DC4MS

Amy Gunderson, of Halogen Guides, broke the story that Quintess, LRW was going to build a five-villa, member-only, enclave in the Turks and Caicos within the Molasses Reef resort, a Ritz-Carlton Reserve.

Quintess, LRW Adds Private West Caicos Enclave to Portfolio | Halogen Guides Real Estate - Luxury 2.0 Guides and Reviews

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Here are some interesting links on this incredibly beautiful island.

West Caicos Reserve

Molasses Reef

The Ritz-Carlton, Molasses Reef

Gencom Group

Chef – Gary Kunz
Gray Kunz News - The New York Times
Chef Gray Kunz Raids D’Agostino’s -- New York Magazine
CuisineNet Digest: Chef Gray Kunz

Turks and Caicos

Kagehitokiri

interesting.. the 10 RC ocean cottages are priced from $6.5MM, so i wonder how the Quintess properties will compare, and where they will be located, since both are beachfront.

RC accommodations summary >
- 125 rooms/suites, some with pools, in 23 1/2-story villas

11 3-story island villas
- 7 with 5 condos each (35 total) 2/3BR
- 4 with 8 condos each (32 total) 2/3BR, ground have pools

- 10 ocean cottages 4BR with pool

i figured it was a good possibility for one of ER's large buys.. but i guess Quintess beat them to the punch. seems odd, considering ER's relationship with RC.

West Caicos Reserve Map

huh. looks like 6 other developments... well thats kind of a bummer.

DC4MS

Here is a cool photo slideshow with maps of the Molasses Reef location.

Molasses Reef

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Here is some cool news:

NFL PLAYERS Amani Toomer of the New York Giants and La Var Arrington of the Washington Redskins are teaming up with several other pro athletes, a developer and Ritz-Carlton Hotel Co. to build West Caicos Reserve, a residential and commercial property on Turks and Caicos in the British West Indies.

The centerpiece of the project is Molasses Reef, a 125-suite Ritz-Carlton spa and resort hotel, according to David Hartshorn, a principal with the developer, Logwood Development, based on the Turks and Caicos islands. The property also will have villas, cottages, and single-family and custom-built homes for sale, ranging in price from $2.4 million to $8 million. Three-acre custom-home lots on the property start at $1.8 million. The players are participating in the project through ProNet, a Denver-based private equity firm that's Logwood's equity partner in the project. Other athletes involved in the project include basketball players Derek Anderson and Nick Van Exel of the Portland Trail Blazers. Mr. Hartshorn didn't disclose how much each player contributed to the project. Messrs. Toomer, Arrington, Anderson and Van Exel couldn't be reached for comment. The 40-island Turks and Caicos archipelago, in the Caribbean, is near one of the largest coral reefs in the world.

DC4MS

I don't know if they are buying the Island Villa residences or the The Ocean Cottages.

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The Island Villa residences start at $2.4 Million and provide a truly unparalleled island living experience fully managed and serviced by The Ritz-Carlton. 2-bedroom, 3-bedroom and Penthouse floorplans are available.

Island Villas A-G range in size from 2,703 to 5,560 square feet
> Download a printable version of the floorplan book (1.1 mb PDF)

Island Villas H-L range in size from 2,203 to 2,933 square feet
> Download a printable version of the floorplan book (1.0 mb PDF)

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The Ocean Cottages start at $6.5 million and provide a choice of two unique single family floorplan designs.

Kagehitokiri

theyre having their own built. they are NOT RC residences. (assuming halogen's reporting is accurate)

i gave a summary of RC's above.

maybe theyre in the silverpalms estate development next to RC, and have RC resort privileges. i wonder which if any of the estate developments offer that as a standard benefit.

or they could be like ER's enclave at RC grand cayman.

will be interesting to see, but its disappointing there is so much development.

DC4MS

Compared to Grace Bay, West Caicos is a deserted island.

I think the master plan for the entire island has several potential developments, but I doubt it will ever feel crowded or overdeveloped.

Kagehitokiri

i was comparing to private island resorts

of course i dont know how many homesites/properties are planned.

i must not have paid attention to the size of the island when first reading about it.

DC4MS

I just received an e-mail from Lisa Weltz at Quintess, LRW and she confirmed that they are buying The Ocean Cottages

LTTravel

Those start at $6.5 million. Definitely further upgrading the Quintess portfolio.

3DH

Here's a link to the Ocean Cottages (couldn't get the above to work)

Impressive... very impressive!

To read "news" from the Ritz Carlton Mollases Reef click here

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sercano

Is this going to be the type of property quintess is going to buy from now on, ER has some serious competition.

Kagehitokiri

im amazed RC gave them half their inventory...

maybe RC is building a lot more than 10 now?

LTTravel

I don't see how this will fit into their business model. I don't think it will work financially for them to go for $6.5 million dollar homes. Though it certainly would be a good deal right now if they do.

Maybe the mysterious fortune 400 investor has something to do with this development allowing them to get into it.

Steamboat Bill

But we all know that they did not pay $6.5m and they are not worth that much.

West Caicos is still a fairly deserted island and I know building beachfront can be expensive, but with those prices Quintess can purchase a huge home almost anywhere in the world.

Just think of the homes you buy in Maui, Kauai, St Barts, Bermuda, St Lucia, Virgin Gorda, Cayman Island for $6.5m.

Upgrade Girl

I also don't see how this fits into their current business model unless with the infux of capital they'll be changing the model. Also, as with ER, they could have received a deal on the mulitple units and not actually paid the full $6.5 million to take the cost down, closer to their $4.0 million average. They could also be offsetting the cost with future units that cost below their average and still maintain the $4.0 million. I never really understood how they could have such a similar business model to ER and still afford the $4.0 million average value and clearly much nicer homes than ER. This is the club to watch.