Jeff Davenport’s dream of constructing a $60 million 183-townhome resort project with a marina connected to Conneaut Lake has been put on hold and much of the land involved will be auctioned at a sheriff’s sale on Aug. 6.
Davenport is president of Lake Properties Holding LLC, which owns the property.
The sale will include the former Conneaut Lake Park Golf Course and the former 4J Trailer Park just north of Conneaut Lake Park.
Davenport said Tuesday there is no financing available anywhere in the country for development right now and he expects none will be available until at last 2012.
A group of investors, Snow Waters Development LLC, purchased the mortgage from the bank and now is filing for a sheriff’s sale against Lake Properties Holding, which bought the land in 2007.
Davenport said many of the same people involved in Lake Properties Holding Inc. are involved with the Snow Waters group, which is offering the land to anybody with $2.4 million — the total amount owed on the property. If that bid is not received, the Snow Waters group will retain the property in the new name.
“Anybody with $2.4 million and able to bid and write a check will own it,” he said. “We won’t accept anything less.” If no successful bidder comes forward, Davenport said the group has sufficient funds to pay the property taxes. If nobody buys it, the Snow Waters group will “warehouse the property,” meaning it will sit idle until there is financing available to move forward.
Davenport said his dream “is not dead,” it is just stalled right now.
But he and other investors are willing to sell their dream.
The sale does include all the permits to proceed with any development. Those permits are good for six and one-half years.
He said the three townhouse already built are not part of the package.
Although disillusioned about the lack of financing available, Davenport still has hopes that the project can proceed at some point. He is so confident that although he had the Snow Waters Development phone number disconnected, he still retains the right to the number. “I like the number,” he said, referring to the fact the last four digits 5253 spell LAKE. He pays a minimal monthly fee to retain that number for the Snow Waters project should it move forward in the future.
Davenport first announced plans to construct a Snow Waters Harbor Village and Golf Course in 2006. It was to include 183 townhomes, an update of the golf course, a restaurant, a club house and marina with a connection to Conneaut Lake.
The golf course and former trailer park were purchased and some site preparation made before funding dried up.
Davenport said he believes there is still interest in the project as he receives five or 10 inquiries a week, but until financing is available it can’t move forward.
The sheriff’s sale is at the courthouse at 10 a.m. and is open to the public. Any successful buyers also assume any debts associated with the property, said Davenport.