Mirasol CC, (T. Fazio & A.Hills) Palm Beach Gardens, FL news..

[Steve_ Shaffer]

This high end residential golf community just approved a 40M project to update and improve facilities at the 1,170-home community, overcoming misgivings by some that the project was too expensive. None of the money is slated for the two golf courses.

"The Strategic Planning Committee estimated that golf and sports members at Mirasol face assessments of about $175 a month for 12˝ years. The expanded facilities also will generate $1.3 million in additional annual costs, or about $1,100 per year, per membership."

"The project, to include a new tennis center, two-story esplanade building, family aquatics area, restaurant and ballroom expansion, will be one of the city’s biggest, at a total cost estimated at $40.2 million. Construction is slated to start in one year."

A friend lives there. Full golf membership is 130K and a "Sport Membership" is 90K. Dues are about 15K/year plus trail fee and food minimum plus HOA fees plus real estate taxes.

http://www.palmbeachpost.com/news/news/local/mirasol-members-approve-40-million-project/nfkj3/

[Jim Sherma]

A friend lives there. Full golf membership is 130K and a "Sport Membership" is 90K. Dues are about 15K/year plus trail fee and food minimum plus HOA fees plus real estate taxes.

I would agree that this qualifies as "high end".

[Andrew Buck]

A friend lives there. Full golf membership is 130K and a "Sport Membership" is 90K. Dues are about 15K/year plus trail fee and food minimum plus HOA fees plus real estate taxes.

I would agree that this qualifies as "high end".

I guess they assume when you sunk $130k on initiation and pay $15k a year, you likely aren't leaving over $1000 a year.

That said, if your financial position allows for those fees, you probably are willing to walk away and invest in a different club if the club moved away from the vision and value you wanted.

[Bruce Katona]

$40 Million for Tennis, aquatics & food & beverage expansion - lets all keep an eye on this one....it will be for sale soon enough.

Hopefully the sales discount will be big enough to bring in the next group.

[cary lichtenstein]

It won't be for sale soon...it's financially strong as are  5 or 6 in our area

[Anthony_Nysse]

It won't be for sale soon...it's financially strong as are  5 or 6 in our area

My thoughts exactly.

[Robert Emmons]

Agree with that...RHE

[JMEvensky]

I have no knowledge of Mirasol other than what I've read here,but spending $40MM ($30MM of it borrowed) with only 60% of the membership voting in favor,seems risky.

At those prices,wouldn't you want to see an overwhelming majority?

[Steve_ Shaffer]

A lawsuit has been filed by dissenters:

http://www.palmbeachpost.com/news/news/local/residents-group-contests-mirasol-project-cost-vote/nhM8T/

[Steve_ Shaffer]

Finally approved after litigation:

http://www.palmbeachpost.com/photo/news/local/mirasol-residents-approve-40-million-improvement-p/pCbCb8/

[Bill_McBride]

Was Bernard Madoff a member?

[Steve_ Shaffer]

Bill,

Madoff was a member of Palm Beach CC. Mirasol is a residential course. They will also be spending 5M on the golf courses from their reserve funds.

[Steve_ Shaffer]

Construction has started. Completion June 2016.  Another 4-5M will be spent from reserves on the golf courses, including new Celebration grass for the fairways:


http://clubandresortbusiness.com/2015/03/18/the-cc-at-mirasol-approves-39-95m-enhancement-plan/

[Steve_ Shaffer]

They're just keeping up with the competition..But it is hardly alone in attention to layering luxurious detail on top of an already high-end property. Among the others with major projects recently completed or in progress: BallenIsles in Palm Beach Gardens; St. Andrews and Polo Club, in Boca Raton; Admiral's Cove and Jupiter Country Club, in Jupiter; and Ibis in West Palm Beach.



http://insurancenewsnet.com/oarticle/2014/05/26/Cottage-industry-for-big-cottages-Clubhouse-renovation-in-vogue-a-509544.html

[Steve_ Shaffer]

Opening soon, here are renderings of the updated and new amenties for this 40M project, including a new golf practice area:




http://www.mirasolcc.com/Default.aspx?p=DynamicModule&pageid=320242&ssid=212569&vnf=1