President of Mixed-Use and Residential Development for The Ritz-Carlton Hotel Company of Marriott International, Inc. "This is an experienced developer and a charming location. Loreto, Mexico has a unique, viable culture and marketplace, and the location, friendly residents and responsible development practices all make it an ideal vacation home destination."
JW Marriott Residences Loreto will be opening for pre-sales November 2008. Pre-construction prices are available from the mid $700,000s. For more information Call (888) 8-LORETO / (888) 856-7386 (outside North America dial 480-857-9200).
About NG Properties Mexico, LLC
JW Marriott Residences Loreto is the vision of NG Properties Mexico, LLC which is responsible for leading the project from design through completion by bringing together a remarkable group of experienced partners, talented individuals and renowned companies in a cross-border collaboration to create what promises to be one of Baja's premier residential resort communities. NG Properties Mexico is based in Scottsdale, Arizona as a subsidiary of Pinnacle Diversified, LLC. The firm is led by developer Neil Ginsberg, who has developed more than 60 real estate projects over the last 24 years. He has led the acquisition or development of well over a billion dollars in commercial, residential and resort properties during that period. Current projects include CopperWynd Resort & Club, highly-ranked by Conde Nast Traveler among its "World's Best Places to Stay" and the residences of Tuscany at McCormick Ranch in Scottsdale.
The JW Marriott Residences Loreto are not owned, developed or sold by Marriott International, Inc. or any of its affiliates. Grupo Inversiones Loreto, S. de R.L. de C.V. uses the JW Marriott marks under a license from Marriott International, Inc.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
NEIL GINSBERG
http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=83530
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