Fl Keys Comm. Property, Redevelop or Sell For Less?
Need Advice:
I received my development order a few months ago and now have it extended for two more years from Fl. Senate bill 360. My overall plan is to redevelop my 30 year old boat sales and service business into a marine vocational school and workforce housing facility. My 2.6 acres is US1 frontage on Big Pine Keys, 30 miles from Key West. I simply don’t have the money to move forward myself. I’ve contacted hard money lenders and would be willing to start the project except a clear exit strategy impossible to visualize because of the inability to have buyers for the 16 workforce houses. My plans for the vocational school (possibly non-profit), is a no brainer but will take several years to make it a working plan. I am unwilling to divide my road front property for only a workforce housing project which also may take years to achieve black ink. My desire is to take on a financing partner but most would like a shorter term to finish which seems simply impossible.
The other option is: Sell the whole thing for less. What would you do?
NEED ADVICE PLEASE
The entire project may be viewed at its website but you will need to contact me for it.
Thanks to all that may reply,
Richard