Arguably the most significant chapter in Flagler County real estate development ends as Lubert-Adler sells its remaining local assets, including the Hammock Beach Resort with its Jack Nicklaus and Tom Watson signature golf courses. The complex deal included two undeveloped but well-positioned commercial properties and closed December 31. The total value of all recorded transactions is $18.26M. The buyer is Tampa-based KDG Capital, a private equity fund headed by Dr. Kiran Patel.
KDG has engaged Plano, Texas-based Aimbridge Hospitality to manage the resort. Troon Group, the world’s largest golf management company, will manage the two golf courses as part of their worldwide Troon Privé network of courses.
Hammock Beach Resort was the vision of legendary developer Bobby Ginn, who entered the local real estate scene in the late 1990s. Associated with Lowe Destination Properties, Bobby was responsible for the early development of Grand Haven (before it was sold to Landmar Group}. Bobby had previously worked with Lowe in Charleston, S.C.
Ginn left Lowe and joined with Philadelphia-based Lubert-Adler as a financial partner. Together they formed a juggernaut that was involved in developing locally and in Orlando, South Florida, Colorado, Georgia, the Carolinas, New England, and Grand Bahama. The Great Recession took its toll on many of Ginn-LA’s wide-flung projects. Bobby and Lubert-Adler parted with LA as the steward of the remaining assets.
Ginn-LA’s most notable successes remain Reunion Resort in Kissimmee (sold to Kingwood International Resorts one year ago) and the Hammock Beach Resort. Clearly, Hammock Beach and its surrounding developments were instrumental in Palm Coast and Flagler County becoming the fastest growing city and fastest-growing county respectively two years in a row.
Hammock Beach Resorts also includes a marina and tennis facilities at Yacht Harbor Village.
The sale includes Jose Park on Route A1A; six parcels totaling 17+ acres with 1,100 feet of frontage on the Intracoastal Waterway. Also part of the sale is three parcels totaling 15 acres fronting both Palm Harbor Pkwy and Pirate National Way (across from Matanzas High School and opposite the main entrance to The Conservatory).
Other local Ginn-LA properties previously sold by Lubert-Adler are both on John Anderson Hwy; The Gardens and Bulow Shores.
–Toby Tobin, GoToby
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Bobbi says
I think it’s time to leave.
Doug says
I have to agree with you Bobbi – the Hammock has changed beyond my wildest of dreams and my family has been here since 1970. Destroyed by elitists who moved here from NY & NJ and brought there bad attitudes and arrogance with them.
Kim says
I always love how people complain about development then vote in representatives hell bent on developing. Joe Mullins just returned from the north where he hob knobbed with developers to bring development. He openly brags about it and people rave about how hard he works for us, then in the next breath complain about what he’s bringing. Make sure you guys didn’t vote for him last election & of you did, don’t make the same mistake twice.
NW says
Stop blaming the former New Yorkers and NJ, most of us are not any happier than you. We came here to get away from the taxes and hustle bustle. Blame the politicians you elected who allowed this to happen.
BTW, the attitude was here long before we came. Have a great day.
Sonya says
Native Floridian here…. no, the rudeness came to the area when northeastern residents moved here. It’s never too late to learn southern manners.
Name (required) says
Facts. They don’t even realize how blatantly it stands out. (Southern) Hospitality ends at the north most border of Palm Coast city limits. True as rain. When I leave my house here, I drive 20 minutes north, to avoid this cesspool. People are so much cooler outside a 30 mile radius. I mean that. Super sincerely. I mean that. Of the local dozen, 10 bad eggs. Regardless of demo. They just don’t … get it.
Doug says
Additionally, if you moved here from the north to escape the exorbitant taxes and chaos, those that have lived here long before you don’t need to be constantly reminded of how great is was in NY or NJ. You left for a reason, fit in with “our” hometown values or go back.
James says
How do you know Bobbi isn’t from the North?
I’m from the North, been here quite a few years now… not as long as others I will admit… but the point is, I too loved the place back then, but have slowly become disenchanted with how things are “developing” here in PC. This isn’t a “North-South” problem… it’s political foolery on a grand scale (by PC standards anyway). Sorry, too much power in one parties hands… and too much money in the wrong hands, put to the wrong purposes. Waste has no boundary lines here, nor party affiliations… but this IS a Republican state, so they own this mess, here and in the rest of FL I suppose.
Power corrupts and money is power here, so you make the deduction. And absolute power corrupts absolutely.
Old Hammock Resident says
More development coming – this area doesn’t need anymore marina’s, fancy restaurants, gargantuan houses, traffic, etc. The seller of this once pristine area has ruined it already and the “private equity buyer” has one goal, MAKE MONEY. Once they accomplish that, they’ll sell too and move onto the next investment scam. Oh and let’s not forget who’s pocket the investors are lining for all the favors. Our state and local politicians.
