thebull
10-31-2003, 09:21 AM
Developer seeks Island land lease
By Brian Wedemeyer
The same group that recently bought a large chunk of private property on the Island in Lake Havasu City also has proposed a marina, hotel and other development on adjacent state trust lands.
A Diamond Key Master Planned Marina, LLC., has applied with the Arizona State Land Department for a long-term commercial lease of 117 acres on the IslandÂ’s west side.
James Stevens, who is listed as the contact person on the application, did not return calls Thursday from TodayÂ’s News-Herald.
The proposed marina resort development would include 200 boat docks, boat storage, 8,000 square feet of retail space, a 100-room hotel, yacht club, two restaurants and recreation area.
The estimated annual gross income for the project is $7.4 million.
Long-term leases of state trust lands must be obtained at a public auction and are intended to primarily benefit ArizonaÂ’s schools. Other existing developments on the Island, including the Nautical Inn and Islander RV Resort, have long-term leases with the department.
Lake Havasu City government last week received a request for input from the state land department and has 30 days to respond, according to Charlie Cassens, city spokesman.
Last week, the investment group bought 104 acres in the heart of the Island from the cityÂ’s original developer, MCO Properties, for $8.8 million.
Located on the site of the former city airport, the private parcel is subject to a planned development approved in 1994. The city earlier this year received a conceptual plan that fits the parameters of the 1994 planned development, including about 400 residential units, a resort, commercial and some open space.
Voters approved an update to the cityÂ’s general plan last year that does not allow for residential development on the Island, but the 1994 approved plan is grandfathered in.
Last weekÂ’s sale prompted the city to hire a private consultant to determine the cost of building a second bridge to the Island. The two-lane London Bridge is currently the only vehicle access.
City officials plan to require future developers to share in the cost of a second bridge.
I bet this is gonna scare the shit out of these guys, hopefully Arizona will do the right thing with this. What do you guys think.
By Brian Wedemeyer
The same group that recently bought a large chunk of private property on the Island in Lake Havasu City also has proposed a marina, hotel and other development on adjacent state trust lands.
A Diamond Key Master Planned Marina, LLC., has applied with the Arizona State Land Department for a long-term commercial lease of 117 acres on the IslandÂ’s west side.
James Stevens, who is listed as the contact person on the application, did not return calls Thursday from TodayÂ’s News-Herald.
The proposed marina resort development would include 200 boat docks, boat storage, 8,000 square feet of retail space, a 100-room hotel, yacht club, two restaurants and recreation area.
The estimated annual gross income for the project is $7.4 million.
Long-term leases of state trust lands must be obtained at a public auction and are intended to primarily benefit ArizonaÂ’s schools. Other existing developments on the Island, including the Nautical Inn and Islander RV Resort, have long-term leases with the department.
Lake Havasu City government last week received a request for input from the state land department and has 30 days to respond, according to Charlie Cassens, city spokesman.
Last week, the investment group bought 104 acres in the heart of the Island from the cityÂ’s original developer, MCO Properties, for $8.8 million.
Located on the site of the former city airport, the private parcel is subject to a planned development approved in 1994. The city earlier this year received a conceptual plan that fits the parameters of the 1994 planned development, including about 400 residential units, a resort, commercial and some open space.
Voters approved an update to the cityÂ’s general plan last year that does not allow for residential development on the Island, but the 1994 approved plan is grandfathered in.
Last weekÂ’s sale prompted the city to hire a private consultant to determine the cost of building a second bridge to the Island. The two-lane London Bridge is currently the only vehicle access.
City officials plan to require future developers to share in the cost of a second bridge.
I bet this is gonna scare the shit out of these guys, hopefully Arizona will do the right thing with this. What do you guys think.