1. Development of The New Urban Waterfront Resort Village at Sandy Point

2. Resort Village Development
Development of the Resort Village at Sandy Point need not be hurried but may progress in phases and be built out, layer upon layer, over time.
Development, moreover, can take place in manageable tranches within phases, the first tranches establishing the character of the Resort Village and each subsequent tranche filling out the vision.
A wide variety of residential, commercial and recreational uses are permitted, so that the development of Sandy Point can meet market demand by delivering, as needed,
Resort Amenities, e.g., a range of transient lodging alternatives, food and dining services, sundry personal services, etc.
Recreational Amenities, e.g., harbors and marinas, sporting fields, equestrian and walking trails, gymnasiums, swimming pools and beaches, etc.
Community Amenities, e.g., a variety of housing types, styles and tenures, from single-family homes to multi-family buildings to Continuing Care Retirement Centers, offered for whole ownership and or fractional, Wellness Centers, arts and cultural venues, etc.
Sandy Point’s entitlements are
Proprietary. No one in North American will soon have anything comparable.
Flexible. By example, residential density and the dwelling mix may be varied over the plan, the 41-acre West Side Harbor may be developed in phases, and wastewater treatment may be staged over time.
Effective through December 31, 2013, and will be renewed thereafter for successive three-year periods.
Entitling Sandy Point required legislative action by the North Carolina General Assembly and all-inclusive permits from the U.S. Corps of Engineers and a variety of state agencies.
There is every reason to presume the continuing support of local, state and federal authorities.
March 2012
Sandy Point Development

3. Sandy Point Development
First phase of Resort Village Development
Will include a portion (approx. 25%) of the 41-acre upland Harbor,
Will radiate north from the intersection of the Main Street and Harbor Wharf and
Will occur along existing Sandy Point Road.
Sandy Point Road
Main Street
Harbor Wharf
The permits and approvals described below have been secured for the development of Sandy Point. [Note: The North Carolina General Assembly passed legislation in 2009 and again in 2010 that tolls the running of permit periods and, as a consequence, extends the expiration dates of state and local development permits. See NC Senate Bill 831 (August 2009) and House Bill 683 (July 2010)]
Issue dates, expiration dates and, where appropriate, extended expiration dates are shown:
Non-Discharge Permit (Wastewater Treatment Plant/WWTP) issued by North Carolina Division of Water Quality for the treatment and disposal of wastewater
Issue date: April 3, 2006
Published expiration date: March 31, 2011
Extended expiration date: March 31, 2015
Erosion and Sedimentation Control Plan (WWTP) issued by the Division of Land Resources
Issue date: February 22, 2006 – no expiration
High Density Storm-water Permit issued by North Carolina Division of Water Quality for the first phase of development
Issue date: April 18, 2006
Published expiration date: April 18, 2016
Extended expiration date: June 1, 2020
National Pollutant Discharge Elimination System Permit (NPDES) issued by North Carolina Division of Water Quality
Effective date: June 1, 2007
Published expiration date: June 14, 2011
Extended expiration date: December 31, 2015
Erosion and Sedimentation Control Plan for West Side/harbor development issued by the Division of Land Resources
Issue date: July 26, 2006 – no expiration
CONTINUED AT SLIDE 6
Mansion House
March 2012
Sandy Point Development

4. Sandy Point Development
Mix of Uses
The First Phase of development at Sandy Point will include a variety of uses:
Sustainable Agriculture,
Transient Lodging,
Food and Dining services, and
For-Sale Housing
NB: There will be For-Sale Housing in every phase.
Section 401 Water Quality Certification issued by North Carolina Division of Water Quality
Issue date: September 14, 2006
Expires upon expiration of 404 Permit or CAMA Permit
CAMA Major Development Permit issued by North Carolina Division of Coastal Management
Issue date: March 12, 2007
Published expiration date: December 31, 2009
Extended expiration date: December 31, 2013
Erosion and Sedimentation Control Plan for East Side/harbor development issued by the Division of Land Resources
Issue date: October 23, 2008 – no expiration
Section 404 Wetlands Jurisdictional Determination
Issue dates: September 29, 2004 and March 11and 17, 2005
Printed expiration dates: September 29, 2009 and March 11 and 17, 2010
Renewed expiration dates: September 30, 2014
United States Corps of Engineers Individual Permit
Issue date: October 17, 2007
Extended: September 27, 2010
Expiration date: December 31, 2013
Chowan County Special Use Permit
Issued date: February 17, 2009
Expiration date: January 1, 2013
March 2012
Sandy Point Development

5. Sandy Point Development
Sustainable Agriculture will be featured at Sandy Point and promoted as a mixed-use that contributes vitality to the Resort Community.
Sandy Point’s Orchards, Vineyards, Groves and Gardens must be:
Authentic – genuinely productive, contributing to the nutritional and social wellbeing of the Community;
Attractive – esthetically integrated into the community and, by design (e.g., espalier hedges), fascinating; and
Accessible – available to be touched and enjoyed by those wishing to ‘enter’ the farm, to participate in the agrarian community.
Fortunately, agriculture is much less expensive than other uses to implement.
Sustainable Agriculture at Sandy Point will be developed in cooperation with NC State University’s Center for Environmental Farming Systems.
March 2012
Sandy Point Development

