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7/4/2010
Jimmy Buffett concert gives hope to dismal rental season
Pre-BP oil spill: Resort occupancy was 95 percent for July 4th at the beach.
Post-BP oil spill: Occupancy drops to 40 to 50.
First signs of life after BP: Jimmy Buffett concert July 11.
Rental agencies are hoping that Buffett fans will bring their margarita fixins' to Gulf Shores and Orange Beach when the laid-back singer songwriter plays a free concert for 35,000 on the beach at the foot of Ala. 59.
Condominium and beach house rental managers got 12,500 of the tickets from tourism officials to use as incentives in the wake of oil spill from a BP PLC well and fouling local beaches.
"The tickets have definitely helped to promote business," said Larry Wireman, developer of Caribe Resort and Turquoise Place condominium complexes in Orange Beach. "We're down $700,000 worth of cancellations. If we do a couple more concerts this summer, we would almost survive."
The Buffett concert is the first in a series that Gulf Shores officials hope to put together to lure visitors and publicize Alabama's beaches.
Rental occupancy has plummeted to 20 percent or less in what is typically the peak rental season, managers said. To boost bookings, many condo owners are offering discounts of 40 to 50 percent, and most have eliminated the three-night rental minimum for condo units.
Tropical storm Alex pushed Buffett's concert from July 1 to July 11, and rental agents scrambled to re-book guests and try to convince disappointed fans not to cancel completely.
So far, the free concert has boosted occupancy to 50 to 55 percent for next weekend, rental agents said last week.
"Book a room and get Buffett tickets" was the mantra. Some agencies offered tickets based on bedrooms -- two for a one-bedroom unit and up to eight tickets for a four-bedroom unit.
Most of the rental guests will drive in from Alabama, Mississippi, Louisiana, Arkansas and Texas, agents said, but some diehard Buffett fans in the Midwest booked airfare to the Gulf. Some locals even booked rooms to get concert tickets.
"As many challenges as there have been for all of us in dealing with free concert and free tickets, anything we get out of this is better than what we were getting," said David Bodenhamer, an owner of Young's Suncoast Vacation Rentals in Gulf Shores, which handles almost 500 rental units.
Brett Robinson switched 600 rooms from July 1 to July 11. "It was a lot of chaos, but we've seen an increase in our occupancy and that was the whole purpose," of the concert, said Marie Curren of Brett Robinson in Orange Beach, which has 2,061 rental units. "We need heads in the beds."
Meyer Real Estate has leased 1,000 units for July 4th weekend, according to Sarah Kuzma of Meyer in Gulf Shores, which manages 1,750 rentals. About 10 percent of the agency's rentals were canceled when Buffett's concert was pushed back, but the rest stayed or rebooked for July 11, she said.
Kaiser Realty's Parrot Head special gives guests a 25 percent discount on room bookings, said Emily Gonzalez of Kaiser in Gulf Shores, which has 675 rental properties. Twenty percent of Kaiser's holiday weekend business was due to the concert, she said, and most of those are moving their rental days to the July 10-11 weekend.
Three percent of Spectrum Resorts bookings for July 4th were lost after the concert was postponed, and the holiday weekend occupancy is about 50 to 60 percent, according to Kathleen Williams, the company's general manager. "Under the circumstances," she said, "it's decent."
Spectrum manages units in Caribe, Turquoise and the 753-unit Beach Club on Fort Morgan.
People are waiting until the last minute to book rooms, said Bill Bender of Bender Realty in Gulf Shores, who reports rentals are down by 40 percent compared to this time last year.
"People don't want to book too far out due to the oil," he said. He predicts bookings will continue to drop as the oil spill continues to hit the beaches. "There's no end in sight. Quite frankly, the beach is why they come here."
6/7/2010
Spectrum Resorts Commended for Aggressiveness in Customer Service Policies in Spite of Alabama Gulf Coast Oil Spill Effects
GULF SHORES, Ala. PRNewswire— Spectrum Resorts, a vacation rental industry leader and provider of luxury resort accommodations on the Alabama Gulf Coast, was commended for their aggressiveness in customer service. An e-newsletter sent to all industry partners of the Alabama Gulf Coast Convention and Visitor’s Bureau by Herb Malone, President and CEO of Gulf Shores/Orange Beach CVB, urged vacation rental providers in the area to review their policies to assure that they are as customer friendly as possible in order to attract visitors to the area in spite of the recent oil spill effects on Alabama’s coast. Malone further advised that vacation rental providers focus on marketing all that the Alabama Gulf Coast area has to offer, such as shopping, dining, historical sites, golfing, family activities, as well as enjoying nature and wildlife unique to the area.
Malone’s letter stated, “I congratulate Spectrum Properties (Spectrum Resorts) for their aggressiveness in this area from the very beginning. I have no doubt their customer loyalty factor has risen dramatically.”
