Orlando resort project gets $55.25 million boost from bond issue

Fort Lauderdale-based BTI Partners and another firm are finishing the resort near Disney World

Miami /
Jul.July 22, 2017 01:00 PM

UPDATED 8:15 a.m. July 23 – Fort Lauderdale-based developer BTI Partners got a financial boost from a $55.26 million tax-exempt bond issue to fund construction work at a resort near Walt Disney World.

BTI Partners is part of a joint venture finishing construction of the Grove Resort & Spa Orlando, a development that will have 878 condo-hotel suites along Lake Austin.

Proceeds from the bond issue are expected to fund construction of a water park at Grove Resort & Spa plus parking garages and infrastructure work associated with the 106-acre development.

Miami-based FMSbonds, Inc., raised the tax-exempt bond financing for the Grove Community Development District, an area that includes the Grove Resort & Spa. The bonds are backed by special assessments on land within the district.

The Grove Resort & Spa at 15665 Grand Palisades Boulevard is substantially built. It originally was developed as a timeshare property known as Grand Palisades. A previous developer suspended work on the resort’s development due to legal and financial problems and failed to open it.

BTI Partners and its joint-venture partner Westport Capital acquired the resort property at an auction in 2014 and started finishing its development in April 2016.

BTI and Westport are developing the Grove Resort & Spa in phases. They opened the first phase in March.


Related Articles

arrow_forward_ios
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
Michael Stern accused of “duping investors” in Monad Terrace project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...