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Recreational Amenity

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by

Rose May Cecilia Quismundo

on 17 November 2016

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Transcript of Recreational Amenity

Recreational Amenities
Development and Management
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When to include or exclude a recreational amenity?
 What is being offered in similar local projects
 The residents/users for whom these amenities are being planned
How much money is available for amenities and whether the costs are justified
How the amenity fits in with the total project, physically, economically and as part of its image
What quantity of the amenity should be provided and what the climate will allow
What the marketing benefits will be
The Planning Team
Law
Finance
Marketing
Planning and Design
Management
Feasibility Analysis and Planning
Construction
Operations Management
Stages of the Recreational Amenities Process
Preliminary estimate is made of the likely demand
Alternative sites are investigated
One is chosen for in-depth analysis
Development team is assembled
Development concept is agreed upon
Detailed feasibility analysis
Concept may have to be refined or an alternative site may have to be selected and the process begun again
Product programming is put into place
Type and mix of residential, timeshare, and hotel products are determined, an association structure and amenity program agreed on, and the phasing of the development set up
Approvals from necessary agencies and citizen groups
Plan finalized in detail
Financing is secured
Marketing begins
Construction and Operations Management
 Planning, construction, and marketing activities overlap
 The various stages of development may overlap
Specialized management services may be required
Transfer of community management to associations of owners or members
Consider renovation and repositioning of the resort
The Amenity Strategy
An amenity strategy is a “clear understanding of the role of recreational facilities within an overall project.”
The elements are
Provide what the market wants
Provide for the changing role of the amenity package over the life cycle of the development
Balance the cost of the amenities with the revenue they generate.
Guarantee developer control in the early steps of the project
Provide for an orderly transfer of control from the developer to residents
An amenity is “a rather broad concept that can encompass virtually any feature that is attractive to a given market and thus adds value to land.”
There are two basic reasons for including amenities in a recreational development:
they increase the value of the real estate
amenities give marketing leverage
Downside: substantial costs are involved in providing what is often a seasonal attraction
The key is to achieve a balance between the cost of providing the amenity with the sales generated by its presence.
An operational plan is needed that identifies
who will develop, own, and operate the facilities and for how long
who will use the facilities and on what terms
precisely what the expected relationship will be between real estate and recreational amenities
Development must balance the cost of constructing the amenities with revenue generated by their presence
Recreational amenities should be developed up front and used to draw guests or stimulate real estate sales
The developer should continue to control construction, operation, and maintenance of the amenity package throughout development
The rule of thumb is that the developer retains control until at least 50% of the project is completed
A Community Mngt Structure helps develop a process for
Preserving common areas
Developing a long-term strategy for owning, maintaining and operating the development’s amenities
Fulfilling the obligations taken by the developer in order to get approval for development
Establishing and enforcing community maintenance and design standards
Developer / Manager Relationship
The role of the developer in the various types of community management structures
Communities
can be managed through municipal corporations and community improvement districts, nonprofit tax-exempt organizations or community associations.
Government bodies
the developer has no control as the residents of the municipality elect the governing body, which makes most operating decisions
The role of the developer in the various types of community management structures
The role of the developer in the various types of
Showing results for
The role of the developer in the various types of community management structures
Nonprofit tax-exempt organizations
The role of the developer in the various types of community management structures
developer could select and control the board indefinitely
nonprofit organization does not have the authority to enforce covenants which are usually desirable in a master-planned development
this type of organization is best used in conjunction with other types.
Community association
The role of the developer in the various types of community management structures
gives most flexibility for a resort community
various classes of membership can be designed so as to allow the developer to control the community until it can be transferred to the owners later
Community association
Community Association
Mandatory membership association responsible for performing various functions within a planned real estate development

There are four common structures:
Equity Club
Right-to-Use Club
Convertible Club Program
Association Membership
End of presentation
Thank You!
Full transcript