6. Resort Village Roll-out
Portions of the Sandy Point farm, particularly those lining the approaches to the West Side’s New Urban Waterfront, will be developed.
Apple orchards, pecan groves, vineyards and vegetable gardens will be launched.
Farm buildings, including a Creamery where visitors can watch cheese making and purchase an ice cream cone, will be constructed.
Ten-plus acres of the 41-acre upland harbor will be excavate and developed.
The balance of the harbor can be completed over time, as necessary to meet market demand.
Two Mansion Buildings will be constructed, one to serve as a large Bed & Breakfast Inn and the other as a condominium dwelling.
The units – bedrooms in the B&B and dwellings in the condominium – will provide transient lodging and, over time, sold to finance future development.
From the outset, unit owners will be encouraged to place their units (whether held wholly or fractionally) in a rental pool for transient/vacation lodging.
March 2012
Sandy Point Development

7. Resort Village Roll-out
The (Circa 1812) Sandy Point Mansion House will be restored.
The eponymous 4,800 square foot Sound-front home will serve as the Resort Village’s Welcome, Rental and Sales Center.
A Chautauqua-style (i.e., inexpensive) camp will be constructed.
A pavilion encircled by one or more rings of ten cabins (e.g., 550 Square Foot, two bedroom, one bath Katrina Cottages) will provide additional transient lodging, and
The Pavilion can serve as covered space (which may not be enclosed at the outset) for entertainments and cultural events.
From the outset, multi-family and single-family building lots will be improved, and as markets recover, for-sale dwellings will be constructed.
Some dwelling units may be sold fractionally, and
Again, a rental program will be available to all owners.
March 2012
Sandy Point Development

8. Resort Village Roll-out
As the Resort Village gains traction,
The wastewater treatment facility (WWTF) will steadily grow from an initial 50,000 GPD to the permitted 600,000 GPD WWTF, and
Sandy Point’s Main Street will be built out.
The Wellness Center, a Hotel and other Main Street, Harbor-front and Sound-front structures will be constructed.
Some of those facilities will be developed by Sandy Point’s developer/s.
Others will be developed by third parties in cooperation with the developer/s.
Additional uses and markets can be explored; for example:
A (e.g., 200+ Units) Continuing Care Retirement Center (CCRC) can be considered and an operator recruited to manage such a facility, and
A large Destination Hotel can be considered and an operator procured to manage the facility.
March 2012
Sandy Point Development

9. First Phase Roll-Out Budget
ACTIVITY
BUDGET
Establish Sustainable Farm
Groves and Gardens
$1.0 M
Farm Building/Creamery
$0.5 M
Construct Mansion Bldgs
Bed & Breakfast Inn
$1.25 M
Condominium Building
Construct Camp
Pavilion
$0.25 M
20± (550 Sq Ft) Cottages
ACTIVITY
BUDGET
Restore (4,800 SF) Sandy Point Mansion House
$0.75 M
Develop portion of West Side Harbor
$1.75 M
Establish Wastewater Treatment Facility
$1.25 M
Other First Phase Infrastructure
$1.5 M
Mustering/Engineering
$1.0 M
S, G & A
$2.5 M
TOTAL
$14,000,000
Executed effectively, a capital budget on the order of $20 million should be adequate to establish sustainable (i.e., self-funded) development at Sandy Point.
March 2012
Sandy Point Development

10. Development Model: Seaside, FL
Designed by Sandy Point’s designer, Duany Plater-Zyberk & Company, Seaside (in Florida’s Panhandle) is the development model for Sandy Point.
“Seaside began selling its eighth-acre lots (approximately 5,500 square feet) in 1984 for $15,000, and only sold twenty in the first two years. However, when a fully built-out street, built at a human scale, emerged, supported by local-serving, initially developer-subsidized, retail within walking distance, potential buyers could see the value of what was being created. As the critical mass was reached, around 1987, it became apparent that Seaside would be successful and the sales pace and prices escalated. In 2000, the last hotel pad was converted to for-sale lots. The first eighth-acre lot carved out of this parcel sold for $1.4 million or a nearly 100-fold increase over the initial lots sold 15 years earlier. A year later these lots are selling for over $2 million. Meanwhile, Seaside’s downtown, comprised of retail, office and rental apartments, was appraised for $60 million in Given that the property was only worth a million dollars when the project began and was located on the so-called “Redneck Riviera,” the current value of Seaside is a testament to the appeal of New Urbanist development. It is probably one of the most financially successful resort projects ever developed.” Leinberger, Christopher B., “Financing Progressive Development,” The Brookings Institution, Center on Urban and Metropolitan Policy, and Harvard University, Joint Center for Housing Studies (May 2001).
Leinberger, Christopher B., “Financing Progressive Development,” The Brookings Institution, Center on Urban and Metropolitan Policy, and Harvard University, Joint Center for Housing Studies (May 2001).
March 2012
Sandy Point Development

11. Financial Recovery on the East Side
Once the New Urban Waterfront, the West Side of Sandy Point, gains traction as the locus of Upper Albemarle tourism, the 500 single-family building lots on the East Side of Sandy Point may be sold to a third party or parties and, in all likelihood, every dollar theretofore expended on Upper Albemarle development recovered.
Such a sale would ensure a very attractive Internal Rate of Return and expedite the creation of generational wealth for Sandy Point’s developer/s.
West Side
East Side
March 2012
Sandy Point Development