The Resort at San Elijo Hills-Pool Concept
Developer Russell Geyser of Geyser Holdings gave a 45 minute presentation of his vision of what will be financially feasible in today’s economic climate and still meet the needs of San Elijo Hills. “The art of the possible”is how Geyser phrased it. Geyser Company holds and repositions shopping centers and hotels in California and Hawaii including San Marcos Edward’s Theater.
The Resort at San Elijo Hills concept is a 3 acre complex with a 4,000 SQF pool surrounded by a kids pool with beach entry, BBQ areas, sand volleyball, spa without walls/cabanas, basketball court, kids play area and village green style open space. The area would be appropriately landscaped to shield the adjacent homes. The complex would have one entry/exit for safety. The parcel design has the pool set back away from road noise and wind but adjacent to the homes. The area facing the view and San Elijo Road could potentially be used for weddings (source of revenue). The new plan which was presented, did not include tennis or a fitness center. The pool design did include lap swimming using lighting on the bottom of the pool. Geyser stated he felt he was over parking the project but was unable to state pool or resort capacity at this time. Geyser created his vision based on his experiences at La Costa Spa & Resort and his desire to create an oasis that creates a safe family pool environment. He also felt that fitness center concept is becoming over saturated in north county with Pure Fitness, Pacific Athletic club potentially coming to the old Olympic Club, LA fitness, and Frogs.
Geyser stated in this economic climate with so many bargains popping up he changed his mind and moved away from funding the project all cash. He hoped to gain guaranteed support from San Elijo Hills residents to allow for financing the $5,000,000 project ($4200,000 w/o purchasing the land). Geyser explored the possibility for all residents to be assessed a flat $29 HOA fee, but there were concerns that it would be hard to get 67% quorum have moved focus to new scenario. The current scenario is modeled out as a concept only.
Secure 640 founding members at $135 a month for 5 years and each founding member share in the operating expenses ($25,000 monthly) using an estimate of $19 a month. After 5 years the founding members pay only the monthly operating expenses. Operating expenses would be offset by revenue (weddings, packaged food sales etc..) Founding members would have privileges that a 2nd class of members would not have (reserve chairs, BBQ’s etc) The 2nd class of membership would be $60-$80 a month without special privileges. Founding membership would be transferable with the sale of home via escrow..it was not clear if membership was available to SEH residents only, this would be of concern for OCR and Venzano. Questions and feedback can be directed to: email@example.com