The Planning Commission of Cave Creek Voted Unanimously...

Condo-hotel craze spreads to Cave Creek, from the Sonoran News, reports that last Thursday, the planning commission of Cave Creek voted unanimously to continue the site plan and preliminary plat review for Cave Creek Resort & Casitas, a 252-unit condohotel project proposed for the northwest corner of Cave Creek and Schoolhouse roads. Developers favor the condohotel concept because it minimizes financing risks by shifting that risk to individual unit owners. Traditionally, construction doesn't start until 50 percent of the units are presold. Larry Lazelle, who represented the project to the commission, said this is the only way developers can afford to build hotels in this day and age. The two-story, pueblo-styled project will have three distinct villages with a centrally located pool, water slide and a lazy river feature.Even though they have not actively marketed the project, Lazelle said Russ Lyon Realty has received 300 calls. "It's not a timeshare", said Lazelle, "This is an ownership. But people can't stay for more than 30 days", to meet the definition of a hotel. "Their units are placed into a rental program where 50 percent of the revenue goes back to the owner."



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