CAPE DISCOVERY RESORT DEVELOPERS CHANGE
CAPE DISCOVERY RESORT DEVELOPERS CHANGE SEATTLE, Nov. 1 /PRNewswire/ -- Peninsula Partners, the
development partnership for the proposed Cape Discovery Resort near Sequim, Wash., announced today that the Mitsubishi Corp. will be withdrawing from the partnership.
Lowe Enterprises, another partner in Peninsula Partners, will assume responsibility for the development program. Lowe has extensive experience in developing successful recreational and residential communities. Dan Cudaback, a Mitsubishi Corp. spokesperson, said the company remains impressed with the Sequim area as a potential site for a destination resort, but has decided to revise its real estate focus. "Although we believe the Cape Discovery project is a good one, the company's real estate investment strategy has changed in the face of current global economic trends," Cudaback said. Andy Norris, president of Lowe Northwest Development Services, will continue as project manager and said he anticipates that the partnership will consider modifications to the Cape Discovery Resort plan to ensure that it responds to local community concerns. "We are looking at all aspects of the project right now and within a week or two, expect to have more detail about how the current development plans may be revised," Norris said. Lowe has significant holdings in Washington state and throughout the nation. The firm has more than $2 billion in real estate asset management and development experience, including McCormick Woods, a top Washington golf course community in Kitsap County, and Klahanie, the residential community in King County. Lowe has offices in Seattle, Dallas, Denver, Washington, D.C., San Francisco, and Brea, Calif., in addition to its corporate headquarters in Los Angeles. Lowe has developed or currently manages significant recreational projects in Aspen, Vail and Snowmass, Colo.; Palm Desert, Calif.; South Carolina; and Hawaii. Norris, who comes to the Cape Discovery project from resort projects in Colorado, said he and others from Lowe reviewed the financial viability of a potential destination resort on the Peninsula and determined that Cape Discovery was worth continued pursuit. "Cape Discovery has the potential to be an asset for the community and the state, and has the ingredients to be another successful project for Lowe if a replacement investor can be identified," Norris said. Norris said Lowe and Mitsubishi are working together to secure the new investor required to complete the resort project. "The partnership will focus its energy on candidates with the financial capability and long-term perspective that fits with a top quality resort community such as planned at Cape Discovery," Norris said, adding Lowe and Mitsubishi will be in touch with such investors over the next few months. -0- 11/1/91 /CONTACT: Dan Cudaback, 206-622-0572, or Andy Norris, 206-622-1055, both of Peninsula Partners/ CO: Peninsula Partners; Mitsubishi Corp. ST: Washington IN: CST SU: JVN SC -- SE003 -- 0202 11/01/91 12:01 EST
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|Date:||Nov 1, 1991|
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