The Berra's Lake of the Ozarks Real Estate Blog

Majestic Pointe Condos to be Completed!
April 18th, 2016 7:34 AM

An unfinished high-rise condominium located at the 12-mile marker in Sunrise Beach, Majestic Pointe is under new ownership with plans for re-development and completion.  In 2009, Jack Morris and two investment partners from St. Louis bought a note from the bank and foreclosed on an unfinished high-rise condominium building at the 12-mile marker.

Little did they know the development project would hinge on seven years of litigation stemming from the previous developer’s financial shortfalls. According to Morris, not all the sub-contractors had been paid and several liens were filed that clouded the title of the property.

“We couldn’t sell units, couldn’t get a loan, couldn’t do anything with it,” Morris said. “We’re now finally in a position to move forward. The intention is to get in there and complete the building. It’s going to take a substantial investment, but we’re hoping it’s going to be something that has never really been seen before down here”

Associate District Commissioner Bev Thomas says she remembers the original project fondly, a pie-in-the-sky eyesore to some and a luxurious development addition to others.

“That was the last multi-story structure that went in before Planning & Zoning,” Thomas said. “That was the reason it became such a unique feature. It can’t be duplicated.”

Morris said his team is currently in the design phase which should wrap up in the next two or three months followed by a bidding process to determine what can feasibly be done under a budget. By fall, they hope to have a clear picture of the project to present to the Camden County Commission.

….Lake News Online April 15, 2016

 

 


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Posted by Mike and Susie Berra on April 18th, 2016 7:34 AMPost a Comment

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