Spectrum Resorts was the first to implement a completely risk free vacation policy when news of the oil spill and its possible affects reached the company’s management team. The Paradise Pledge of Spectrum Resorts states:
•Spectrum Resorts pledges to our valued guests that we will always put customer service first
•We require no payment until you stay
•Cancellations will be accepted up to 24 hours prior to arrival without penalty
•While enjoying our resorts, if, at any time, the oil spill adversely affects your vacation, we will issue a 100% refund of the remainder of your stay
•We will keep our guests informed of conditions through official and accurate information
•We appreciate our guests “Supporting Alabama’s Gulf Coast” for Summer, 2010
From the onset of the oil spill, Spectrum Resorts has actively and aggressively campaigned for visitors to vacation along the Alabama Gulf Coast in spite of the spill. The company initiated and coordinated the design of a t-shirt that depicts one of the area’s unique marine species, the sea turtle, with various other species embedded in the body of the graphic. Designed exclusively for Spectrum Resorts by local artist Michael Booth, the t-shirt is given complimentary to each check- in party of one of Spectrum Resorts properties, The Beach Club in Fort Morgan/Gulf Shores, and Turquoise Place and Caribe, both in Orange Beach. In addition to the sea turtle drawing, the slogan “Support Alabama’s Gulf Coast” is imprinted on the back and front of the shirts. The t-shirts are available for sale at www.beachclubal.com through the online store. A portion of the proceeds from each sale is donated to Friends of the Bon Secour Wildlife Refuge, which sits adjacent to The Beach Club and is home to many native species of wildlife, such as the beach mouse, sea turtle, sea gull, and alligator, among others. These funds will be used to care for the wildlife within the refuge.
Through various press releases and media interviews, Spectrum Resorts continues to urge both repeat and new visitors to the area to keep their existing vacation reservation intact or make a new reservation and show your support for the Alabama Gulf Coast during this challenging time. The employees of the Alabama Gulf Coast area and their families need as much support as possible right now. Kathleen Williams, General Manager of Spectrum Resorts, encourages visitors to take the opportunity to make a difference during this history making event. Williams reminds visitors that there is a valuable lesson to teach your children right now on Alabama’s Gulf Coast. That lesson, said Williams is “please be kind to our environment and use our resources with responsibility, or the effects of the human footprint can be devastating to both people and wildlife” and that “life is not always about what we want to do for ourselves, but about what we can do to help someone else in need”. Spectrum Resorts is offering many different “Support Alabama’s Gulf Coast” vacation packages that encompass everything from golfing to family fun activities. Visit www.spectrumresorts.com for more information on vacation plans for Summer, 2010, as well as for up to date information on the oil spill and current conditions on Alabama’s Gulf Coast.
5/20/2010
Conference USA Baseball Tounament Finds New Home at Trustmark Park
The Conference USA baseball tournament has found a new home for the next three years – Trustmark Park in Pearl.
The league’s athletic directors voted Wednesday during their annual spring meetings in Destin, Fla., to move the league’s championship to Pearl for the next three seasons.
USM athletic director Richard Giannini said the campaign to move the tournament to a neutral site started a year ago when the league’s coaches first suggested the idea.
Spectrum Events, which is a subsidiary of Jackson-based real estate developer Spectrum Capital, won over the league’s officials and will pay $100,000 to C-USA per year in Pearl.
“I really think it’s great for the state of Mississippi and Jackson,” Giannini said. “It benefits more than just Southern Miss. It benefits UAB, Memphis and Tulane. Not necessarily from a competition standpoint, but from the fact that it’s close and we can get more fans.”
The vote still has to be approved by the league’s presidents in June, but that should be just a formality and Giannini didn’t anticipate any problems. He said Pearl’s centralized location, Jackson-Evers International Airport and several nearby hotels and restaurants, which are more affordable than New Orleans and Memphis, factored in the decision.
Giannini credited Spectrum president Jason Voyles and vice president Stephen King as playing major roles in bringing the tournament to Pearl.
“Over the past four years, the highest tournament attendance of actual tickets sold reached 46,000 when hosted at Tulane,” King said. “We’ll work to exceed this and grow championship totals never before experienced by the event. This market reveres baseball, and this is a perfect opportunity for fans to come out for love of the game and to show support for the C-USA schools.”
USM baseball coach Scott Berry realizes the opportunity of essentially serving as the host team for three straight years can be beneficial to his program.
“I think it’s huge,” Berry said. “It’s now our job to make the conference tournament (which now accepts only six teams.) It’s neutral, but it is in our favor because of our fan base in Jackson and the surrounding area. There are several programs that are within driving distances like Tulane, UAB and Memphis. It benefits everybody.
“Most importantly, it’s huge for us and Southern Miss and the baseball fans of Mississippi.”
This year’s C-USA Tournament will be played at the University of Houston starting on Wednesday and concluding next Saturday.