Kiki says
So stop voting republican. Democrats currently are trying to save National Parks from being sold off, and water being polluted from greedy politicians. Republican locals are actively campaigning for development, but it is disguised as job creating and economy boost. Learn to read between the lines of what a politician says and what they mean and quit voting for a party because your daddy told you to.
Nw says
Funny thing how someone always makes it about Democrats versus Republicans. One thing is definitely true, all parties are responsible for the mess. Neither one has clean hands.
marlee says
This is a huge deal!
I can’t believe there are no comments.
What impact will there be on the Hammock and Palm Coast?
Also, only 18 million? Is there a zero or two missing?
Freddi says
Maybe they didn’t add the “upfront” money in this surprisingly low figure!
Mia says
I wish they owned Matanzas Woods too
Born and Raised Here says
Obviously you can not depend on the locals to maintain the revenue flow to keep this resort afloat. For years I thought the marketing and advertising of this resort was terrible. I been to so top notch golf resorts on my life, Pebble Beach, Pinehurst, and Hilton Head, and Hammock Beach Resort doesn’t even come close in comparison. They need to hire a top notch marketing firm to save this Resort.
Eric Sholdstein says
Its about time that the local area gets some development going….lets get some more shopping choices, newer perspectives, increased tax base to pay for better roads and infrastructure. Lets get out of the NIMBY mindset!
This is great news!
Jane Gentile-Youd says
Way way too cheap at only $18 million. I smell a bunch of ‘Affordable housing rats via re-zoning in the near future. It will all begin with plans to expand the number of accommodations in the resort. My little birdie friend agrees…..be ready folks to preserve what you have ….left
JT says
Agree, so here we go again….first Jungle Hut – Beachwalk parcel 50 homes, then Hammock Harbour…..code exceptions galore granted. And now , with these new parcels all along A1A, you can expect to see more code exception requests. Take that to the bank.
In addition, HBC 198 new hotel room rights/re-zoning were given away ….millions upon millions to previous developers who turned around sold to this and pocketed the money. When will it ever end…
We will be Daytona North before you know it and no one seems to care.
CB from PC says
I have lived in Florida longer than I should have.
PC and Flagler Government may as well be called Tammany Hall South.
In the late 1980s I watched Duck NC on the Outer banks of NC be developed into a Yuppie Haven for Northern Virginians, and then New Jerseyans, who thought the properties were a bargain by Jersey Shore standards.
At least the Dare County Commissioners required 15,000 square foot lots in Duck for residential building.
This area being overdeveloped was only a matter of time.
Any vacant land near the Atlantic will soon be home to 6 bedroom McMansions on postage stamp lots. OR, worse, rows of little saltboxes.
And they will be snapped up while still only a blueprint design.
I am glad I have my memories of driving to fish on 10lb. of tire pressure along the beach from Duck to Corolla when the guard gate was at the Currituck Dare County line.
Greed and money wins out over the locals non-politically connected every time.
Steve says
Well if its on the beach rest assured one day Mother Nature will taKe it all back. Good luck with that. It just doesnt matter.
Facts says
Not surprised by the fire sale price. This resort has not been maintained in years. If it was not for the insurance money after the two hurricanes it would have sold for half that price. In addition to the failing management companies and their JV managers. Both Resturant need to be overhauled. The food and the service are well below standard. Hopefully KDG capital and their new management team Troon and Aimbridge are up to the challenge. They have a lot of work to do. Let’s start by getting people in that know how to manage a resort this large. We need the varsity to replace the JV.
Lisa says
Well said — my girlfriend checked in with her 2 adult children and Salamander-Resort-loyal 85 yr old father Dec 26. No internet access whatsoever. Zero in-room TV (message said to contact provider. Haha) One day of housekeeping provided during their 4-night stay. Inedible food. Halls smelled of mildew. Apparently the prestigious management group bailed early without a transition team in place. That’s the best way to ensure a very bad word of mouth reputation. What a shame.
Flatsflyer says
What was not disclosed was the debt that drove the price down. The lower price means a significant reduction in taxes. How will the county make up for that, your mileage rate will skyrocket. Ginn took the fall and left with Millions in cold cash, LA thought they would survive when the economy turned around. Wrong again, many suckers where left holding the bag. Lots in the Conservatory sold out in one weekend for $350 to $500k. Today those lots don’t sell for $30,000. 65 homes have been built over the last 10 years, at this rate it will be 2099 before it’s built out.The club house with its million $ kitchen sits empty and rusting away. In my opinion the worst is yet to come.