$300-million California marina moves forward
LAKE ELSINORE, Calif. – A critical step in creating WatersEdge Lake Elsinore, a $300-million marina-oriented boating, residential, lodging and retail village, has been completed, as the project equity has been funded and the land acquired, project developers reported in a recent release.
The project equity and land acquisition of the 75-acre site, located on California’s Lake Elsinore, were funded by WatersEdge Investments, LLC, a new partner on the project with Marina Developers LLC.
The WatersEdge Lake Elsinore planning and approval process with the city of Lake Elsinore is moving forward rapidly. Groundbreaking for the marina, boat sales mall, residential, resort lodging and retail community is anticipated for fall of 2005, with the opening of the WatersEdge Lake Elsinore village in the 2006 – 2007 time period, according to Dan Hamilton, president of Marina Developers.
“The unique opportunity to create a total commercial and residential community oriented around a marina on Southern California’s largest natural lake was extremely attractive to WatersEdge Investments,” said principal E. James Murar. “In addition to the tremendous growth in value created through the development of WatersEdge Lake Elsinore on this property, the location on the lake and its adjacency to the I-15 provide a one-of-a-kind location.”
Hamilton said the project is centered around a new 15-acre marina dedicated to the sales and marketing of a large variety of boats, watercraft and outdoor sporting products. WatersEdge will offer up to 175,000 square feet of boat and watercraft showrooms, along with a 300-slip marina where dealers will have boats and personal watercraft ready to test drive.
The project is also said to include the country’s first permanent freshwater boat and watercraft mall for dealerships, residences, a lifestyle village with complementary retail, unique dining and a waterfront resort lodge, as well as boat servicing, storage and launch facilities.
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