5/10/2010
Spectrum Resorts Campaigns for 'Support Alabama's Gulf Coast' During Oil Spill Event
Spectrum Resorts, a leader in luxury resort accommodations along the Gulf Coast, has implemented a campaign for area visitors to support the coast and keep their vacation plans intact during the recent oil spill event, whose effects, if any, are still unknown. A t-shirt imprinted with the slogan "Support Alabama's Gulf Coast, Summer 2010," was designed through the efforts of Spectrum Resorts and artist Michael Booth, a former resident and employee of the area. Though all guests booking through Spectrum Resorts at The Beach Club, Turquoise Place and Caribe Resort will receive a complimentary t-shirt to show their support, the shirts are also available for purchase at $20-$22. A portion from each purchase will be donated to the Bon Secour National Wildlife Refuge in Gulf Shores, Ala. which sits adjacent to The Beach Club.
Additionally, Spectrum Resorts announced a "100-percent vacation guarantee" and a "no-deposit-required" policy for guests staying at any of its three properties in Gulf Shores and Orange Beach, Ala., to proactively encourage visitors to vacation along the Gulf Coast in spite of the oil spill.
"Our number-one priority is our guests and their satisfaction. We want them to be comfortable that their vacation investment is protected," said Kathleen Williams, Spectrum Resorts general manager. "Furthermore, our area needs as much support as possible now and throughout the upcoming summer season. The 'Support Alabama's Gulf Coast' t-shirt campaign is to encourage visitors to keep coming to the Gulf Coast, regardless of whether or not they purchase their vacation through Spectrum Resorts or through another agency. Our economy and local residents need this support right now, as do the organizations that take care of our wildlife and marine species."
Spectrum Resorts properties have unique water features such as lazy rivers, slides, indoor and outdoor pools, as well as playgrounds for children, a putting green, tennis courts, shopping outlets, exceptional family and fine dining, spas, tiki bars, as well as family activities and live entertainment nightly beginning Memorial Day weekend. The resort experience, coupled with the area's many attractions, such as the Tanger Outlet Center and other quaint shops, the Naval Air Museum, historic Fort Morgan, the Bon Secour National Wildlife Refuge, exceptional golf courses and great night life should "give visitors plenty of reasons to look forward to vacationing along Alabama's Gulf Coast," said Williams.
Spectrum Resorts encourages other rental agencies to look at making their policies as guest friendly as possible, especially during this time of uncertainty, and also encourages other agencies to remember to highlight all the many things our surrounding area has to offer. Visitors to the area appreciate these policies, which lend peace of mind. This has been evident by the overwhelming response to the e-mail announcement of a completely risk-free policy and the gesture of appreciation being offered to visitors for their support, through the complimentary "Support Alabama's Gulf Coast" t-shirt. Responses to the policy changes and t-shirt campaign have all been positive:
"We enjoy The Beach Club and this e-mail is simply to say "Thank You" for putting customer service/satisfaction ahead of profit; something almost unheard of in this day and time," wrote Bob and Denise Pennachi.
"My family, totaling six adults and six kids will be staying at your facility for the third time this July and we've never had a bad time. There's enough to do around the pools and in town, and we don't feel the oil spill will put our vacation in jeopardy. Thank you," wrote Alan Ogden.
"The responses speak for themselves. Visitors realize what a great area we are in, we just need to reach out to them even more until the oil spill event is completely resolved," said Williams. "We at Spectrum Resorts are proud to have initiated the 'Support Alabama's Gulf Coast' t-shirt campaign and are doing our best to send the message through as many venues as possible. Not only does the slogan let visitors know that we need and value their support , the donations from the shirt sales will be used to assist in caring for our surrounding wildlife, which is a great cause."
Spectrum Resorts added that our area is beautiful right now all along the coast. The weather is clear, the water is clear; the beaches are white and clean. It was also announced on Wednesday by Alabama Health Officer, Donald Williamson, that Alabama's beaches will remain open, in spite of the oil spill. Again, it is still unknown if Alabama's coastline will even experience any adverse conditions as a result of the oil spill. For up-to-date information on the oil spill progression and for more information on Spectrum Resorts guarantee and innovative pay-upon-arrival policy, please visit www.spectrumresorts.com, which contains a link to the Gulf Coast Chamber of Commerce and Convention and Visitors Bureau. "Support Alabama's Gulf Coast" t-shirts will be available for sale in retail outlets at both Turquoise Place and The Beach Club and are also available for ordering by calling 251.224.3660 or visiting the online store at www.beachclubal.com/BeachClubStore.htm.
5/7/2010
The Gulf Coast Vacation Industry is Truly a Renter's Market
The Gulf Coast Vacation Industry is Truly a Renter's Market
Spectrum Vacations is now managing the rentals for 90 newly-constructed luxury condos at Turquoise Place, Alabama's tallest residential tower. The company's "Pay When You Stay" policy eliminates the standard practice of paying for the reservation in full 30 days in advance of your arrival.
