Florida Real Estate
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Our involvement with real estate development began 22 years ago with the marriage of our daughter Nicole to Dr. Michael Rechter. Trained in medicine, Mike decided real estate was his passion. As a partner with Dr. Rechter, we have developed and operated a number of properties in Florida. Below are three major projects currently in our portfolio. Both are sprawling shopping centers with an emphasis on Entertainment, with a modern, new age Bowling Center as a hub in each. Mike handles all the management and operations; my role is strictly in Finance.
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Majestic Plaza, Vero Beach, FL
This 160,000 sq. ft. shopping center was our first major project. The old and prestigious Majestic Theater was the hub, and now shares the stage with many restaurants, such as Outback, and Vero Bowl the most modern, state-of-the-art Bowling and Entertainment Center. Night clubs, including Stix and other retail ‘fun’ ventures attract huge crowds of partying, fun-seekers to this singular entertainment venue in Vero Beach on US 1.
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Stuart Bowl Center, Stuart, FL
Following our success in Vero Beach, Mike quickly discovered another outdated retail shopping center; this time in Stuart, Florida. We acquired this 86,000 sq. ft. property and Mike expertly transformed it into an entertainment mecca! Today, Stuart Bowl Center is the most frequented Entertainment Complex in the region of Stuart, Port St. Lucie, and Jensen Beach. With nightclubs, restaurants, and shops the center draws hundreds of visitors each night!
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SOLAS – The Ultimate Entertainment Destination,
Ft. Lauderdale, FL
Using my capital and Mike’s creative genius and hard work, we have several more properties under development. Our most promising and largest transformation will be just off Las Olas Blvd. in Ft. Lauderdale, Florida. This 55,000 sq. ft. Entertainment Complex will be the most lavish yet, with state-of-the-art nightclubs and spaces leased by the most well-known restaurant operators in the world! Due to open 2015 or early 2016.
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American Icons Brewery, Vero Beach, FL
The latest addition to the portfolio, Michael Rechter proudly unveils our most promising and largest transformation on US 1 in Vero Beach, Florida: American Icons Brewery.
Just as Dr. Rechter has done in the past, he is taking the most historic, empty commercial space and transforming it into the premier watering hole in the area.
This project due to open in 2016 is built on the most prime land in Vero, and was formerly the power station, supplying electricity to the area.
Opening 2016, Sue and I are pleased to be partners in this most exciting, dynamic undertaking. Way to go, Mike!
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North Carolina Real Estate
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23 years ago, Sue and Steve Chase moved to live part-time in the Blue Ridge Mountains of North Carolina. They were reunited with an old Miami friend, Stan Greenberg, who had relocated years earlier to Asheville and built an impressive portfolio of real estate. From major malls and office towers to commercial tracts and housing, Stan was a big player in Asheville, North Carolina! We became general partners with Stan on several projects.
Bill Chase was a lawyer in Asheville, NC, but preferred real estate to law. By the time Bill was 30, he had established a profitable portfolio of 40 houses, which he bought, renovated and rented out. Despite his sterling credit, flawless track record and positive cash flow formula, in 2008 the banks simply cut him off. Nobody was lending on ‘spec’ homes any longer. His parents approached us a possible ‘investors’ in Bill’s projects. Today, the collaboration has yielded 33 new, Green-built homes which are rentals only.
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Wildcat Cliffs, Asheville, NC
We were invited to participate in a very unique project. Stan Greenberg was buying an entire mountain, just 3 minutes from downtown Asheville, and converting it to a luxury residential development. Known as Rich Knob, this 180 acre parcel (renamed Wildcat Cliffs) yielded over 100 residential lots, selling from $300,000 to over one million!
The Great Recession struck in 2008 and with the collapse of the real estate market, sales ground to a halt. But because the project was entirely financed by Stan, myself and several other partners, we weathered the storm. Most other hi-end developments went bust and were lost to the Banks.
Asheville, NC is arguably one of the hottest real estate markets in the US. It is often voted or named “Best American City” or “Best Place to Live in America” by numerous, prestigious publications. And for good reason, it is truly “The Paris of the South”! Today, most of Phase One is sold out, and sales continue to improve on Phase Two. Stan and Steve are confident of a continuing, successful rebound for Wildcat Cliffs.
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Chase & Chase Homebuilders, Asheville, NC
Every disaster provides some silver clouds of opportunity; and so it was with our fortuitous association with William Chase, son of our close friends, Mike and Babs Chase of Miami, FL
Bill Chase was crushed by the Great Recession in 2008. The banks simply cut him off. Nobody was lending on ‘spec’ homes any longer. If you didn’t live in a property – you could not get financing.
Bill needed a new source for capital. We were in love with the city of Asheville and had great confidence in its future. It was a marriage made in Heaven. Bill had developed a proven strategy and business model, and we became his capital funding partner.
Today, Chase & Chase, LLC has 33 brand new, Green-Built homes spread out all over the city and fully rented to quality tenants as soon as they are completed. For Bill Chase and I the synergy is fantastic! He has proven himself to be an incredibly intelligent entrepreneur, and Sue and I are so fortunate to have been at the right place at the right time.
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