ELLENVILLE – Money has begun to flow through the veins of the Nevele Resort & Sports Park project.
This week, demolition sub-contractors were out on the site taking notes. Behind that, there was an announcement from Asia Pacific Investment House, a Singapore-based venture capital and private equity advisory firm, that said, "Nevele Resort & ProSport Campus" has successfully completed its first round of funding, and continued: "With a total development budget of $318 million, early indications are looking extremely positive for the second round now open to investors via Asia Pacific Investment House."
A spokesperson for the Nevele Investors LLC confirmed that full commitment had been received from Asia Pacific and that part of the first money received would be used to pay off the balance of the iStar purchase, dating from the public auction held in Kingston before Christmas.
That spokesperson also said that work was ongoing now on the design drawings and planning materials for the resort. "You can’t build a 500-room hotel, to the level of quality we’re seeking, without extensive work between design and your contractor."
The spokesperson added that the general contractor for the project has been selected and will be the Pike Company, a firm based in the City of Rochester, with a strong record in building projects across many fields. Pike was recognized as a "Best Company to Work for in New York" for the seventh year in a row; their portfolio of recent projects covers a wide variety of constructions and rehabilitations — from a Walmart distribution center in Mebane, and an addition to the Finger Lakes Racetrack and Casino, to "design-build services" for Rochester Institutes of Technologies Global Village expansion project, with a new four-story student housing apartment building that houses approximately 147 students. They also rehabbed a bridge on Route 5.
Back at the financial end, Graham Kwan, CEO of Character Capital and the co-developer of the resort along with Nevele Partners, the ownership group, was quoted saying, "The range of amenities, services, and attractions, and access from New York City, positions the resort distinctly, to meet the strong demand for second homes in the Hudson Valley where the supply of similar homes is very limited. Our well-established relationship with APIH and their experience and advice with funding mixed-use, iconic developments was decisive."
This brings into focus a part of the project that has not been so heavily publicized but involves some residential housing construction on the lands belonging to the Nevele group on the western side of Route 209, across from the former Nevele Resort itself.
Kwan is a well-known figure in the world of premier resort construction. He was part of Intrewest Corporation, North America’s leading developer of destination resorts. In 2007, Kwan formed a partnership with Lawrence Ho and his Melco International group of Hong Kong, and established Melco’s resort real estate development subsidiary as its Chief Executive Officer headquartered in Beijing. By 2009, Melco was the largest integrated resort developer in China, with five properties and over 5,000 employees. In 2010, Kwan refinanced Melco’s development company and established Character Capital Inc. as its managing principal.
The re-development of the Nevele property, resurrecting it from the ruins now sitting there, envisions a "monopoly asset" sited only 90 minutes’ drive from New York City. There will be the 500-room hotel, a spa, conference center, several restaurants on site, an 18-hole signature golf course, nine baseball fields, fourteen tennis courts, and a number of other attractions such as ice skating, zip lining and mountain biking.
Demolition, according to the company spokesperson, is set to begin in the spring of 2018 and the resort is planned to open for business in 2020.
All of our past Nevele articles are available online, at www.shawangunkjournal.com, in the archives section.