Jackson, Mississippi - Spectrum Capital, LLC, a full-service real estate company based out of Jackson, Mississippi, recently announced their acquisition of 90 condominium units at Turquoise Place in Orange Beach, Alabama. The units will be owned and operated by Spectrum's resort management division, Spectrum Vacations, the exclusive on-site rental management team at Turquoise Place.
Establishing a new milestone for elegance along the Alabama Gulf Coast, Turquoise Place rises to a majestic 370 feet with 400 luxurious condominiums housed within two towers, each encased in shimmering "turquoise" glass. The project was developed by a joint venture between Larry Wireman and Spectrum. Units sell in the range of $1.5 to $2 million dollars each.
"Turquoise Place is the most distinctive, modern, and luxurious development in the region," stated Spectrum President Jason Voyles. "Gulf Coast vacationers have never had an opportunity to stay somewhere this luxurious and spacious for this price - until now."
According to Voyles, a 500 square foot hotel room with one bed at a typical brand hotel in Gulf Shores/Orange Beach costs around $250 a night during the spring. The units at Turquoise Place, on the other hand, begin at 2,300 square feet and contain 3 bedrooms with 3.5 bathrooms at a cost of around $290 a night, a price increase of only $40.00. Additionally, each unit contains a private, beach-front balcony with Jacuzzi and outdoor kitchen.
Spectrum is also introducing a new concept for the reservation process called "Pay When You Stay." This provides guests the flexibility to cancel up to 7 days in advance for only $99. Other vacation rentals require full payment at least 30 days prior to arrival without an option to cancel. Also, there is no minimum stay for Spectrum Vacations condos, whereas many management companies in the area require a three night minimum.
"When we placed these units in the rental program, we made a commitment to provide a superior product for a lower price than anything in the region, while also creating a reservation policy designed to meet the needs of guests. We have accomplished this mission. However, we will continue to explore ways to enhance the overall vacation experience for our guests. Our goal is to exceed our customers' expectations in everything we do."
For more information, contact Spectrum Capital at 800.808.9721 or Spectrum Vacations at 800.808.9073, or visit our websites at www.spectrumcapitalre.com and www.spectrumvacations.com.
4/27/2010
Spectrum Resorts Announces Merger
Spectrum Resorts Announces Merger
Company representatives announced that two providers of luxury resort vacations along the Alabama Gulf Coast, Sterling Beach Club Management and Spectrum Vacations, have merged to become Spectrum Resorts. The new company manages approximately 430 condominiums and cottages, which range in size from one to five bedrooms. The majority of these luxury properties are Gulf-Front, with the remainder being Gulf access or bayfront in the Gulf Shores/Orange Beach, Alabama area.
Spectrum Resorts owns all of the units the company manages at Turquoise Place and Caribe, which allows the company to offer vacationers options not found at other rental management companies. Vacationers at Turquoise Place and Caribe can deduct 20% off standard rates with pre-arrival payment or take advantage of zero down and payment upon departure. “This is a completely new approach to vacation rentals in this market,” according to Kathy Williams, Spectrum Resorts General Manager. Spectrum’s options of saving money or paying later afford potential visitors more flexibility when planning vacations.
In addition to Gulf-front condos, The Beach Club, the Hidden Paradise of Gulf Shores, also offers beach cottages—single-family residences, some with private hot tubs, pools and outdoor kitchens. Guests of The Beach Club can choose among two restaurants, including South Beach Bar and Grill, two bars, a pool-side grill, and Coffee & Cones inside the Village Market & Grill for dining options. Those looking for something to do within the resort can shop at the Village Mercantile boutique or visit the newly remodeled spa, Sirena del Sol, which offers services ranging from manicures and pedicures to massages and body treatments; the Club, which features an indoor and outdoor pool, a fitness room, and a sauna, among other amenities; and any of the eight lighted Rubico clay tennis courts. On-site catering and various venues are also available for group meetings and weddings at The Beach Club.
The Caribe Resort, the Back Bay Resort with Gulf-Front Attitude, in Orange Beach, which is surrounded by 1.5 miles of unconstructed and environmentally protected beaches, offers two-, three-, and four-bedroom condominiums, each with either a Bay or Gulf view. The resort boasts three multi-tiered outdoor pools with waterslides and hot tubs, as well as indoor pools at each of the resort’s towers. A 980-foot-long lazy river meanders around lush landscaping and scenic Gulf views. On-site, outdoor recreation includes three lighted tennis courts, a 10,000-square-foot putting green, and an artificial 18-hole golf course. The locally renowned Cobalt Restaurant is adjacent to the property, offering vacationers a convenient and delicious dining option.
Turquoise Place, the newest of Spectrum Resort’s three properties, is the Jewel of Orange Beach. This resort offers three-, four-, and five-bedroom spacious condominiums and a penthouse, all comparable in size to a beach home. All of these condominiums have fireplaces, and Jacuzzis and grills on the spacious balconies. In addition to its three Gulf-front outdoor pools, Turquoise Place has two indoor, heated pools with a waterslide, swim jets, underwater speakers, and three hot tubs. Guests can drift along the 450-foot lazy river, which features colored lights in the evenings. All of the pools are saltwater pools. For some non-aquatic fun, guests can enjoy the state-of-the-art fitness room, tennis courts, playground, two saunas and two steam rooms, and spa services from Sirena del Sol. In addition, the resort presents a unique look, with its three-story-high waterfall and colorful stonework.
Visit www.SpectrumResorts.com for more information about the company, its properties and its revolutionary approach to management of privately-owned vacation properties.
4/27/2010
Upscale Alabama Resort Announces Unprecedented No Risk Reservation Policy
Upscale Alabama Resort Announces Unprecedented No Risk Reservation Policy
Spectrum Resorts announces a No Risk Reservation Policy for their guests at Turquoise Place and Caribe Resort in Orange Beach, Alabama. Beginning May 1, 2010, reservations at these upscale, luxurious resorts will not require a prepayment or deposit in advance of arrival.
"Our booking policies at Turquoise Place and Caribe Resort were created based on feedback from our guests," stated Spectrum President Jason Voyles. "We are committed to being the most guest-friendly vacation rental company along the Gulf Coast. Our innovative approach integrates the flexibility of a hotel reservation with the amenities of staying in a large, spacious vacation residence."
According to Voyles, the industry standard requires an initial payment equal to 30% or more of total rent at time of reservation with full payment due thirty days prior to arrival. The cancellation of a reservation within thirty days of arrival typically requires a forfeiture of the total rental payment. Spectrum Resorts, on the other hand, will not require an advance payment for reservations at Turquoise Place and Caribe Resort. This means if someone is forced to cancel their reservation, they can do so without being charged at all.
"Our entire business model is designed to meet the needs of guests. We will do whatever is takes to exceed the expectations of our guests in everything we do," said Voyles.
For more information, contact Spectrum Resorts at 800.808.9073, or visit our website at www.spectrumresorts.com.
12/01/2009
Spectrum Events announces that tickets for the Spectrum Events 2010 college schedule at Trustmark Park will go on sale on Friday, December 4th at 9 am.
06/29/2009
Recession doesn't get much traction at Bloomfield, Renaissance
by Clay Chandler
Mississippi Business Journal
JACKSON, MS -- Almost five years ago, shovels plunged into dirt on land adjacent to Interstate 20 in Pearl. Less than a year later, Mississippi had a Double A baseball team whose parent club, the Atlanta Braves, is as popular as some of the college sports teams in Mississippi.
A year after that, in May 2006, the state's first BassPro Shops opened to a literal stampede of customers. Those two cornerstones have made the Bloomfield development a destination location.
"You don't have those names anywhere else in Mississippi," said Drew Niederriter, project manager for Bloomfield, a development of Spectrum Capital, an affiliate of The Yates Companies. "The Bloomfield project has become a big draw in Central Mississippi, a regional draw almost. It provides something people can't get in their hometown and give them a reason to drive a little further to spend a day at Bloomfield."
Trustmark Park, home to the M-Braves, and BassPro, represented Phase I of Bloomfield.
Phase II started in Sept. 2007, with construction of a Holiday Inn and an Alumni House sports bar and grill. Each of those opened last October.
A Sam's Club, also part of Phase II, is scheduled to open in late August.
The biggest part of Phase II is the Outlets at Bloomfield and JackStation, a retail and lifestyle center.
"I would love to give you a target date," Niederriter said. "What we're experiencing from working with these national retailers is just like everybody else they're really struggling through these economic times. We're going to develop the project, I don't want to say based upon their timeline, but it's going to be a little bit longer than what we anticipated. If you pin me down, I would say late 2011. That's grand opening, not starting from scratch. I'm not going to be surprised if that gets pushed based upon some of these retailers and their lack of ability to get financing."
The inventory dynamics of outlet stores have changed during the recession, said Spectrum Capital's director of sales and marketing Rich Richardson. Outlet stores have traditionally sold a retailer's surplus inventory. Now, they are selling a lot of inventory that comes direct from the manufacturer, "which means you're essentially opening up a new store," Richardson said. "They've still got to sell the inventory somewhere, so our belief is that outlets will come back faster than full-price (stores). That's kind of what we're banking on."
A development similar to the retail side of Bloomfield held its grand opening a little more than a year ago in Ridgeland. Renaissance at Colony Park, a lifestyle center is the site of Mississippi's first Apple Store and features several national retailers.
Renaissance enjoyed "record-breaking grand openings and outstanding sales (in March 2008)," said Andrew Mattiace, president of The Mattiace Company, which developed Renaissance with the H.C. Bailey Companies. "Customer count was very high in the center, especially on weekends."
The development is 80 percent occupied, Mattiace said, and continues see "good performance in this state of the economy."
A Five Guys Burgers and Fries, a fast casual restaurant, is scheduled to open at Renaissance in about 60 days, Mattiace said. Mattiace added that several more new tenants will open later this year and some national retailers will open in 2010. He declined to provide details, citing confidentiality agreements attached to negotiations.
"It's always significant to continue to add tenants (in an economy such as this)," Mattiace said, "while maintaining existing tenants is equally important."
Bloomfield is shooting for the same thing. A big step in the right direction would be the development having resort status conferred upon it, Niederriter said, because it is difficult to attract fine-dining restaurants with a prohibition on liquor sales in place like there is in Pearl. In these type of developments, retailers typically follow restaurants. Richardson has been working toward the resort status end, he said.
One thing Bloomfield has in its corner is the success Phase I has enjoyed.
"You're able to throw out statistics in regards to traffic volume and visitors to the site," Niederriter said. "That's always eye-catching for some of these larger retailers."
Proven performance also helps Bloomfield's lenders feel at ease, according to Steve King, vice president of development and finance at Spectrum Capital.
"Aside from it being a destination location or having a regional draw, we have strong relationships with our financial partners. We keep our lenders fully informed," he said. "They're fully on board with the project. They see the value we've created thus far. They see the financial and social benefits that Bloomfield will create for the local community as well as the state. Given the current status of the lending world, they've asked for more documentation, but we really haven't received a strong sense of concern (about performance). We're fortunate along that vein, too."
05/07/2009
The Gulf Coast Vacation Industry is Truly a Renter's Market
May 7, 2009
Jackson, Mississippi - Spectrum Capital, LLC, a full-service real estate company based out of Jackson, Mississippi, recently announced their acquisition of 90 condominium units at Turquoise Place in Orange Beach, Alabama. The units will be owned and operated by Spectrum's resort management division, Spectrum Vacations, the exclusive on-site rental management team at Turquoise Place.
Establishing a new milestone for elegance along the Alabama Gulf Coast, Turquoise Place rises to a majestic 370 feet with 400 luxurious condominiums housed within two towers, each encased in shimmering "turquoise" glass. The project was developed by a joint venture between Larry Wireman and Spectrum. Units sell in the range of $1.5 to $2 million dollars each.
"Turquoise Place is the most distinctive, modern, and luxurious development in the region," stated Spectrum President Jason Voyles. "Gulf Coast vacationers have never had an opportunity to stay somewhere this luxurious and spacious for this price - until now."
According to Voyles, a 500 square foot hotel room with one bed at a typical brand hotel in Gulf Shores/Orange Beach costs around $250 a night during the spring. The units at Turquoise Place, on the other hand, begin at 2,300 square feet and contain 3 bedrooms with 3.5 bathrooms at a cost of around $290 a night, a price increase of only $40.00. Additionally, each unit contains a private, beach-front balcony with Jacuzzi and outdoor kitchen.
Spectrum is also introducing a new concept for the reservation process called "Pay When You Stay." This provides guests the flexibility to cancel up to 7 days in advance for only $99. Other vacation rentals require full payment at least 30 days prior to arrival without an option to cancel. Also, there is no minimum stay for Spectrum Vacations condos, whereas many management companies in the area require a three night minimum.
"When we placed these units in the rental program, we made a commitment to provide a superior product for a lower price than anything in the region, while also creating a reservation policy designed to meet the needs of guests. We have accomplished this mission. However, we will continue to explore ways to enhance the overall vacation experience for our guests. Our goal is to exceed our customers' expectations in everything we do."
For more information, contact Spectrum Capital at 800.808.9721 or Spectrum Vacations at 800.808.9073, or visit our websites at www.spectrumcapitalre.com and www.spectrumvacations.com.
Contact: Rich Richardson Spectrum Capital, LLC 781 Larson Street Jackson, MS 39202 601-353-0617 RRichardson@SpectrumCapitalRE.com
Fall 2008
Condo
Owner Magazine - In a Class of Their Own
08/22/2008
Dynasty Park Poised to Deliver The Ultimate University Experience at The University of Alabama
August 22, 2008
Jackson, MS- Spectrum Capital, LLC, a privately-held real estate development firm headquartered in Jackson, MS, received preliminary approval from the City of Tuscaloosa Planning Commission earlier this week for the development of an upscale mixed-use project known as Dynasty Park.
Dynasty Park will transform an under utilized site into a vibrant, exciting mixed- use project encompassing a dynamic mix of complimentary uses including a 250-room full service hotel, 65 exclusive residential units, and street level retail attractions.
In addition, the hotel will include traditional amenities such as a fitness center, swimming pool, and full-service restaurant, as well as unique features such as an 8-story atrium lobby with an expansive window wall offering exceptional views of Bryant-Denny Stadium.
The traditions associated with The University of Alabama speak for themselves. Dynasty Park will complement these proud traditions by providing a venue superior to anything else in the SEC, or the nation for that matter, while remaining consistent with the architectural style prevalent throughout campus stated Spectrum president Jason R. Voyles.
Dynasty Park will be located less than the length of a football field from the newly constructed north entrance of Bryant-Denny Stadium. The 2.16 acre project site is bordered by Wallace Wade Avenue to the east, 8th Street to the south, and 12th Avenue to the west. The tallest tower will consist of 14 stories.
Voyles added, Dynasty Park will attract people of all ages. It will serve as a platform for creating lifelong memories and celebrating all of the greatness associated with The University of Alabama past, present, and future.
Construction of Dynasty Park is subject to approval from the City of Tuscaloosa City Council. The developer plans further announcements regarding the project this Fall. For more information, contact Spectrum Capital at 800.808.9721, or visit the companys website at www.spectrumcapitalre.com.
About Spectrum:
Spectrum, an affiliate of The Yates Companies, Inc., is an owner, developer and investor of first-class real estate properties located throughout the United States. From the point of initial concept through the construction process to management of the asset, Spectrum has experience developing luxurious high-rise condominiums, premier retail entertainment attractions and resort destinations, top-flight sports facilities, and various mixed-use properties including The Beach Club, Turquoise Place, and Caribe Resort in Alabama and Bloomfield in Pearl, Mississippi. With total project costs exceeding $1 billion, projects either underway or already completed by the Spectrum team includes over 2500 condominium residences, a professional baseball stadium, and over 1,000,000 square feet of retail. For more information, contact Spectrum at 800.808.8438, or visit the website at www.SpectrumCapitalRE.com.
Contact: Rich Richardson Spectrum Capital, LLC 781 Larson St Jackson, MS 39207 601.351.2058 RRichardson@SpectrumCapitalRE.com
Business is booming for the Outlets at Bloomfield
JACKSON, MS - Spectrum Capital, a privately-held real estate development company, announces its project team is now in place for The Outlets at Bloomfield, a new upscale outlet center development located in Pearl, Mississippi, adjacent to Bass Pro Shops along Interstate 20 just south of Trustmark Park, and less than 5 minutes from Downtown Jackson. Although members of Spectrum have successfully developed over one billion dollars worth of real estate projects this decade alone, the outlet center will be a first for The Yates Companies, Inc. affiliate. With this in mind, Spectrum carefully chose a diverse, experienced, and ‘well-traveled’ project team consisting of the following:
- Vince Blake - Traverse City, MI (Executive Director of Leasing)
- John Wetzler - Riverside, CT (Development Consultant)
- The Ramey Agency- Ridgeland, MS (Advertising Agency)
- Awbrey, Cook, & McGill (ACM) - San Diego, CA (Architects)
- W.G. Yates & Son Construction Co. - Jackson, MS (General Contractor)
Concerning the selection of the Bloomfield team, Spectrum President Jason Voyles stated, “Developing a great project, whether a semi-professional baseball stadium, a high-rise condominium tower, or a large outlet center, involves a tremendous amount of planning, focus and execution. All team members must understand their individual roles while remaining committed to the overall performance of the team.”
According to Voyles, “it is a definite advantage having individuals from across the country combine their various talents and experiences to develop Bloomfield. He says Spectrum spent a great deal of time throughout the selection process in order to identify the best the industry has to offer. However, it will pay huge dividends when The Outlets at Bloomfield is delivered.”
“The track records of our leasing team, architects, and other key players speak for themselves. It would be difficult to find a more qualified, dedicated, and talented outlet development team anywhere in the country. While those were all important factors in our decision-making process, to be honest, I was looking for something else I feel is just as important. I wanted to bring them to Pearl to visit Bloomfield in person and judge their reactions to see if they shared the same passion and vision for what Bloomfield will soon become. As you will see in a few weeks (with the release of images showcasing the design of the center along with announcement of leases signed), The Outlets at Bloomfield will be exciting, unique, and rewarding…whether you are a Mississippi shopper or an architect from California.”
In addition to the previous announcements, there is more good news concerning the project. The extended Bass Pro Drive, which provides access from Highway 80 and runs between current Bass Pro Shops and Trustmark Park, home of the Mississippi Braves, Atlanta’s AA baseball affiliate, will be completed within 2-3 weeks. Additionally, site work on The Outlets at Bloomfield is currently underway paving the way for a grand opening (for The Outlets) in fall 2009.
The 166-acre Bloomfield project consists of the following phases: Phase I-Bass Pro, Trustmark Park, completed in 2005; Phase II-Sam’s Club (begining construction in March of 2008) and Holiday Inn (already underway) and The Outlets at Bloomfield; Phase III will consist of a major entertainment attraction along with several dining, shopping, and family-friendly attractions.
About Bloomfield:
Bloomfield’s 166 acre retail entertainment development in Pearl, MS Is already home to Bass Pro Shops and Trustmark Park. The next phase of this project will feature The Outlets at Bloomfield, a 300,000+ square foot, open-air outlet center, as well as quality accommodations provided by the construction of a new Holiday Inn. Additionally, several soon-to-be-announced shopping, dining and entertainment attractions will combine to make Bloomfield the South's newest retail entertainment destination. For more information, visit our website, www.bloomfieldms.com.
About Spectrum:
Spectrum is a diversified real estate company engaged in all aspects of development, sales, and management of luxurious high-rise condominiums, premier retail and entertainment destinations, top flight sports facilities, and upscale mixed-use properties. Spectrum's diverse resources provide in-house expertise in vital areas such as finance, construction, development, brokerage, and asset management. Our mission is to maximize value for our customers by developing trend-setting and innovative projects which consistently exceed the expectations of our partners, stakeholders, and the communities we serve. For more information, visit our website at www.spectrumcapitalre.com.
For More information, CONTACT: Rich Richardson Spectrum Capital, LLC 781 Larson Street Jackson, MS 39202 601-353-0617 RRichardson@SpectrumCapitalRE.com
08/23/2007
Bloomfield Set to Become the Shopping Center of the South!
August 23, 2007
Jackson, MS-Spectrum Capital, LLC, a privately-held real estate development firm headquartered in Jackson, MS, welcomes Wal-Marts enormously popular wholesale retail chain, Sams Club, to their Pearl, MS commercial real estate project-soon to be home to The Outlets at Bloomfield.
Spectrum President Jason Voyles stated, " Sam’ s success speaks for itself. Of course, we are thrilled to have them as Bloomfield residents. My hat’s off to both the City of Pearl and Rankin County for their willingness to support this project when it was nothing more than an idea, and trust that we, as the developer, would deliver on our promises. Now, its up to us to truly continue to create something special here at Bloomfield. And, just like we promised with Bass Pro, Sam’s and Trustmark Park, thats exactly what will happen."
Soon Bloomfield (already home to the state’s only NBA, NFL, or MLB affiliated franchise, as well as the regions first Bass Pro Shops) can add Mississippi’ s largest Sam’ s Club to their distinctive list of exciting Bloomfield residents.
With access via (4) major thoroughfares (I-20, I-55, US Hwy 80, and US 49), Bloomfield caters to both local customers and out-of-town visitors. With the development of The Outlets at Bloomfield, Sam’ s Club, and several soon-to-be-announced attractions, the number of visitors to Bloomfield in 2006 (over 2.3 million people) is certain to increase in the months ahead.
" Yes, the location, the economic factors, the demographics...they all factored into our decision to develop an outlet center right here in Rankin County, just like they influenced Bass Pro and Sam’ s decision to open a new store in Central Mississippi. However, what it really boils down to is this. Great places are created by great people, and sometimes to produce something special, you have to just listen to what your customers are asking for, stated Voyles. " As for Spectrum, we do more research and preparation for each project than I care to share, honestly. But at the end of the day, it’ s all about having funso that’ s exactly what we create."
Sam’ s Clubs 100,000+ square foot retail center will be located at the corner of Childre Road and Braves Way, with frontage along Interstate 20 in Pearl, MS. Construction of Sam’ s will be completed in spring of 2009. The new Bloomfield access road Bass Pro Drive is already under construction and is slated for completion January 1, 2008. For more information on Bloomfield, please visit www.BloomfieldMS.com or contact us at (601) 353-0617.
About Bloomfield:
Bloomfield is a 163 acre retail entertainment development in Pearl, MS. Already home to Bass Pro Shops and Trustmark Park, the next phase of this project will feature The Outlets at Bloomfield, a 300,000 open-air outlet center, as well as quality accommodations provided by the construction of a new Holiday Inn. Additionally, several soon to be announced shopping, dining and entertainment attractions will combine to make Bloomfield the South’ s newest retail entertainment destination. For more information, contact the Bloomfield office at 601.351.2077, or visit the website at www.BloomfieldMS.com.
About Spectrum:
Spectrum, an affiliate of The Yates Companies, Inc., is an owner, developer and investor of first-class real estate properties located throughout the United States. From the point of initial concept through the construction process to management of the asset, Spectrum has experience developing luxurious high-rise condominiums, premier retail entertainment attractions and resort destinations, top-flight sports facilities, and various mixed-use properties. An innovative and knowledge based culture allows Spectrum to consistently identify opportunities where others see only difficulties. Spectrums vertical integration provides greater control over the development process, thus ensuring timely delivery of development projects. For more information, contact Spectrum at 800.808.8438, or visit the website at www.SpectrumCapitalRE.com.
Contact: Spectrum Capital, LLC 781 Larson St Jackson, MS 39207 RRichardson@SpectrumCapitalRE.com